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As per S. 22 of the CGST Act, 2017 (Act), every Business who is supplying goods/services as per S. 7 of the Act is required to get itself registered. Now, there may arise situation when a business may have separate business units in the same state/UT. The registration for such units is covered u/s 25 of the Act. As per S. 25 of the Act, the person shall be granted a single registered registration in a State/UT. Proviso to S. 25(2) of the Act provides the registration provision in case a busin.......Read More


When a company is registered under the Companies Act, 2013 (Act), it is considered as a juristic person for the purposes of law. As it becomes a separate legal entity, a name is given to it & it can hold property in its own name. So, the act prescribes certain post incorporation works to be met by the company. These works are to be done either immediately after the incorporation or within the prescribed time period. This article discusses those post incorporation work.

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Advance Rulings are the mechanism which provides a forum for the taxpayers to clarify their doubts regarding interpretation of the statutory provisions. They are set up in all states & are governed by S. 95 to 106 of the CGST Act, 2017 and State/UT enactments. Following are some of the advance rulings issued by various state advance ruling authorities.

M/s. United Mining Corporation, In re., [2019] 102 taxmann.com 276 (AAR – HARYANA).......Read More


Reverse charge mechanism (RCM) is a mechanism in which the liability to pay tax rests on the Service/Goods recipient & not on the Service/Goods provider as contrary to Normal Tax regime.

As per S. 9(4) of the CGST Act, 2017 (Act), RCM is applicable on the goods or services or both received by a registered person from an unregistered person. So, the registered person was liable to pay tax on all the supplies received by him from an unregistered supplier. However, the applicability .......Read More

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On 11.02.2019 SEBI issued a circular giving relaxation to the non-residents from the requirement of furnishing a copy of PAN for transfer of equity shares of listed entities executed by non-residents.

As per Para (A)(1) of Schedule VII of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”), the transferee(s) as well as transferor(s) have to furnish a copy of their PAN card to the listed entity for registration of transfer of securities.

<.......Read More

On 14.02.2019, CBDT released a press release which reiterates the mandatory linking of Aadhaar-PAN which has to be completed till 31.3.2019 by the PAN holders requiring filing of Income Tax Return.

The constitutional validity of Aadhaar has been upheld by the Hon'ble Supreme Court of India in the case of Justice K.S. Puttaswamy (Retd.) v. UOI in September 2018. 

Consequently, in terms of Read More

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Recently, ITAT Mumbai bench giving a big relief to the taxpayers held that for the purposes of S. 54 of Income Tax Act, 1961 (Act), an assessee can sell multiple flats for buying a new one in India subject to conditions mentioned in S. 54 of the Act. 

S. 54 of the Act provides that for claiming benefit the period prescribed for investment in a new house is one year before or two years from the date of sale of old house, OR if within three years after the date of sale of the house.......Read More


On 23.01.2019, ITAT Delhi bench gave a significant pronouncement that activities of giving medical relief to patients & Creating awareness for eradicating HIV/AIDS are charitable activity under the ambit of ‘medical relief’ u/s 2(15) of the Income tax Act, 1961 (Act).

The above proposition was pronounced in the case of India HIV/AIDS Alliance v. Commissioner of Income Tax (Exemption), New Delhi, IT APPEA.......Read More

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On 03.10.2018, SEBI issued new regulations for depositories & participants by the name of SEBI (Depositories & Participation) Regulations, 2018 (DP regulations, 2018) repealing all the erstwhile regulations. However, earlier circulars, guidelines etc. issued under previous regulations are still applicable. 

As per these regulations, various obligations are cast on the issuer i.e. enter into an agreement with depository, tripartite agreement in case of appointment of RTA, .......Read More


SEBI vide its circular CIR/CFD/CMD1/27/2019 dated 08.02.2019 unveiled the format for annual secretarial audit report & annual secretarial compliance report for the listed entities & their material subsidiaries.

The circular was issued in pursuance of recommendations in the report of Committee on corporate governance dated 05.10.2017 that secretarial audit shall be made compulsory for all listed entities under SEBI & Secretarial audit should be extended to all material unli.......Read More

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On 01.07.2017, one of the biggest tax reforms was introduced in India in form Goods & Services Tax (GST). The idea of introducing GST was ONE TAX, ONE MARKET & ONE NATION. It was aimed at removing cascading effect, reducing tax evasion etc. Till now, GST aided the government in increasing its ta.......Read More


MCA on 13.06.2018 issued a Companies (Significant Beneficial Owners) Rules, 2018 (SBO rules) for bringing transparency to the manner in which shares of companies are held. As per rules, SBO is an individual who is holding ultimate beneficial interest of not less than 10 % in a company but whose name is not in register of the members of the company as holder of such shares. SBO rules are applicable to companies which have shareholders other than individuals & natural persons & such sha.......Read More

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BUDGET 2019 HIGHLIGHTS


by LegalSuvidha

On 01.02.2019, the leaving NDA government presented its last budget i.e. interim budget for the financial year 2019-2020 containing various tax benefits, rural benefits, defence benefits etc. This article decodes this budget of 2019 in primarily in tax terms i.e. what various tax benefits are given to tax payers & gives highlight of benefits to other areas as well like agriculture, defence, real estate, SMEs & MSMEs etc.

STANDARD DEDUCTION:

Earlier in 2018 budget the.......Read More


On 02.11.2018, Government issued The Companies (Amendment) Ordinance, 2018 which amended various provisions under the companies act, 2013. One of the major amendments was the reintroduction of Commencement of Business Certificate. S. 10A was inserted which provides for the requirement of taking commencement of business certificate by the companies which are incorporated after the commencement of the above-said ordinance. So, the following are the two pre-conditions:

• That the co.......Read More

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MCA on 31.03.2014 issued the Companies (Acceptance of Deposits) Rules, 2014 for regulating the aspect of accepting deposits by companies from the public. These rules provide various provisions which are to be followed by the companies while accepting deposits from public. 

However, on 22.01.2019, MCA issued Companies (Acceptance of Deposit) Amendment Rules, 2019 amending rules issued in 2014 as mentioned above. 

Rule 2 (1) (c) (xviii) – Definition of DepositRead More


Central government on 22.01.2019 notified MSME Form 1 for furnishing details of payment due to Micro & Small Enterprises (hereinafter referred to as MSE). On 02.11.2018, Central Government vide notification no.  S.O. 5622(E), directed the companies receiving supplies of goods or services from MSEs & whose payment to MSEs exceeds 45 days from the date of acceptance of or the date of deemed acceptance of supplies of goods or services as per the provisions of section 9 of the Micro,.......Read More

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When a company is set up, it is considered as separate legal entity. So, it also requires a name for identification & recognition purposes. This name is used while entering into contracts, at the time of suing in adjudicatory proceedings, holding property in its name etc. So, this name should be unique or should not resemble to any existing name. For this purpose, Ministry of corporate affairs issued Companies (Name Availability) Rules, 2011. This Article discusses the provision related t.......Read More


With the development of technology & expansion of internet community, world is witnessing worldwide growth in trade/commerce through internet. This commerce through internet is known as E-commerce. In some last years, this sector has shown tremendous growth. India is no exception to it as the E-commerce operators/online sellers are increasing day by day with the major players such as Amazon, Flipkart etc. 

This article discusses how one can start his/her own online business.<.......Read More

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Budget 2019, last budget of current NDA Government is expected to see various announcements to woo voters. This budget is different from regular budget & is known as interim budget which is the last opportunity to introduce important measures ahead of elections & is traditionally considered as full of highlighting the achievements or in short a preview of election manifesto of current government following the indirect appeal to re-elect them. It is most likely to be presented on Febru.......Read More


Food Safety & Standards Authority of India commonly known as FSSAI is an authority which controls & supervises the food safety for the protection & promotion of public health. It is established by government in 2006 under Food safety & standards Act, 2006 consolidating various preexisting acts like Prevention of food adulteration Act, 1954, fruit products order, 1955, meat food products order, 1973 etc.

The aim of the act is to remove difficulties of jumping among vari.......Read More

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GST Council in its 32nd Meeting held today has announced major reliefs to the Small Businesses by increasing the Exemption Limit for taking GST Registration and and took following other decisions:

1. Increase in turnover limit for the existing composition scheme:

The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the composition.......Read More


Every person who is earning any kind of income is liable to pay income tax. However, the taxpayer tries every possible way to pay less tax which sometimes leads to tax evasion i.e. saving tax via illegal ways which is not intended by the law. But when the taxpayer tries to plan or manage his transactions in such a way that it does not contravene the provisions of Income tax Act, 1961 then it takes the form of tax planning which is considered as the right of every taxpayer. 

This .......Read More

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Every taxpayer has a duty to file his/her Income tax Return (ITR) by due date prescribed. Otherwise on missing deadline taxpayer will have to pay penalty for late filing of ITR. The process of filing ITR needs some preparation in terms of compiling all the necessary documents to be used in the process like income/salary details, bank statements etc. This article discusses the required documents for smooth filing of ITRs.

Documents related to Salaried Class:

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Every person who earns any income and exceeds the basic exemption limit of Rs. 2.5 Lac is required to pay Income tax to government as per Income tax Act, 1961 and Rules made thereunder. As per Income tax Act, income is calculated under 5 heads i.e. House Property, Capital gains, Salary, Profits & gains from Business & Profession and Other Sources. This Article discusses about the changes brought by Finance Act, 2018 with respect to head salary and the precautions that an employee has .......Read More

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For a startup, one of the most important decisions in beginning is to decide whether to incorporate itself as Limited liability Partnership (LLP) or a Private limited Company (Company). This decision is important by virtue of the fact that it will have bearing upon ownership, management, taxation & business debt questions. Before going into the question of which is best choice for startup, we need to understand first their salient features respectively.

A private limited company (.......Read More


Summary of Central tax notifications issued on 31.12.2018:

Notification No. 67/2018 dated 31.12.2018

Extension of time period for completing migration of taxpayers who received provisional IDs but could not complete the migration process:

* The date for furnishing details to the jurisdictional nodal officer of central government or state government has been extended to 31.01.2019.

* Upon receipt of ARN, a new GSTIN & a new access token, all these informat.......Read More

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No doubt introduction of Goods and Service tax (GST) is one of the biggest and important tax reforms in the history of indirect taxation in India. From the date of its coming into force i.e. 01.07.2017, GST has come across several changes and still is in work-in-progress stage. However, it is about 18 months old but is still under intense scrutiny; let’s take a look at the journey of this major reform in the Indian economy and the way ahead.

The GST is truly a game changer in in.......Read More


Circulars issued by the Income tax department (ITD) just propose investigating HRA game plan to learn that they are not a hoax. House rent allowance granted to an employee who is residing in a house/flat owned by him is not exempt from income tax. The disbursing authorities should satisfy themselves in this regard by insisting on production of evidence of actual payment of rent before excluding HRA from the total income of the employee 

As per the recent Ruling, which held that t.......Read More

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All in all, what is Angel Tax? 

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The GST anti-profiteering watchdog, National Anti-profiteering Authority (NAA) slapped heavy penalty on consumer goods maker Hindustan Unilever Ltd (HUL) has allegedly profiteered to the extent of ₹383 crore after the large scale goods and services tax (GST) rate cut last November.

The National Anti-Profiteering Authority has held the country’s largest fast moving consumer goods company, Hindustan Unilever Ltd, to have violated the provisions. Not only that, it has ordered fur.......Read More

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This financial year (2018-19) has witnessed a lot of amendments to the income tax rules, which were introduced in the Budget 2018. The introduction of the standard deduction for salaried employees, higher deduction for senior citizens on health insurance premiums were some of the changes.

Here are 10 changes to Income Tax rules that took place in 2018:

1) Higher interest income exemption for senior citizens

For senior ci.......Read More


A vast extent of business have December as their Bookkeeping and Money related Year End – so it's the perfect time to return on what should be finished. To make it somewhat less demanding for you, we've drawn up this rundown of 10 key things which merit checking now. 

Financial Year End Checklist 

1.    If you are in the fortunate position that your business is performing admirably, it is an incredible time to check your pay – have you utilize.......Read More

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Secretarial audit is done in order to verify the compliance of various legislation including the Companies Act and other corporate and economic laws applicable to the company.

In India, following companies are required to conduct secretarial audit and obtain secretarial audit report as per section 204 of the Companies Act 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

* Every listed company

* Every public comp.......Read More


The GST Council, headed by Finance Minister Arun Jaitley, today slashed rates on 17 goods and six services, such as televisions, movie tickets, video games, among others, restricting only 27 items in the highest tax slab of 28 percent. New rates will be applicable from January 1, 2019.

Apart from reducing rates, the Council also rationalized and made clarifications related to certain goods, a move that is expected to boost consumption. Essentially, the 28 percent slab will mainly cons.......Read More

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Enhance your sales development 

Catching up with prospects and previous clients is a surefire approach to support your income in 2019. 

The general Customer in your database are there in light of the fact that they have just had some contact with your organization, so they know your identity and (most likely) what you do — that is a large portion of the promoting fight! Presently your business group simply needs to persuade them that they require what you off.......Read More


The Trade Receivables Discounting System, known as TReDS, is a business setup in which the micro, small, and medium enterprises (MSMEs) can apply for credit more easily than the traditional loans.

What is TReDS? 

It is an electronic platform that allows auctioning of trade receivable. The process is also commonly known as ‘bills discounting’, a financier (typically a bank) buying a bill (trade receivable) from a seller of goods before it’s due or befor.......Read More

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West Bengal Finance Minister Amit Mitra lashed out at the planning of execution of the GST and asserted that hawala transactions have expanded because of the disappointment of the GST's automated digitized process. The pastor's cases accept essentialness as there have been reports of taking off stores by Indians in Swiss banks. "As indicated by the plan of the circuitous tax framework, GSTR 1, which is a shape to be filled and uplinked, speaks to deals esteem figures while GSTR 2 shapes, whic.......Read More


TRAI's tariff order for TV channels should streamline life for cable and DTH operators and their clients. Be that as it may, given the ongoing Madras High Court request and costs reported by telecasters, the usage of the request from Dec 29 is probably going to raise costs for cable and DTH services in the nation. 

The first aim was basic: Stop broadcasters like Star India, Zee and Sun television from constraining DTH and cable organizations to convey undesirable TV channels and .......Read More

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Each website publisher or a blogger profits online through promotions or moving digital books or through associate showcasing. 

Goods and services tax or GST has explicitly and independently made arrangements for Web-based business industry. GST has made mandatory enlistment for Online business administrators and online dealers moving goods on these stages. 

GST on online promotions and effect on website publishers. A large number of individuals compose online journa.......Read More


In India, the software has generally been ensured under Copyright Act, 1957 as a software program. COMPUTER software, otherwise called COMPUTER program, has a market esteem and is liable to savage rivalry because of a shorter life circle and the potential peril of obtrusively being replicated or created by saving the building. Giving protection to software through fitting protected innovation system, in this manner, ends up fundamental to anchor upgraded privileges of the maker over the produ.......Read More

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India, a nation with over 1.3 Billion populaces, is moving toward a progressive Tech-Finance partnership. This joint effort among back and innovation is redesigning the way value-based activities are taken care of. FinTech is the amalgamation of innovation in the back that offers more powerful budgetary arrangements than conventional foundations. Demand for Fintech is growing rapidly due to a large digitally-savvy population seeking newer technologies with greater convenience and the need for.......Read More


Following are the Guidelines for the Candidates appearing in GST Practitioner Examination:

A. Guidelines for filling up application form:

1. All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. Link of the portal shall be provided on official websites of NACIN and CBIC.

2. Landing page of the portal will display guidelines for filling up the application and also important.......Read More

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Form GSTR-9 is an annual return form to be furnished by all registered taxpayers once in a year under GST including those taxpayers who are registered under the composition scheme. GSTR-9 will contain the details of all supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It basically consolidates the information furnished in the monthly / quarterly returns during the entire financial year.

Different Types of GSTR-9 return filing forms

.......Read More

EXAMINATION FOR CONFIRMATION OF ENROLLMENT OF GST PRACTITIONERS

 

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners  (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018.

The GSTPs enrolled on the GST Network under sub-rul.......Read More

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1. What is the HSN Code?

The Harmonized Commodity Description and Coding System generally refers to “Harmonized System of Nomenclature” or simply “HSN”. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988.



2. How does HSN code work?

It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logic.......Read More

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Before explanation of the issue faced by taxpayers due to open due date of GSTR -6 and resolution let us go through the basic requirement of filings and meaning of open due date. 

GSTR-1 is the Return of outward Supplies to be filed by the Suppliers of Goods or Services who are registered as a Regular Taxpayer and GSTR-6 is the Return of Input Service Distributor (ISD) to be filed by the Registered ISD taxpayer for distribution of Input Service tax credit to the units which are p.......Read More


A Group of Ministers (GoM), along with a panel of government officials will meet today to deliberate on bringing back the liability to pay tax on reverse charge mechanism under GST, as a part of a larger plan to curb tax evasion.

In the last meeting, Goods and Services Tax (GST) Council had decided to defer reverse charge mechanism (RCM) till June 30. However, some states have insisted that it should be re-introduced, as it will help tax authorities plug revenue leakages.

Biha.......Read More

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ONE PERSON COMPANY COMPLIANCE

The One Person Company was introduced in the Companies Act to make sure a sole entrepreneur could start and manage a legal entity with limited liability. It was brought into existence to help all those enterprises with a turnover less than Rs. 2 crore. There are certain compliance requirements for an OPC which we will look at here.

 

Corporate Stationery

After the registration, it is advisable for one to p.......Read More


Copyright protection provides a vital incentive for the creation of many intellectual works. Without copyright protection, it would be easy for others to exploit these works without paying any royalties or remuneration to the owner of the work.  Copyright therefore encourages enterprise and creates a favourable climate to stimulate economic activity.

Copyright protection provides benefits in the form of economic rights which entitle the creators to control use of their literary a.......Read More

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Soon, it will be time for file your tax returns for the past financial year. If you have paid excess tax during the year through tax deducted at source (TDS) or your tax-saving investments have not been taken into account while computing TDS, you would be eligible for a refund.

Taxpayers whose refunds are delayed are most of the times themselves responsible for the same, they try to file return without help of professional and this results in wrong filing or under reporting or missing.......Read More


The first thought which come in mind when we hear the word compliance is burden but in case of LLP it is not. The main feature why LLP attract individual is its less compliance as compare to any kind of companies.

All LLPs registered with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for a LLP to file a return irrespective of whether it has done any business. There are three mandatory compliance requir.......Read More

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The new ITR forms for 2018-19 notified on Thursday make it mandatory for small businesses to specify their GSTIN and turnover under GST.

From the salaried employees the New ITR forms seek salary structure details, income from property

In the new ITR form, taxpayers will have to give details about allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under Section 16. 

The forms give non-resident Indians (NRIs) so.......Read More


Although no changes were made in the income tax rates for individuals, in view of the many positive changes made by the Modi government in the personal income tax rate during the last three years, Finance Minister Arun Jaitley – while presenting the Union Budget 2018-19 — had proposed some changes in the tax rules which will become effective from today, ie, April 1, 2018, which is also the beginning of the new financial year 2018-19. Being aware of these tax changes will help you .......Read More

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Under the GST regime, implemented from July 1, 2017, businesses with an annual turnover of over Rs 20 lakh are required to pay GST.

"We are in the process of amending the licensing and registration norms. Under this, we are going to reclassify the kind of food businesses (KoB) on the basis of turnover to align with GST and MSME norms," said Food and Safety Standards Authority (FSSAI) CEO Pawan Kumar Agarwal.

Accordingly, the number of KoBs will be reduced from the current 17 t.......Read More


We all are aware that end of the financial year 17-18 is approaching. 31st March, 2018 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. Here are must 7 things to do before the end of 31st March 2018:

 

1. Linkage of Aadhaar with PAN:

It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN. However the deadline for linking of A.......Read More

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Income tax returns (ITR) filing: Filing income tax returns and tracking it later use to be a tough task. But thanks to e-filing and the government’s push for Digital India, it’s all much easier now. Thanks to the online mode of filing returns, it is possible to track it easily and know if your returns are successfully filed or not. 

Your return is not considered valid unless it is verified and accepted by the I-T department. Filing income tax returns .......Read More


With only 16 percent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion. 

According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B). 

These 34 per cent of the businesses have paid Rs 8.16 lakh crore to the exchequer by filing GSTR-3B, whereas ana.......Read More

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You have last few days left with you for making your tax-saving investments. The investment need to be done by March 31 in the Section 80C instruments to gain a tax deduction for the current financial year.

As a tax saving option a total amount of Rs 150000 can be invested in specified instruments under Section 80C of the Income Tax Act, the yield on such investments carries different tax treatment in the long run. While some are totally tax exempt enjoying Exempt, Exempt, Exempt (EEE.......Read More


The Prime Minister's Office (PMO) has called a meeting of top officials of the commerce and finance ministries on Monday to address the problem of GST export refund. The officials will discuss problems faced by traders in electronic filing. Traders have complained that they are unable to provide some of the info required while submitting the details in GSTN (Goods and Services Tax Network). The delay in exporters' refund under the Goods and Services Tax (GST) has turned into a serious problem.......Read More

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Details relating to Promoters / Directors of Private Limited Company or Limited Liability Partnership (LLP) have to be submitted to the Ministry of Corporate Affairs (MCA). This information is available in public domain on the website of Ministry of Corporate Affairs. Some scammers take advantage of this public information and con new Companies or LLPs with their money. This article is aimed at creating awareness amongst Entrepreneurs not to be a victim of VPP Scam of Read More


RUN Name Approval

RUN or Reserve Unique Name facility is a service offered by the Ministry of Corporate Affairs (MCA) to simplify and speedup the company name approval process. Prior to the introduction of RUN form, any person wishing to obtain a name approval from the MCA must first obtain Director Identification Number (DIN) and then make a name reservation application in Form INC-1.

Now, any person having a MCA login can easily reserve a company name for a period of upto .......Read More

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1. GST Council in its 26th Meeting held under the Chairmanship of the Union FM, Shri Arun Jaitley today in New Delhi sent a strong positive signal to exporting community by deciding to extend the available tax exemptions on imported goods for further 6 months beyond 31st March,2018.

2. Thus, exporters pr.......Read More


 

Filing of Refund Application on Account of Assessment/Provisional assessment/ Appeal/ Any Other Order (under CGST Rule 97A/ and relevant Rules of SGST/IGST Acts) i.e. online filing and offline processing by the tax author.......Read More

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The concept and composition of the National Financial Reporting Authority (NFRA) was originally introduced by the Companies Act, 2013. The Union Cabinet has now approved the proposal for establishing the National Financial Reporting Authority (NFRA). In this article, we look at the rules, composition and powers of the National Financial Reporting Authority.

Composition of the National Financial Reporting Authority (NFRA)

The NFRA will consist of one Chairperson, three p.......Read More


Authorised Capital of a Company

The authorised capital of a company is the maximum amount of share capital for which shares can be issued by a company. The initial authorised capital of the Company is mentioned in the Memorandum of Association of the Company and is usually Rs. 1 lakh. The authorised capital can be increased by the company at anytime with shareholders approval and by paying additional fee to the Registrar of Companies.&nbs.......Read More

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Authorised Capital for Private Limited Company Registration

Many of the Entrepreneur’s starting a new private limited company are uncertain about the concept of authorised capital and are often times unsure on the amount of authorised capital they should start their new private limited company with. In this article, we answer one of the most frequently asked question from Entrepreneurs, how much authorised capital is required to start a new private limited compa.......Read More


Clarifications issued by CBEC for GST on bus body building, retreading of tyres, Priority Sector Lending Certificates etc.

 

1. Whether activity of bus body building, is a supply of goods or services?

Ans: In the case of bus body building there is supply of goods and services. Thus, classification of this composite supply, as goods or service would depend on which supply is the principal supply which may be determined on the basis of facts and circumstances of eac.......Read More

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After reading the below mentioned pointers you will be able to understad the meaning of Swift scheme launched by CBEC and what are the benefits of this

SINGLE WINDOW INTERFACE FOR FACILITATING TRADE

 

1. As part of the “Ease of Doing Business” initiatives, the Central Board of Excise & Customs, Government of India has taken up implementation of the Single Window Project to facilitate the Trading Aross Borders in India. The 'India Customs Single Win.......Read More


Compliance for LLP

Limited Liability Partnership (LLP) is a type of business entity sharing features of a partnership firm and a company. LLP’s are regulated by the Registrar of Companies, Ministry of Corporate Affairs. LLP is a legal entity, separate from its partners and it has perpetual succession. Some of the major benefits and powers enjoyed by LLPs are the following:

 

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MCA has introduced Condonation of Delay Scheme-2018 vide its General Circular No. 16/2017 dated 29.12.2017 to Provide relief to Defaulting Companies and Disqualified Directors. I have compiled Few Frequently asked question (FAQS ) related to Condonation of Delay Scheme 2018 [CODS 2018] which as re as follows:-

 

1. What is Condonation of Delay Scheme 2018 [CODS 2018] [1]?

Ans: Condonation of Delay Scheme 2018 is a Scheme introduced by Central Government as an gold.......Read More


Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise & Customs

North Block, New Delhi – 110 001

Tel. : +91-11-23092849, Fax : +91-11-23092890

E-mail : chmn-cbec@nic.in

 

Vanaja N. Sarna 

Chairman

 

DO.No.08/CH(EC)/2018

Dated 23rd February, 2018

 

Dear Colleagues,

 

Chennai Customs Zone has taken up a.......Read More

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The government may change the goods and services tax (GST) returns filing periodicity from monthly to quarterly to make it simpler for all businesses to file their taxes.

The requirement of filing three GST returns in a month is also likely to be brought down to one, government sources said.

The committee working on the simplification of GST returns is likely to give its report by this month-end, and the GST Council may take up the issue in its meeting in March.

There .......Read More


GSTN have modified few aspects of GSTR 3B filing with effect from 21 Feb 2018. Filing GSTR-3B is now made more User friendly

Following Changes have been done to the GSTR 3B online filing process by GSTN,

1) User will have to Fill either CGST or SGST/UGST amount, other taxes columns will get auto filled.

2) User can now save the Form on confirming details filled in the Table. You can fill balance details later.

3) User can Preview Form or download it for cross v.......Read More

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What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed. Startups are becoming very popular in India. In order to develop Indian economy and attract talented entrepreneurs, the Government of India, under the leadership of PM Narendra Modi, has started and promoted Startup India initiative to recognize and promote startups. 

STARTUP DEFI.......Read More


The Finance Budget 2018 has brought fundamental changes in the relief provided to hospitals, educational institutions, trusts and funds registered under section 10(23)(C) & section 11, these changes are worth noting as far as compliance to provisions of some the provisions of Income tax Act applicability are concerned.

Below is the brief on changes done, for easy understanding of Students and Professionals: –

Section .......Read More

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Diamonds are rare, so are the chances of a diamantaire defrauding a bank of more than Rs 11,300 crore. PNB's Brady House branch, less than a kilometer away from the swanky Nirav Modi diamond boutique in Kala Ghoda has become the epicenter of one of the largest banking fraud detected in the country.

Until a few days ago, Nirav Modi, the man at the centre of biggest scam at India's second largest public sector lender could be seen hobnobbing with Hollywood A-listers or cutting ribbons t.......Read More


 

The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money.

According to him, the e-way invoice could be relaunched by end of this month or early next.

 

The GST Council, the apex decision-making body on issues related to the new unified indirect tax, had made e-way-bi.......Read More

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Ten Income Tax Rules That Will Change From April 2018

 

In Budget 2018, Our Finance Minister has kept the basic income tax rates and the slabs unchanged. However, he proposed a number of income tax changes that will impact many taxpayers. From a new long-term capital gains tax on stocks and equity mutual funds to relief for senior citizens on interest income – the changes announced in Budget 2018 ar.......Read More


The company shall hold its first board meeting within 30 days of its incorporation

 

1. APPOINTMENT OF STATUTORY AUDITOR

Pursuant to section 139(6) (1) the first auditor of the company, (who is Chartered Accountant), other than a Government company, shall be appointed by the Board of Directors within thirty days (30 days) from the date of registration of the company and in the case of failure of the Board to appoint such auditor, it shall inform the members of the.......Read More

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Recommendations made by the GST Council for the Housing Sector to promote Affordable Housing for the masses come into force

Concessional Rate of GST of 12% extended to construction of houses constructed/ acquired under the Credit Linked Subsidy Scheme for Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG) sections

In its 25th Meeting held on 18th January, 2018, the GST Council had made several important reco.......Read More


1. Who all can generate E-Way Bill?

Ans: Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees in relation to supply; or reasons other than supply; or inward supply from unregistered person shall generate e-way bill. It means, the consignor or consignee, as a registered person or a transporter of the goods can generate the e-way bill. The unregistered transporter can e.......Read More

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The Ministry of Corporate Affairs (MCA) has contributed significantly towards improvement of ranking in Ease of Doing Business in the country and this year, on the occasion of 69th Republic Day, the Ministry is launching the following Government Process Re-engineering (GPR) initiatives for making the Incorporation Process Speedy, Smooth, Simple and reducing the number of procedures involved for starting a Business.

(i) Introduction of “RUN – Reserve Unique Name”.......Read More


Q 1: UIDAI has all my data including biometrics, bank account, PAN, etc. Will they be used to track my activities?

A: Absolutely false. UIDAI database has only the following information ‑

(a) Your name, address, DOB, gender, date of birth

(b) Ten finger prints, two IRIS scans, facial photograph

(c) mobile number and email ID .

Rest assured, UIDAI does not have your information about fam.......Read More

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The Central Government has made certain modifications and changes in the GST Rules and the Procedures in 2018 and has issued the below Notifications to make them Changes Effective:

CGST Rules First Amendment 2018 

Value of supply in case of lottery, betting, gambling and horse racing.-

(1) Notwithstanding anything contained in the provisions of this Chapter, the value in respect of supplies specif.......Read More


Policy Changes recommended by the 25th GST Council Meeting

The Union Finance Minister Shri Arun Jaitley Chaired the 25 Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25 meeting held today:

1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OID.......Read More

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As it is well known that the GST Council has decided to implement the e-way bill mechanism throughout the country from February 1,2018. In a notification released earlier this month, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. And the nationwide e-way bill system is being rolled out on a trial basis by January 16. But in order to be fully Compliant to the E-way Bill System, we should be clear about the con.......Read More


Following are the recommendations given by Law board to be taken up for discussion in 25th GST Council meeting to be held on 18th January,  2018

Major points 

- Centralised Registration for big service providers (Annual Turnover 500 Crore) having registration in more than 10 states or more 

- Widening the Base for availing input tax credits viz. ITC would be available on certain categories of negative list of services like renting of motor vehicles,&nb.......Read More

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As the countdown to Budget 2018 begins, We expect the government to provide a boost to consumption via higher allocation for rural oriented schemes. Some relief for middle-class via a cut in tax rates/higher exemptions for tax savings can’t be ruled out either given this is the last budget before the general elections 2019.

The focus on infrastructure spending to revive the capex cycle should see higher allocations for Roads, Railways, and Power programmes.

We also antic.......Read More


A person registered under GST supplying taxable goods shall, before or at the time of removal of goods for supply to the recipient, issue a tax invoice. The tax invoice shows the description, quantity, value of goods, the amount of tax charged and such other particulars as may be prescribed. However, the Government may, on the recommendation of the GST Council, by notification, specify the categories of goods in respect of which the tax invoice may be issued in such time and in such manner as.......Read More

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MCA proposes change in the process of obtaining fresh DIN ( DIRECTOR IDENTIFICATION NUMBER)

It is proposed to reengineer the process of allotment of DIN by allotting DIN to individuals only at the time of their appointment as Directors (If they do not possess a DIN) in companies. DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only &.......Read More


The Below Representation is made by tha Institute of Chartered Accountants (ICAI) who are playing a vital role in the Smooth GST Implementation and Compliance in India, for the extension of the Due Date of GSTR 1 and Tran 1 Because of the GST Portal failure to bear the burden of the Loads of Data loading for GSTR-1 Filing.

 

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

(Set up by an Act of Parliament)Read More

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Simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme will dominate discussions of the goods and services tax (GST) Council in its next meeting.

The representative federal body comprising the Union finance minister and state finance ministers will meet on 18 January in New Delhi.

The law committee of the council, which held meetings last week, has come up with suggestions to make the invoice matching process simpler.......Read More


The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for filing GSTR-1 from December 31 to January 10.

Read More

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Under the roll out of Goods and Services Taxes (GST) last year, transporters are required to carry an electronic waybill or e-way Bill when moving goods from one place to another. This provision was to be implemented from February 1 pending IT network readiness. The GST Council in its meeting on December 16 decided to implement the e-way bill mechanism throughout the country by June 1, 2018. The e-way bill for inter-state movements will be implemented from February 1 and for intra-state movem.......Read More


While investing in a tax-saving instrument or any financial product for that matter, it is important to keep an eye on the taxability of its income. If the income earned is taxable, the scope to make money over the long term gets constrained as taxes will eat into the returns that you can earn. 

In tax-saving financial products like the National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), 5-year time deposits with banks and post offices, the interest amount g.......Read More

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The CBEC has published some clarifications on the levy of supply of some services due to the reason that many Representations were received from trade and industry for clarification on certain issues regarding levy of GST on supply of services. Following Clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc. are made by CBEC:

.......Read More


Key Highlights of the Companies Amendment Act 2017:

1. Name reservation in case of new company Incorporation shall be valid for 20 days from date of approval instead of 60 days from the date of application.

2. In case of Change of Name of existing Company, Name Reserved by the ROC shall be valid for 60 days from the date of Approval.

3. Partnership firm, LLP etc . with 2 or more partners (previously 7) can be converted.......Read More

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Flyers on important topics of GST are being brought out by the National Academy of Customs, Indirect Taxes, &Narcotics (NACIN),the apex training institution under the Central Board of Excise & Customs (CBEC). These Flyers are being issued from time to time and are available on the GST Council website as well as the CBEC website. Till date, 51 Flyers have been issued and more are being issued on an ongoing basis. These flyers have been quite popular as they have been written from the l.......Read More


Statutory Due Dates for the month of January 2018

  • 07-01-2018 Income Tax Due date for deposit of Tax deducted/ collected for the month of December, 2017.
  • 10-01-2018 GST Filing of returns by registered person with aggregate turnover upto 1.50 crores. (GSTR-1) for July to September 2017.
  • 10-01-2018 GST Filing of returns by registered person with aggregate turnover more than 1.50 crores. (GSTR-1) for July to November 2017.
  • 15-01-2018.......Read More
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GST officials expect tax evasion worth over Rs 300 crore through the angadia route. The department has booked more than 200 angadia operators from Mumbai Central railway station.

In a major crackdown on jewellers and traders evading taxes, a team of officials from the Good and Services Tax and Central Excise departments conducted raids on several ‘angadia’ operators in Mumbai.

Angadias are informal courier and bank services used by diamond and jewe.......Read More


For the first time, United Arab Emirates (UAE) has implemented Value Added Tax (VAT) on businesses in the country effective from 1st Jan 2018. For companies not complying to the VAT laws and regulations, stiff penalties are imposed ranging as high as AED 50,000.

If you are a business owner or involved with business in the UAE, it’s imperative that you are aware and comply with the new regulations.

Entrepreneurs to hel.......Read More

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Introduction

EQL was introduced in the Union Budget 2016 and is included in the Chapter VIII of the Finance Act 2016. The Govt. had set up a committee on taxation of E-commerce which gave its report in February, 2016. On 27 May 2016, Equalisation Levy Rules, 2016 were notified. It was made applicable w.e.f. 1st June 2016.

Read More


Download the Latest FAQs on GST Updated on 01.01.2018           Click Here to Download

The compilation of Frequently Asked Questions (FAQs) on GST brought out by the National Academy of Customs, Indirect Taxes, & Narcotics (NACIN), the apex training institution under .......Read More

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Anti-profiteering notices were served to at least five companies, including a Honda dealer, Hardcastle Restaurants, McDonald's franchisees for West and South India and retailer Lifestyle, for not passing on GST benefits to consumers. 

The DG Safeguards also issued a notice to Jaipur-based Sharma Trading for allegedly charging 28% GST on Vaseline when the tax rate had been slashed to 18%. 

However, what can really shake the industry is the notice against Hardcastle Re.......Read More


The GST Regime has been continuously bringing many changes in order to ease the Taxpayer in one or the other way. And One of the Beneficial mode introduced by the Government is the Composition Scheme which is the Simple and Easy Scheme for the Taxpayers under GST. Under the Composition Scheme, Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. Also, a taxpayer opting for composition scheme has to pay tax at a nominal rate.

To bring simplici.......Read More

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Deduction under Section 80C: Explained

Section 80C of the Income Tax Act replaced the Section 88 with almost the same investment mix available in Section 88.  The new section 80C has become effective w.e.f. 1st April 2006. However, this new section is different from the Replaced Section in the way that it has allowed a major change in the method of providing the tax benefit.  Section 80C of the Income Tax Act allows certain .......Read More


Condonation of Delay Scheme 2018 is formulated to provide a three-month window for defaulting companies and their director to submit their annual filings.It will be operational from January 1 to March 31, 2018 to provide a big Relief to disqualified directors. During the period of 3 months, DIN (Director Identification Number) of disqualified directors will be re-activated temporarily to facilitate Directors of defaulting companies to file all overdue annual returns. If Director of defaulting.......Read More

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As we come close to another year, the GST Returns Due Date is also coming closer with just 3 days left. The Deadline of the GST Returns GSTR-1 and GSTR-6 is 31st December.

GSTR-1 is the GST Return containg the Outward Supplies of Goods and Services ie. it is the record of Sakes to be submitted to the GST Department.

GSTR-6 is the monthly that has to be filed by an input service distributor. It basically contains details of input tax credit received by input service distributor.......Read More


The government will introduce a new bill in Parliament in the winter session called the Financial Resolution and Deposit Insurance (FRDI) bill. 

The FRDI Bill aims to put in place an early warning system for financial firms. It covers banks, insurance companies, payment systems, stock exchanges, and some others are financial firms. When banks fail who gets hurt? Depositors like you and me. If an insurance company fails, again it is us, the retail consumers who get hurt. If a bisc.......Read More

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The finance ministry sets up a six-member task force to draft a new direct tax law that will better serve the country’s economic needs by widening the tax base, improving compliance and ease of doing business.

Prime Minister Narendra Modi observed at a tax officials’ conference in early September that the Income Tax Act of 1961 was over half-a-century old and needed to be re-drafted.

Arbind Modi, member, Central Board of Direct Taxes, was named convener of the six-.......Read More


The Union Cabinet on Thursday approved setting up of the proposed National Anti-profiteering Authority (NAA) under the goods and services tax (GST) to ensure consumers get the benefit of lower taxes under the new indirect tax regime. The decision came a day after the reduction in the GST rate on over 200 items came into force. 

The government said the Cabinet decision was “following up immediately on yesterday’s (November 15) sharp reduction in the GST rates of a larg.......Read More

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The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the following facilitative measures for taxpayers:

Return Filing

1.All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

2. Form GSTR-1 (Return of outward supplies) has been divided into two parts as those with aggregate turnover up to 1.50 cr. and above that. Due date of GSTR-1 for both classes shall be as.......Read More


A recent crackdown by the Legal Metrology department of Telangana government has exposed a massive Goods and Services Tax (GST) fraud here where malls, multiplexes and restaurants were deliberately over-charging and looting people. 

Nearly 5000 raids were conducted in a period of six days after which 1062 cases were filed against those found flouting rules.

The raids were conducted after department received over 10,000 complaints against small traders to big shopping mall.......Read More

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Now it is the time for the Delhi Taxpayers for an Additional VAT Compliance which is the Disclosure of the Details of the Closing Stock.

As per the Recent Notification issued by the DVAT Department, All the Dealers who are/were registered under DVAT Act 2004 are requested to submit the Details of the Closing Stock as was held by them on 31-03-2017 and 30-06-2017 online on the website of the Department ie. www.dvat.gov.in as per the following Format:

Read More


The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:

 Composition Scheme

1.    The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnov.......Read More

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Application for Amendment in Registration Particulars (for both core and non-core) service is available on the portal now. Taxpayers who wish to change their particulars may do so now.

GSTN had recently opened amendment of core fields along with earlier opened non-core fields in the GST registration. Taxpayers have been struggling to change the details of primary authorised signatory ever since migration. Now the Taxpayers can change the contact details including the Email Ids and Pho.......Read More


Fortunately we have entered in the era of GST Regime and have done our GST Registrations also as per the GST Law. Now it is the time to go ahead with the GST Compliances and get the Good Compliance Rating for our Business. But it is not at all the Easy task to handle the GST Compliances, not because it is a new Taxation System but it is very Unique and involves many complexities in the GST Return Filings.

But as it is well said that a new member needs time to adjust in the Family and .......Read More

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 Through this article let’s have a look on how the compliance under GST will be done for the first two months i.e. July, 2017 and August, 2017.

The Government of India has formed a Special purpose Vehicle Known as Goods and Services Tax Network to set-up the entire IT system which will support 80 lakh taxpayers in filing 320 Billion Invoices per month. The Invoices details are required to be filed Rate-wise at Line item level 

Three monthly returns are to be cr.......Read More


Nowadays A lot of questions are arising in the minds of the traders dealing in various sectors regarding the levy of GST,Rate applicable etc. on their products or services. This Chaos has considerably increased among the Textile Manufacturers and Traders after the implementation of GST. So here is the well explained GST Impact on Textile Sector in the form of Questions and Answers. Hope you will get a lot of clarity on GST Levy and Rates on Clothes and Fabrics after reading this article:

.......Read More
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Click Here to Download the Timelines for Applying GST Registration

As per the GST laws, one is required to take registration on or before 30thJuly, 2017. All traders are requested to register now without waiting for the last date.

If one is carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakh (Rs. 10 lakh in.......Read More


Click Here to view the GST Holiday List for Your State.

Since the Government has declared on the GST Portal that the Registration Certificate(RC) will be issued after 3 working days after the generation of Application Reference Number (ARN). Therefore these 3 working days will be calculated as per the Holiday List available on the GST Common Portal.

For Insta.......Read More

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Composition Levy under GST is well explained in this article with the help of these Questions and Answers:

Q 1. What is composition levy under GST?

Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible pe.......Read More


Here is the Complete guide for the end to end GST Registration Procedure for the New Taxpayers as well as Existing Taxpayers with the well explained video Demonstrating the entire process:

Registration of Existing Taxpayers

Enrolment of Existing Taxpayer with Provisional ID and Password  Read More

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In order to clear the people's doubts on GST, the Central Board of Excise and Customs(CBEC) has attempted to respond to 100 such questions:

1. Does aggregate turnover include value of inward supplies received on which RCM is payable?

Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis.

2. What if the dealer migrated with wrong PAN as the status of firm was changed from proprie.......Read More


The Goods and Services Tax (GST) may change the way of dealing in the country. One particular provision, which many traders are apprehensive about, may finally do a makeover of the entire community across the sectors.

The GST law has a provision for anti-profiteering. This does not mean that traders are not to earn profit, which is the only incentive of doing business and in absence of which trading will become a social service. The clause is there to ensure GST benefits are passed on.......Read More

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Central Tax (Rate ) Notifications

1. If a Registered person dealing in the buying and selling of second hand goods, received any intrastate supplies of second hand goods from an unregistered supplier, then the registered person is exempted from paying CGST under Reverse Charge.

Provided the registered person pays the central tax on the value of outward supply of such second hand goods.

Read More


Although July 1 is well known for the Rollout of India's Biggest Reform GST and is set to enter into history books, but there are several other challanges for the Taxpayers which will come into effective on 1 July.  

Lets check out the List of major changes that are coming into effect on July 1: 

Aadhaar becomes mandatory for filing IT Return:

The government has made it compulsory to mention Aadhaar for filing of income tax return. Without Aadhaar, you won'.......Read More

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GST Act 2017

Central Goods and Service Tax (CGST) Act 2017 Click Here

Integrated Goods and Service Tax (IGST) Act 2017 Click Here

Union Territory Goods and Service Tax Act (UTGST) Act 2017 Read More


Stage is all set for the India's Biggest Taxation Reform greeting on 1 July 2017. In pursuance of this Regime, the Registration process for the new Taxpayers will commence on 25th June and the Migration of Existing taxpayers will again start from 25 June and will continue for 3 months after the Appointed Day.

Here is the List of Documents required for GST Registration of the new Taxpayers(Individual): 

1.       Passport Size Photo

2.     &.......Read More

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The Goods and Services Tax will be rolled out on July 1 at midnight which is just a week away. The price market is going to change for most of the commodities prompting shopping outlets to announce clearance sale. But, you need to be wise and plan your purchases profitably to take the advantage of the two tax regimes.

Despite skeptics raising doubts about smooth transition of existing tax regime to Goods and Service Tax structure, the stage is set for GST roll out on July 1 from midni.......Read More


Days ahead of the rollout of Goods and Service Tax, the government has notified certain sections in the GST Act dealing with mandatory registration of current indirect tax payers in the new regime. As many as 18 sections relating to registration of current central excise, service tax and VAT payers with the GST-Network (GSTN) as well as transitional provisions were notified on 19th June. As a precursor to GST, the Central Board of Excise and Customs (CBEC) has also notified two rules — .......Read More

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Countdown begins for GST..

All the four laws that we needed to pass have been passed by Parliament. All states need to pass the State GST — 24 states have done; only 7 are remaining and those states, unfortunately, have no option but to pass them before July 1. And if we talk about the preparedness of IT Network, it is all set for the implementation of GST and will handle the GST Compliance. We should also get prepared for the India's Future Indirect Taxation Reform.

The.......Read More


The GST Council on the 16th Council Meeting has finalised the Accounts and Record Rules under GST. Download the Latest Account and Record Rules and Formats:

Accounts and Record Rules under GST

Read More

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The anti-profiteering clause has been provided for in the GST Act to ensure that companies or manufacturers who fail to pass on the benefit of lower tax incidence to the consumer post July 1 are penalised.

Section 171 of the CGST Act provides that any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices and it has given the Authority the power

The objective .......Read More


Download the Latest GST Transition Rules and Formats published on 06.06.2017:

Final GST Transition Rules

Final GST Transition Formats

 

.......Read More

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The Council, chaired by Finance Minister Arun Jaitley, at its 15th meeting also decided on rates of yarns, agriculture machinery, apparels and rough diamonds among others. The council, Jaitey said, will again meet on June 11, before the roll out of the new indirect tax regime. The all powerful council has also finalised the GST rules regarding transition and return filings.

Jaitley said the council was also apprised of the IT preparedness which is necessary for the successful roll out.......Read More


The GST Council in its 15th Meeting cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax. 

"We were discussing the rules and (they) have been completed. Transition rules have been cleared and everybody has agreed for July 1 roll out," Kerala Finance Minister Thomas Isaac told reporters here. 

The GST Council had last month fitted over 1,200 goods and 500 services in the t.......Read More

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The 'One Nation One tax' goal seems close to becoming a reality in less than a month. Therefore it is important for the Tax payers to have knowledge of the GST Compliances need to be done after a couple of days. The Migration of Existing taxpayers to the GST Regime has been restarted from 1st June and it expects to migrate the entire taxpayers before the Appointed Day. Thereafter the Transition Phase will start where the Registered Taxpayers would be able to carry forward their input tax cred.......Read More


As the proposed GST Rollout date is coming close day by day, a question is arising that Is the Industry and Trade ready for the GST Rollout. But here the question arises that Is the IT Backbone of the GST ie. GSTN ready to take the burden of billions of GST Compliances from July 1.

GSTN is designed to be the common interface for Centre and state governments, taxpayers, tax authorities and banks.

From the Technological point of view, it won't be easy task for the GSTN to handle.......Read More

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• Trade and industry will be assigned a 'Compliance Rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the goods and services tax structure.

• Revenue Secretary said a system of GST Compliance Rating will be put in place so that every trader or businessman will be rated based on their track record. Once the rating is made public on the GSTN portal, a businessman can decide on whether to deal with another tra.......Read More


Small businesses are the backbone of Indian economics. They drive the velocity of country's economics, industrial growth, and catalyst for job creation. However, a large number of businesses in the country are unorganized and irregular in filing returns and paying taxes. This could be due to knowledge gap, situational issue or perception among businessman that they are small in size, operations and earnings, and it is okay to miss the deadline. 

As a result, they end up getting a.......Read More

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The Goods and Services Tax (GST) has moved closer to the July 1 deadline with the government finalised tax slabs for various goods and services. 

Below is a listing of the goods and services that will become cheaper or costlier after the GST comes in to force: 

What will be cheaper

Goods

Corn flakes 
Biscuits 
Med.......Read More


The Rates of services were decided on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST Council is given below:

1) Taxable services provided or agreed to be provided by any person who is located in a non-taxable territory and received by any person located in the taxable territo.......Read More

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The GST Council in its meeting on 19th May 2017 finalised the list of services exempted from the levy of Goods and Service Tax (GST). Most of the Service Tax Exemptions had been gathered and the list of Services Exempted under GST has been formed. The list of Exempt Services under GST basically is the combination of the the existing Services Tax Law Exemptions as per Mega Exemption 25/2012 and Negative list Services as per Section 66D of the Finance Act 1994. 

Here is the list of.......Read More


Meaning of High Sea Sales:

High Sea sales (HSS) is a sale carried out by the carrier document consignee to another buyer while the goods are yet on high seas which means

• After their dispatch from the port/ airport of origin AND 

• Before their arrival at the port / airport of destination.

Consequences of HSS:

• There should be a HSS signed contract/agreement after dispatch of goods from origin & prior to their arrival at de.......Read More

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The Goods and Services Tax (GST) is beyond doubt the most revolutionary tax-related reform to be seen in India in several decades, since it will eliminate the conflicting and cascading taxation structures which have confounded several industries over the past few decades. It will most certainly have a profound effect on India's economic prospects. 

A single indirect tax which covers all goods and services will, in the long run, increase tax collection by making it easier for reta.......Read More


The Government is making endless efforts to launch the GST from July 1 which is hardly two months away. Moreover 60 lakh taxpayers have migrated to GST till now and the remaining will get enrolled soon with the reopen of Enrollment window.

Now the food for thought is WHAT NEXT?

The taxpayers who have migrated to GST have to step ahead with certain compliances of GST just after the Appointed day(July 1). The task is not yet completed with migration, it has the lot more to be do.......Read More

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The Goods and Service Tax (‘GST’), considered India’s biggest and most historic tax reform is just around the corner. To err is to perceive GST as just any other “Tax Reform”. GST signifies “Change” that too a Game changer!!

This new taxation regime would not only require organizations to capture appropriate data for computation and compliance, but also presents a unique opportunity for cost optimization and cash liberation which would ultimat.......Read More


Input tax credit will not be available in respect of the following:

(A) Motor Vehicles and other Conveyances

However credit in respect of motor vehicles and other conveyances would be available in the following cases:

When these are used for 

• making the following taxable supplies, namely

       -further supply of such vehicles or conveyances

       for example, a Trader in motor vehicles purc.......Read More

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Audit under GST


by Legal Suvidha

Meaning of Audit under GST

Section 2(13) of the GST Law defines Audit as the the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made thereunder;

.......Read More

Assessment under GST


by Legal Suvidha

Meaning of Assessment

As per Section 2(11), Assessment means determination of tax liability under Goods and Service tax Act (GST) Act. 

Types of Assessment under GST

• Self-assessment

• Provisional assessment

• Summary assessment

• Scrutiny Assessment

• Best judgment assessment

       -Assessment of Non-Filers of Return

       -Assess.......Read More

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Section 51 talks about Tax Deduction at Source provisions where the Central/State Government upon recommendation from the Council, may mandate to

• Deduct tax at 1% from the payment made or credited to the Supplier of goods and/or services

• Where the total value of such supply, under a contract exceeds Rs. 2,50,000

• The value of supply can be considered as the value excluding the tax portion as indicated in the invoice.

• Where the locatio.......Read More


In order to keep check on the tax evasion during transport of goods, Electronic Way (e-way) bill has been introduced under GST where Registered Entities are required to get the Registration of Consignment done prior to the movement of goods worth more than Rs 50,000 under GST and shall furnish the Electronic Way (e-way), in a prescribed format on the GST Common Portal. E-way Bill will be required for movement of all goods, whether within the state or across states and the tax officials are au.......Read More

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Entrepreneurship is an exciting journey that will forever change your life if you are ready to turn your idea into reality. Entrepreneurship comes with a lot of great perks and rewards — from being your own boss and making the rules, to having a more flexibility and the ability to work anywhere you want. But the other side of the coin is that it requires a lot of hard work and sacrifice and overcoming challenges with the ability to actively manage risk.

Becoming an entrepreneur .......Read More


The Governent of India on 6th March 2017 replaced the Trademark Rules, 2002 with Trademark Rules, 2017 to simplify and streamline the process of Trademark Registration in India. The number of Trademark forms have been reduced from 75 to 8 in the new rules. The Tademark filing process has also been simplified in addition to the substantial increase in the Government Trademark Filing fee for the corporate entities. Some of the key highlights of the said amendments are as under:

As per t.......Read More

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Budget 2017 has brought a lot of changes in different sectors of Economy and the tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month: 

* With a decrease in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above Rs 1 crore.  

* .......Read More


 

From the day the Constitutional (101st Amendment) Act, 2016 has been passed unanimously in both the Houses of the Parliament, GST has become certainty. Ever since it has been declared that GST may come into effect from 1st April 2017, later on amended to 1st July 2017, it has become talk of the town.

At present, tax payers are separately registered with State and/ or with Central tax administrations or with both based on their business activity. In the GST regime, a tax.......Read More

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