Barter Exchange under GST Term Barter is not defined in CGST Act, 2017. Barter is said to be a process of giving a thing in return for another thing, where no value is fixed. For example, bartering a book with a notepad. Barter involves two independent supplies. As per Black’s Law Dictionary, Eighth edition, barter …
PROFESSIONAL TAX: MEANING, RATE & COMPLIANCE The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just not the tax levied only on professionals. Professional tax is a tax on all kinds of professions, trades, and employment and …
Recent Amendments of GTA As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. This means, while others might also hire out vehicles for goods transportation, only …
RECENT AMENDMENT IN EQUALISATION LEVY Equalisation Levy was introduced in India in 2016, with the intention of taxation the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. Over the past few years, Information Technology has gone through an exponential expansion phase in …
Form GSTR-7 Before 10th July is the due date of filing.For example, if a taxpayer has made TDS deductions in the month of June, the GSTR-7 for that month needs to be filed on or before 10th July. If the due date falls on a weekend or a national holiday, the return can be filed …
GSTR-3B: CHANGES IN REPORTING AND FILING CBIC has notified a series of changes in filing of its existing return in Form GSTR-3B. Form GSTR-3B is the return through which the Government collects tax from its taxpayers. 1) CBIC has introduced a new table 3.1.1 in which taxpayers will be required to provide details about supplies …
Latest GST Notification issued by CBIC which we discuss in this article Latest GST Notification A bunch of notifications has been issued on 05.07.2022 by the CBIC to give effect to some of the recommendations of the 47th GST Council Meeting held in Chandigarh on 29th & 30th June, 2022. Summary of the same is …
E-Invoice under GST is mandatory for businesses with a turnover of more than Rs. 500 crore.Under the e-invoicing system, businesses are required to generate invoices in a specific format and then submit them to the GST Network (GSTN) for validation. Once the invoice is validated, a unique invoice reference number (IRN) is generated and sent …
GST Council Meeting The 47th GST Council Meeting under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman was held on 28th & 29th June 2022. The council deliberated upon various burning issues under GST and made various recommendations. The council also accepted the recommendations of the Group of Ministers (GoMs) …
GSTN advises Taxpayers not to avail ITC on Same Invoice appearing twice in GSTR-2B New clause “(aa)” to Section 16(2) has been inserted vide Section 109 of the Finance Act, 2021 which was made applicable w.e.f. 01.01.2022 vide Notification No. 39/2021- Central Tax dated 21.12.2021 Further, consequent changes have been made in Rule 36(4) of …
ITC on Insurance expense refers to the ability to claim credit for the GST paid on insurance premiums for goods and services used in the course of a business.It is important to note that ITC on insurance services is not available for personal insurance policies such as health insurance or personal accident insurance. INPUT TAX …
LATE FEES WAIVED OFF FOR DELAY IN FILING GSTR-4 TILL 30TH JUNE 2022 What is GSTR-4? The GSTR- 4 form is an annual return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file only one return in …
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Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
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To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
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We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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