REVISED PROCEDURE OF LUT AND BOND WEF 4TH OCTOBER 2017
Posted Date : 05-Oct-2017 , 05:20:56 pm | Posted By
Rajnish Kumar
Letter of undertaking & Bond under GST
Who is eligible for Letter of undertaking
With effect from 4th October 2017 the facility of export of goods and/or services under LUT has now been extended to all registered persons except to those who have been prosecuted for any offence under the CG...
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Category : GST |
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IMPACT GST ON EXPORT OF GOODS-CARPET
Posted Date : 03-Oct-2017 , 06:53:26 pm | Posted By
Rajnish Kumar
Export of Goods and GST Export of goods means taking goods out of India to a place outside India. Export of goods regarded as zero rated supply under GST, meaning thereby there will be no burden of duties/taxes on exported goods at any stage of distributive chain starting from manufacturer stage to ...
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Category : GST |
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Audit Provisions under Goods and Services Tax (GST) Act
Posted Date : 24-Sep-2017 , 10:17:03 am | Posted By
Prabhash Choudhary
What does audit mean?
As per Section 2(13) of CGST Act,
“audit” means 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 co...
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Category : GST |
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SIMPLIFIED E-WAY BILL UNDER GST
Posted Date : 15-Sep-2017 , 10:12:07 pm | Posted By
GSTCornor
Nyn (Associate member of Team GSTCornor) E-WAY BILL E-Way bill is an electronic way bill which is required to be carried by person in charge of the conveyance; for movements of goods from one place to another place within the state or outside the states. The e-way bill mechanism has been used in t...
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Category : GST |
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Salient Features of E-Way Bills
Posted Date : 07-Sep-2017 , 05:51:57 pm | Posted By
CA Sanjay Jain
Recently, the Central Government has issued a notification no 27/2017 dated 30.08.2017 wherein it has brought Rule 138 for E-way bills in public domain. The salient features of E-Way Bills notification are as under:-
1. Government shall separately notify & appoint applicable dates for i...
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Category : GST |
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GST implications for SEZs
Posted Date : 02-Sep-2017 , 03:44:05 pm | Posted By
Sahil Sethi
Goods and Service Tax (GST), a tax regime which was referred by our PM as Goods & Simple Tax, has proved to be a tax heaven for the Special Economic Zone (SEZ ) Developers & the units therein. It has reduced the bout of heavy compliances which was nothing but a sheer scourge for the Ent...
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GST provisions with Interpretation on GTA
Posted Date : 02-Sep-2017 , 10:19:51 am | Posted By
Rajni
Definition of GTA
Bare Law
As per the NN 11/2017 CT rate, “goods transport agency” means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
Interpretation
As per the definition not only transportation serv...
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Category : GST |
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Eway Bill Rules summary
Posted Date : 01-Sep-2017 , 10:15:56 am | Posted By
Rajni
Eway Bill Summary Who has to issue Eway Bill
Every registered person who causes movement of goods and
Consignment value exceeds Rs.50,000
shall furnish information in Part A of FORM GST EWB-01. Upon generation of the e-way bill on the common portal, a unique e-way bill number (EBN...
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Category : GST |
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Impact of Section 142(11)(c) of CGST, 2017 & its compliance on suppliers providing Works Contracts and Builders Services
Posted Date : 12-Aug-2017 , 06:14:34 pm | Posted By
Sheetal
CA Sanjay Jain, Partner SSPJ & Co. sanjay@spjca.in, +91-8383006028
Impact of Section 142(11)(c) of Central Goods & Service Tax, 2017 & its compliance on suppliers providing Works Contracts and Builders Services
Introduction
Section 142 of Central Goods and ...
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Category : GST |
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GEAR UP FOR FIRST GST RETURN (GSTR-3B)
Posted Date : 06-Aug-2017 , 11:32:52 pm | Posted By
Yash Jain
GEAR UP FOR FIRST GST RETURN (GSTR-3B) BACKGROUND: After filing of Income tax return by August 05, 2017 now comes in the period of GST Return for the very first time, Anything for the first time creates a chaos due to limited knowledge among various businessmen over how to file the returns and hence...
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Category : GST |
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ALL ABOUT GSTR 1 AND OVERVIEW OF ALL GST RETURNS
Posted Date : 03-Aug-2017 , 09:16:52 pm | Posted By
HEMANT Sharma
Law Governing Returns
CGST Act 2017
RETURNS
CHAPTER IX
9 Sections (Section 37 – 48)
CGST Rules 2017
RETURNS
CHAPTER VIII
26 Rules (Rule 59-84)
Return Forms
RETURNS
Forms in CGST Rules 2017
31 FORMS
Sections At A Glance
37 - Furnishing Deta...
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Category : GST |
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TRANSITIONAL PROVISIONS UNDER THE GST ACTS
Posted Date : 31-Jul-2017 , 11:19:27 am | Posted By
ALEXANDAR GAZI
Preamble Transitional provision is a statutory provision that regulates a process that starts before an amendment or enactment of the statute comes into force, and ends after the amendment or enactment of the statute has come into force. Transitiona...
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Category : GST |
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Notified goods and services under reverse charge in the GST Acts
Posted Date : 17-Jul-2017 , 11:25:58 pm | Posted By
ALEXANDAR GAZI
. Preamble We have compiled two notifications, in relation to Reverse Charge mechanism in the GST Acts, issued by the Central Government on the recommendation of the GST Council. One is notifying certain goods on supply of which tax shall be borne by the recipient of such goods and the other is not...
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Category : GST |
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JOB WORK PROCEDURES IN THE GST ACTS
Posted Date : 17-Jul-2017 , 04:39:33 pm | Posted By
ALEXANDAR GAZI
Preamble
Role of job workers in manufacturing sector are being more and more influential on passage of time. Big companies in manufacturing sector are getting their products done by job workers. It will not be wrong to say that today big organizations are busy to build and retain image of th...
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Category : GST |
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GST on maintenance bills of residential societies
Posted Date : 13-Jul-2017 , 08:46:28 pm | Posted By
Naveen
GST on maintenance bills of residential societies The Schedule of GST rates for Services as approved by GST Council in the 14th GST Council Meeting held on 19th May, 2017 has provided for various Service Tax Exemptions to be continued in GST. Entry no. 26 of the list of exemptions provi...
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Category : GST |
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Interest Provisions under GST
Posted Date : 12-Jul-2017 , 03:49:59 pm | Posted By
Prabhash Choudhary
In exercise of the powers conferred by sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby issued Notification No. 13/2017 &ndash...
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Category : GST |
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REVERSE MECHANISM IN GST REGIME
Posted Date : 07-Jul-2017 , 08:34:13 pm | Posted By
ALEXANDAR GAZI
Preamble It should a duty of every Government to frame commercial laws in such a manner that small and marginal members of business and professional communities can grow with minimum hindrance. On the other hand there should be a minimum blockage on flow of collection of Government Revenue. When we...
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Category : GST |
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GST Rate for Hotel Industry
Posted Date : 05-Jul-2017 , 10:18:03 pm | Posted By
Shobhit Gupta
Hotel and Restaurants Services Introduction:- The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains...
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Category : GST |
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Rate of Interest Under Goods and Service Tax
Posted Date : 02-Jul-2017 , 09:14:42 pm | Posted By
ALEXANDAR GAZI
Rate of Interest under Goods and Service Tax Refer Notification Numbers – 13/2017 – Central Tax, dated 28th day of June, 2017 and 06/2017 – Integrated Tax, dated 28th day of June, 2017 Effective from – 01/07/2017
Sl. No.
Particulars
Rate of interest per annum
1...
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Category : GST |
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GST Exemptions for Services under GST (Comparison with Negative List and Exempted Services covered under Service Tax)
Posted Date : 17-Jun-2017 , 05:43:54 pm | Posted By
Chhavi Daga
GST Exemptions for Services under GST (Comparison with Negative List and Exempted Services covered under Service Tax) The emergence of GST and a switch from service tax and other indirect taxes has led to a great confusion in the country. With the implementation of GST hopefully f...
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Category : GST |
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GST Impact Study for Jewellers
Posted Date : 12-Jun-2017 , 10:01:08 pm | Posted By
Vikas Modi
GST IMPACT STUDY FOR JEWELLARY SECTOR
GST Council has decided 3% rate of GST on Gold under chapter 71. In the GST regime prices of Jewellery will be high as compared to in current scenario as the tax burden is more. We can understand the impact on price as under: Due to GST the p...
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Category : GST |
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Allowable Credit of Central Duties in respect of stock as on 01.07.17 as per Section 140(3)
Posted Date : 05-Jun-2017 , 09:53:08 am | Posted By
Rishi Goyal
Allowable Credit of Central Duties in respect of stock as on 01.07.17 as per Section 140(3) . Following person are entitled to take credit 1. Not liable to register under earlier law 2. Was engaged in manufacturing exempted goods or providing exempted services 3. Availed the benefit of 26/2...
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Category : GST |
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GET SIMPLIFIED COMPOSITION SCHEME UNDER GST
Posted Date : 02-Jun-2017 , 11:27:29 pm | Posted By
Nayan Jain
GET SIMPLIFIED COMPOSITION SCHEME UNDER GST CA. Kuldeep Pokharna & CA. Nayan Jain (Associate member of Team GST Cornor) There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature...
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Category : GST |
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COMPOSITION SCHEME BENEFITS UNDER GST
Posted Date : 27-May-2017 , 03:30:22 pm | Posted By
YASH
If Person not in Composition Dealer
Manufacturer
Trader 1
Trader 2
Trader 3
Cost
90
100
110
121
Profit
10
10
11
12
Sale Price
100
110
121
133
GST
18
19.8
21.78
23.94
TOTAL SALE PRICE
118
129.8
142.78
156.94
&...
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Category : GST |
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GST EWAY BILL
Posted Date : 27-May-2017 , 12:58:53 am | Posted By
ARUN GUPTA
1)E-Way Bill will be required for movement of all goods, whether within the state or across states. E-way bills is even required for transport of goods outside the GST ambit, for example exempt goods like agricultural products. 2) Entire process requires participation by Supplier, Transporter and R...
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Category : GST |
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GST: Impact study on business entity
Posted Date : 23-May-2017 , 01:32:11 pm | Posted By
Naveen
GST is at our doorsteps. In a few weeks from now, GST, in all likelihood, would be implemented. While the professional community is gearing up to face the new challenges in terms of compliance, the business community seems to be lagging behind as far as preparedness of small and medium enterprises (...
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Category : GST |
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Composition Scheme under GST Regime
Posted Date : 13-May-2017 , 12:45:26 am | Posted By
Hitesh Dayani
Composition Scheme under GST Regime 1-A registered taxable person having aggregate turnover in a preceding financial year upto Rs.50 Lakh can opt for composition Scheme. 2-The Government may, by notification, increase the said limit of fifty lakh rupees to such higher amount, not exceeding o...
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Category : GST |
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OFFENCES AND PENALTIES UNDER GST
Posted Date : 09-May-2017 , 12:57:56 pm | Posted By
ANKITA GARG
GST ACT ensures that it lays more and more emphasis on its compliances and enforcement across all the areas including registration, returns, invoices ,etc. The terms Offences and Penalties are not defined in the GST Law. However, Offence in general means a breach of Law or Act or any illegal act and...
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Category : GST |
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GST IMPLICATIONS ON WORKS CONTRACT SERVICES
Posted Date : 09-May-2017 , 12:53:07 pm | Posted By
ANKITA GARG
GST on Works contract services
Works contract is a mixture of goods and services but it is neither a composite supply nor a mixed supply as it has been defined as per Sec. 2(119) of CGST Act. As per the said section “ Works Contract” means a contract for buildin...
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Category : GST |
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All Information about Composition Levy under GST
Posted Date : 27-Apr-2017 , 10:51:22 am | Posted By
Jainam Shah
Section 10 and its related draft composition rules of CGST bill talks about the composition levy. The basic principle underlying the composition scheme is, to minimize the burden of compliance for small taxpayers. There are around 8 million taxpayers that are expected to be migrated from the current...
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Category : GST |
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