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 | Comments : 0 | Hits : 3732

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 | Comments : 0 | Hits : 846

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 | Comments : 0 | Hits : 569

Posted Date : 02-Jul-2017 , 06:28:40 pm | Posted By ANKIT BHUTANI

Concept of Composite Supply and Mixed Supply under GST Taxability of “Composite Supply “and “Mixed Supply” shall be dealt with as per section 8 of CGST Act, 2017. In order to understand the statutory provisions, first we have to understand the meaning of following terms alon...

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Category : Income Tax | Comments : 0 | Hits : 1404

Posted Date : 22-Jun-2017 , 07:26:05 am | Posted By May I Help You.

The CBEC, under the revenue department, has mentioned various points as part of transition provisions to address three key issues: registration, credit of taxes on goods and transition without double taxation. While clarifying on transition of credit of central taxes paid on goods in stock, the C...

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Category : Income Tax | Comments : 0 | Hits : 3631

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 | Comments : 0 | Hits : 8611

Posted Date : 13-Jun-2017 , 09:46:36 am | Posted By PRADEEP KUMAR RAJPUT

Tax is required to be deducted by Individual and Hindu undivided, for other assesse this provision is not applicable. Tax is required to be deducted at the rate of 5% or lower rate subject to permission under section 197 of the Act, Tax can be deducted on: Monthly basis. In the last month of...

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Category : Income Tax | Comments : 0 | Hits : 1425

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 | Comments : 1 | Hits : 3059

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 | Comments : 0 | Hits : 915

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 | Comments : 0 | Hits : 886

Posted Date : 29-May-2017 , 01:08:00 pm | Posted By YASH

Analysis of Current System in force How we purchase a property?          A STAMP PAER IS REQUIRED OF POWER OF ATTORNEY AND SALE DEED BEING BOTH          PREVALENT IN INDIA.   What is being reported to Income tax Department in respect of...

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Category : Income Tax | Comments : 0 | Hits : 439

Posted Date : 27-May-2017 , 03:50:56 pm | Posted By Jinit

What are the Opportunities for CA's under the new era of RERA: 1. Project Registration 2. Quarterly returns (Project status & diagnostic) 3. Project Extension request 4. Project Withdrawal request 5. Certifying cost of the project and certifying amount to be withdrawn from Escrow accou...

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Category : Custom | Comments : 0 | Hits : 2656

Posted Date : 27-May-2017 , 03:48:32 pm | Posted By Jinit

Checklist for RERA project registration Gov Registration fees – Rs.10/sq m subject to minimum Rs.50,000/- and maximum Rs.10,00,000/- - Payable by way of NEFT/RTGS/any other digital way Bank charges – As applicable Penalty – As high as upto 10% of cost of project Information and...

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Category : Custom | Comments : 0 | Hits : 4005

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 | Comments : 0 | Hits : 1257

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 | Comments : 0 | Hits : 1034

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 | Comments : 0 | Hits : 1105

Posted Date : 21-May-2017 , 08:32:39 am | Posted By May I Help You.

New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature. Many professional s...

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Category : Income Tax | Comments : 0 | Hits : 27954

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 | Comments : 0 | Hits : 1049

Posted Date : 12-May-2017 , 12:09:21 pm | Posted By AADESH

TAX DEDUCTED AT SOURCE Tax deducted at source (TDS) is a way of collecting tax.  Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment. The onus of compliance lies with the PAYER who make...

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Category : TDS | Comments : 0 | Hits : 605

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 | Comments : 0 | Hits : 2378

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 | Comments : 0 | Hits : 2636

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 | Comments : 0 | Hits : 837

Posted Date : 25-Apr-2017 , 11:07:53 pm | Posted By Vipin

ADVANCE RULING     The World of Business is based on informed decisions. Decisions which make or break an organisation. A right estimation may lead it to scale new heights , and on the other hand , a wrong cost projections may lead to complete wipeout of the business.    Amb...

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Category : GST | Comments : 0 | Hits : 627

Posted Date : 05-Apr-2017 , 06:04:12 pm | Posted By Bijay

The Real Estate sector in India is one of the largest contributors to the GDP of India (around 6% of Indian GDP) and also one of the top job creators. This sector has seen growing pace with liberalization of the economy since 1991 and after the Government’s policy to allow 100% Foreign Direct ...

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Category : General | Comments : 0 | Hits : 805

Posted Date : 31-Mar-2017 , 03:28:17 pm | Posted By Bijay

As we all know that the whole nation has been dreaming for the biggest indirect tax reform i.e. implementation of the Goods and Service Tax (GST) for a decade, it is going to become a reality soon. Ever since the thunder of GST has hit the nation, there are various assumptions, presumptions, and exp...

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Category : GST | Comments : 0 | Hits : 1035

Posted Date : 25-Mar-2017 , 07:17:51 pm | Posted By CA Gaurav Kumar Agarwal

Dear All, The CBDT has introduced an additional schedule (Schedule AL) in the Income tax returns forms requiring disclosure of cost of specified Assets and the related liabilities. This schedule is mandatory for individuals whose total income exceeds INR 50 Lacs. Further, please note that the deta...

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Category : Income Tax | Comments : 0 | Hits : 2628

Posted Date : 25-Mar-2017 , 09:43:03 am | Posted By May I Help You.

The government has decided to make Aadhaar number mandatory for filing of Income Tax returns as well as linking it with Permanent Account Number (PAN) card.   In order to link PAN and Aadhaar cards, tax payers have to first register on the Income tax e-Filing portal. Once they have done so, t...

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Category : Income Tax | Comments : 1 | Hits : 3404

Posted Date : 21-Mar-2017 , 12:25:50 pm | Posted By CA PREITY NAGI

Exim Bank's Government of India supported Line of Credit of USD 50 million to the Government of Co-operative Republic of Guyana Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 16, 2016 with the Government of Co-operative Republic of Guyana for making availabl...

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Category : Income Tax | Comments : 0 | Hits : 399

Posted Date : 16-Mar-2017 , 02:14:44 pm | Posted By CA PREITY NAGI

The government has cut down tax benefits borrowers enjoyed on properties let out on rent. “In order to address the existing anomaly of interest deduction in respect of let out property vis-a-vis self-occupied property, it is proposed to restrict set off of loss from house property against inco...

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Category : Income Tax | Comments : 0 | Hits : 1388

Posted Date : 15-Mar-2017 , 06:43:42 pm | Posted By Md Irsad Alam

1) A private company other than a company registered under section 8 of the Act [having paid up share capital of fifty lakhs rupees or less and average annual turnover during the relevant period][3] is two crore rupees or less may convert itself into one person company by passing a special resolutio...

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Category : Corporate Law | Comments : 0 | Hits : 558