"20 April 2017" Archive

Composition Levy under Goods & Services Tax (GST)

Composition Scheme is a feature of Indirect Tax laws wherein assessee pay tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’. ...

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Important Points on Demand & Recovery under GST

Under Goods and Services Tax Law, specific provisions have been laid down to levy penalty and interest in case of short-payment or delayed payment or non-payment of GST be it bonafide or in case of fraud, suppression, mis-statement etc....

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Levy of and Exemption from Tax under GST

Remission of tax or duty means relieving the tax payer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes/ calamities. Remission is subject to conditions stipulated under the law and rules made there under....

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Valuation in GST

The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration....

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Time of Supply Under Goods & Services Tax

Suppose thee was increase in tax rate from 18% to 20% w.e.f. 01.07.2017. The tax rate applicable when services provided and invoice issued before change in rate in April, 2017, but payment received after change in rate in July, 2017. The old rate of 18% shall be applicable as services are provided prior to 01.07.2017....

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Meaning and Scope of Supply under Goods & Services Tax

The taxable event under GST shall be the supply of goods and or services made for consideration in the course of furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale or provisions of services shall stand subsumed in the taxable event known as ‘supply’....

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Registration Under GST

If during the process of verification, one of the tax authorities raises some query or notices some error, the same shall be communicated to the applicant and to the other tax authority through the GST Common Portal within 3 common working days. The applicant will reply to the query/rectify the error or answer the query within a period i...

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Assessment And Audit Under GST

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under Section 27 of Model GST Law. According to the explanation to Section 44 […]...

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Frequently Asked Questions on Insolvency and Bankruptcy Code 2016

The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....

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Frequently Asked Questions on The Companies Act, 2013

The Companies Act, 2013 was enacted to improve Corporate Governance and better transparency in the corporate sector which is imperative to infuse confidence amongst investors in Indian market and abroad and to further strengthen regulations for the companies...

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