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"29 June 2017" Archive

GST Gaan

Sierra Leone, a small country in Africa, having a population of 7 million, introduced GST in the year 2010. For tax-payer awareness, a song with excellent lyrics and beats was created, called the GST song. The GST song lead to an entertaining transition to GST with an active participation of the public....

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CGST update: Exemption from reverse charge up to Rs 5000 per day

Yesterday Central Government had come up with a very important notification regarding CGST along with other notifications. It provides an exemption to the small miscellaneous transactions from unregistered persons. But obviously there’re some conditions for it. So will see what are the things needs to be taken care of to avail this exem...

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Check Following Contents In Your GST Invoices/Bills Before Issuing

1. TAX INVOICES BY THE REGISTERED SUPPLIER OF TAXABLE SERVICES: Tax Invoice shall contain the following minimum particulars: (a) Name, address and Goods and Services Tax Identification Number of the supplier;...

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DGFT: Can manipulation be termed as Export Promotion

DGFT exists as on date & the DGFT is the policymaker & Customs simply an implementer. However, under the new GST regime, there seems that the authority of the DGFT is totally undermined as if that authority does not exist anymore. However, it appears that the DGFT in itself has brought upon them this situation....

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Non availability of ITC under GST

1. Transportation of Goods and passengers, 2. Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except where the category of Inward and outward supply is same or the component belongs to a mixed or composite supply under GST., 3. Sale of membership in a club, health and fitness studio...

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Tax Rate on Services under GST & availability of Input Tax Credit

1. Transport Services: Tax rate ITC – Services ITC – Goods (a) Goods by rail (i) Containers 12 Y Y (ii) Others 5 Y N (b) Passengers by rail (Ex. sleeper class) 5 Y N (c) GTA Services (i) Household goods for personal use 5 N N (ii) Others (RCM) 5 N N (d) Goods […]...

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Internal Audit in GST Regime

This GST reform will provide huge opportunity to CA’s to perform role of facilitator between the Policy makers, Industry & Trade organization and consumers....

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U S Taxation Vs Canadian Income Tax for individual- a Study

During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen. ...

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SAIL readies for new tax regime under GST

Steel Authority of India Ltd. (SAIL) is readying itself for a smooth transition into the new tax regime, which will come into effect with the introduction of GST from July 01, 2017. The Company, besides appointment of reputed Consultant for overseeing the transition, has also formed special teams for coordination with its pan India based ...

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Valuation in GST: All you wanted to Know

Every fiscal statue makes provision for the determination of value as tax which is normally payable on ad-valorem basis. In GST also, tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services....

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