Goods and Services Tax articles

True and Correct Accounts under GST

Every registered person shall keep and maintain a true and correct accounts & records at his principal place of business for a period of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records....

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Comprehensive Analysis of Reverse Charge for Services in GST Era

Goods and services Tax, the most awaited and crucial tax reform (business reform rather) is going to take place in Indian business environment form 01st July 2017 onwards. 04 important GST bills have already received precedential nod, 09 rules have been finalised by GST council, 12 states have passed SGST Bill, rates for goods and service...

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Goods and Service Tax Practitioners in GST Regimes

In Good and Service Tax, there are so many tasks that are to be done online and these works include Filing of various Returns and Statements, Depositing the Tax etc and for these purposes the Taxable persons can take service of Goods and Service Tax Practitioners (GSTP) by authorising them to do certain statutory works....

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Time of supply under CGST Act, 2017

1. The liability to pay tax shall arise only at the time of supply of goods. Earliest of the following shall be the time of supply √ Date of issue of invoice or the last date of issue of invoice u/s 31[1] √ At the time of receipt of payment....

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GST: Payments of Taxes- Part I

Ledger Involved in GST Payment 1. Electronic Tax Liability Register- GST payable will be maintained in this register. 2. Electronic Credit Ledger- GST input available will be recorded in this ledger like-Purchase of goods & Services. 3. Electronic Cash Ledger- GST paid in Cash will be recorded in this ledger i.e. Liability- Input= Pay...

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E-Way Bill under GST Regime

Waybill compliance has been a nightmare for suppliers in the pre- GST era. Supply of goods cannot take place without obtaining these ‘waybills’ from VAT authorities. Waybill is nothing but a physical document that allows movement of goods. The compliance around waybills has caused restricted movement of goods across states. And this i...

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Construction & Infrastructure Sector in the Proposed GST

Though the Government is claiming that GST is going to benefit the business and industry but on deep analysis of existing negative/mega exempt services and proposed exempt services (as announced by GST Council), it is revealed that construction/infrastructure sector is going to be negatively affected under the new dispensation...

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All About Job- Worker under GST

In other words, Job work is the processing or working on goods supplied by another person/ entity to complete a part or whole of the process. Job work can be undertaken for the initial process, assembly, packing or any other completion process or complete manufacturing....

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5 Most Significant Benefits of GST for SMEs

With all Central legislations in place and only State level ratifications pending, the stage is set for GST implementation. The 1 July 2017 target also seems realistic given that the major hurdles have been crossed....

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Impact of GST on marketing strategy

Free supplies would be liable to excise duty, while under the VAT laws, free supplies would require reversal of input tax credit; Under the GST law, the treatment would be similar to the present VAT laws, where the supplies are made without any consideration (monetary/ otherwise)....

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