CA Pradeep Jain

GST on interest, late fee or penalty for delayed payment

Goods and Services Tax - As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value....

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Focus Areas of Reports Generated by Software for Filing Returns

Goods and Services Tax - Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the assessee to resort to centralised billing mechanism. For ensuring that there is no duplicacy in issuance of invoices by more than one units in the same State, policy of generation of alphanumeric bills can be ...

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Compliance on Cancellation of Registration under Revised GST Law

Goods and Services Tax - At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as th...

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Place of Supply of Goods or Services Part-III

Goods and Services Tax - Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service except of specified services as given in subsequent sub-sections. This is similar to the default rule applicable to domestic transactions...

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GST: Place of Supply of Goods or Services Part – II

Goods and Services Tax - Continuing with the discussion, today we shall discuss the changes made in the section 10. It is newly added clause in the draft GST law for determining place of supply of services where location of service provider or the location of service receiver is outside India....

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Recent Posts in "CA Pradeep Jain"

GST on interest, late fee or penalty for delayed payment

As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value....

Read More

Focus Areas of Reports Generated by Software for Filing Returns

Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the assessee to resort to centralised billing mechanism. For ensuring that there is no duplicacy in issuance of invoices by more than one units in the same State, policy of generation of alphanumeric bills can be ...

Read More

Compliance on Cancellation of Registration under Revised GST Law

At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as th...

Read More

Place of Supply of Goods or Services Part-III

Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service except of specified services as given in subsequent sub-sections. This is similar to the default rule applicable to domestic transactions...

Read More

GST: Place of Supply of Goods or Services Part – II

Continuing with the discussion, today we shall discuss the changes made in the section 10. It is newly added clause in the draft GST law for determining place of supply of services where location of service provider or the location of service receiver is outside India....

Read More

GST- Section 16: Eligibility and conditions for taking input tax credit

1. The concept of admissibility of input tax credit is elaborated and mentioned in the provision itself (intended to be used or used in the furtherance of business) 2. Capital goods will be entitled for 100% credit immediately except for pipelines and telecommunication tower fixed to earth by foundation or structural support which is as f...

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GST: Place of Supply of Goods or Services Part – I

The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed in...

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Changes in definition of inputs, capital goods & input services

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let’s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions...

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Work Contract-Sale Vs Service to Continue in GST Regime

The centre of the litigation was the valuation of such service. Both the laws provided independent valuation measures and that is why the situation of double taxation occurred. VAT and service tax was being paid on the same value. Various judicial pronouncements having immense significance were rendered from time to time like the decision...

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Section 34: Returns under Revised Model GST Law

Non-resident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding inward /outward supply of goods & services, credit availed, tax paid. Return is to be filed on or before 20th day of the succeeding month....

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