FAQs

GST: 31 FAQs by Traders

Goods and Services Tax - Under GST, a trader would be entitled to avail input tax credit paid on his domestic procurements of goods and services unlike the present indirect tax regime. Presently, a significant portion of indirect taxes namely Central Excise and Service Tax form part of the cost component for a trader. This will not be the case under GST. He will ...

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10 FAQs on GSTR 3B Return under GST Regime

Goods and Services Tax - 1. What is GSTR 3B? GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner A normal taxpayer is required to file GSTR 1, 2, & 3 returns for […]...

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59 Queries related to GST rates received from various sectors

Goods and Services Tax - Query 1. What is the HSN code for Mahua Flower and its GST rate? Reply:- Mohua flowers fall under heading 1212 and attract 5% GST. Query 2. What is the HSN code for Sal Leaves which is used for making plates and its GST rate?...

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GTA Conundrum in GST Solved with FAQs

Goods and Services Tax - Conundrum of Goods Transport Agency ( GTA) in GST Q1 . What is a Goods Transport Agency ? Why is it Important? Goods Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called....

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GST : Frequently Asked Question (FAQs) on Export

Goods and Services Tax - Under the GST Law, export of goods or services has been treated as: inter-State supply and covered under the IGST Act., zero rated supply i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage oral the final product stage....

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ICAI FAQs on Revised Scheme of Education & Training

Goods and Services Tax - The three levels will now be called as Foundation, Intermediate and Final in place of earlier levels i.e. Common Proficiency Course (CPC), Intermediate (integrated Proficiency Competence) Course and Final....

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GST FAQs in Hindi, Gujarati, Malayalam, Punjabi, Telugu, Kannada, Assamese, Bangla

Goods and Services Tax - CBEC released FAQ on GST in English, Hindi, Assamese, Gujarati, Malayalam, Punjabi Telugu and Kannada for the benefit of General Public...

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Why you must have active Debit Card – FAQs

Goods and Services Tax - Debit Card makes your payments much more convenient and secure through an electronic payment facility directly from your bank account. Debit card can be used for purchases online or at shops by directly debiting your Bank account. Debit cards can also be used to withdraw cash from an ATM....

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FAQs on Responding to Tenders by Chartered Accountants

Goods and Services Tax - Whether a member of the Institute in practice can accept such assignment where advertisement of tender was issued prior to 7th April, 2016? The notification is effective for all tenders issued/hosted on or after 7th April, 2016. Therefore, a member of the Institute in practice can accept such assignment where advertisement of tender was i...

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All about Panama Papers with OECD Statement & FAQs

Goods and Services Tax - The Panama Papers are a leaked set of 11.5 million confidential documents that provide detailed information about more than 214,000 offshore companies listed by the Panamanian corporate service provider Mossack Fonseca, including the identities of shareholders and directors of the companies. The documents show how wealthy public official...

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FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

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16 FAQS on implementation of GAAR provisions

Circular No. 7/2017-Income Tax - (27/01/2017) - Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist an...

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2nd FAQs on Direct Tax Dispute Resolution Scheme, 2016

Circular No. 42 of 2016 - (23/12/2016) - Further queries have been received from the field authorities and other stakeholders on Direct Tax Dispute Resolution Scheme, 2016. The Central Government has considered the queries and decided to clarify the same in the form of questions and answers as follows.-...

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46 FAQs on service tax on cross border B2C OIDAR online services

Circular No. 202/12/2016-Service Tax - (09/11/2016) - From 1st December 2016 service tax would be chargeable on online information and database access or retrieval [OIDAR] services provided by any person located in non-taxable territory...

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MVAT: FAQ's on Settlement of Arrears in Disputes Act, 2016

Trade Circular No. 19T of 2016 - (30/06/2016) - 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8   dated 30th June 2016. Trade Cir. No. 19T of 2016 Subject:  FAQ’s on Settlement of Arrears in Disputes Act, 2016. Ref.  (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016....

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Recent Posts in "FAQs"

GST: 31 FAQs by Traders

Under GST, a trader would be entitled to avail input tax credit paid on his domestic procurements of goods and services unlike the present indirect tax regime. Presently, a significant portion of indirect taxes namely Central Excise and Service Tax form part of the cost component for a trader. This will not be the case under GST. He will ...

Read More

10 FAQs on GSTR 3B Return under GST Regime

1. What is GSTR 3B? GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner A normal taxpayer is required to file GSTR 1, 2, & 3 returns for […]...

Read More

59 Queries related to GST rates received from various sectors

Query 1. What is the HSN code for Mahua Flower and its GST rate? Reply:- Mohua flowers fall under heading 1212 and attract 5% GST. Query 2. What is the HSN code for Sal Leaves which is used for making plates and its GST rate?...

Read More

GTA Conundrum in GST Solved with FAQs

Conundrum of Goods Transport Agency ( GTA) in GST Q1 . What is a Goods Transport Agency ? Why is it Important? Goods Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called....

Read More

GST : Frequently Asked Question (FAQs) on Export

Under the GST Law, export of goods or services has been treated as: inter-State supply and covered under the IGST Act., zero rated supply i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage oral the final product stage....

Read More

50 FAQs on GST on Mining Sector in India

As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme....

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17 FAQs related to GST on Handicrafts

All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services...

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GST FAQs related to Food Processing Industry

You shall be granted a single registration in the State/UT. However, you have the option to take separate registration for each of your business verticals (as defined in section 2(18) of the CGST Act, 2017) in the State/UT....

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GST FAQs related to Drugs and Pharmaceutical Sector

The assessment of drugs and formulations under GST would be on the basis of transaction value at each level of supply with end to end ITC chain for neutralizing the GST paid at the procurement level....

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FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax (25/07/2017)

Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

Read More
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