Accounts and Records under Goods and Services Tax (GST)

1. Maintenance of accounts by Registered Persons (RP):-a) TRUE AND CORRECT accounts of the goods or services supplied or imported or exported or supplies attract tax on reverse charge along with relevant documents like:...

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Invoicing under Goods and Services Tax law

Invoice plays an important role in any taxation system and GST regime is no exception. It determines value of supply (goods or services), rate of tax, type of tax to be charged (Central GST, State GST, Integrated GST or Interstate GST), tax amount and so on....

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GST Special: Major differences Between Service Tax and GST

The Government is trying its best to bring into effect the GST Law on 1st July 2017. Seeing at the close encounters during the current IPL, tell me what will happen if a match is to be played between GST and Service tax?...

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End of Red Beacons : A big blow to VIP culture

On Wednesday, April 19, 2017, the Union Cabinet decided to amend the Motor Vehicle Rules to end the use of red or any coloured beacon by all, including the President, Vice President and the Prime Minister. Every Indian is special. Every Indian is a VIP, Prime Minister Narendra Modi tweeted soon after....

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Tax Invoice under GST

Invoice in simple terms is nothing but a document specifying list of goods sent or services provided and a statement of the sum due against those items. Invoice is often understood as ‘proof of sale’ but this common understanding is far from the truth....

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Money Bill and Finance Bill all you wanted to know

A Bill is presented in Parliament in three different modes such as Money Bill, Finance Bill or a Private Bill. We all know that the new GST Bills were also introduced as Money Bills in the Lok Sabha on 27th March 2017 by the Finance Minister Mr.Arun Jattely which were passed by Lok Sabha on 29th March 2017....

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Impact of GST on Hotel/ Restaurant sector

As we all know The Goods and Service Tax (GST) bill was passed in the Upper House of the Indian Parliament – The Rajya Sabha. To be implemented from 01st July 2017, A one nation one tax slogan which will replace the plethora of taxes levied under different names like service tax, value added tax (VAT), entertainment tax, cess etc....

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All about Composition Scheme under GST Law

Composition Scheme under GST, a taxpayer is required to file one summarized return on quarterly basis, instead of three monthly returns as applicable for normal businesses....

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Amendments in provisions of Income Tax relating to salaries during FY 2016-17

Every year Central Board of Direct Taxes issues circular on Income Tax deduction from salaries under section 192 of the Income Tax Act, 1961. For the Financial year 2016-17, CBDT issued circular relating to provisions of salary & TDS on salary for current year via circular no. 01/2017 dt. 02/01/2017. This article tries to focus on amendme...

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Overview of Central Goods and Services Tax (CGST) Act

The Central Goods and Services Tax Act, 2017 has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto....

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