Composition Scheme of GST : Boon to small Tradres

The GST tax system has provided a big relief for those small traders, who trade goods locally and most of them are one man army, who in the course of business procure the goods for sale, do marketing and look after all affairs of their business venture himself. The Central Board of Excise and Customs have issued certain Notifications on...

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Thin capitalisation – impact on future debt raising

The taxation regime in India seems to be undergoing crucial changes to negate the above quote from one of the greatest philosophers of all times. On this backdrop, the principles of thin capitalisation as prescribed in the Organization for Economic Cooperation and Development (‘OECD’) Base Erosion and Profit Shifting (‘BEPS) Action ...

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Liability of GST Registrations & GST Payments thereof with Expert Analysis & Case Studies.

Under existing laws for Computation of Turnover limit for the purpose of SSI exemption of Rs 10 lakhs vide Notification No.33/2012-ST dated 20.06.2012, exempted or export turnover has to be excluded but same is not the case in GST as there is no exclusion for Exempted or export turnover for calculation of Threshold limit of 20/10 lac fo...

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When a supplier is liable to register under GST

As per section 22 and 24 of CGST ACT, 2017 following kinds of supplier shall be required to get register : (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a...

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Job Work Provisions in Simple Manner

GST in India has provided a special procedure for removal of products from the principal manufacturer to job worker and return work from job worker to principal manufacturer subject to some terms, conditions, and limitations. Presently, excise duty is levied on the activity of ‘manufacture of goods’, whereas the VAT or central sales t...

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5 Issues SMEs Faced After GST Implementation

Exports in GST is a zero-rated supply i.e. supply can be done even without payment of tax. However, the procedural aspects were not clear to many. People struggled with questions like whether ARE-1 was required or not? Whether bonds entered into in excise regime will be sufficient?...

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Goods and Transport Services under GST Act 2017

As we are aware that Goods and Service Tax Law implemented on 01st July 2017. the services which provided under existing law same also applicable in the GST with new rates and some relaxation....

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Transitional Issues in GST on Textiles – Deemed Credit of CGST on Textile Cloth and other items

There have been certain doubts as to admissibility of deemed credit of CGST on in-hand stocks of Textiles Cloth (and many other items which are related the genre of Textiles) for those person registered under GST which were not registered under Central Excise except the Manufacturers, i.e. the traders....

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Are you up for these 3 Financial Challenges?

Kin Hubbard is right in saying that if we do not spend money unnecessarily we would be able to save money and double it. However most of us like to spend and would find it difficult to not spend at all. We feel that it could stress us further....

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Rights and Duties of a Buyer i.e. Allotte under RERA and Model AFS

Introduction: This article discusses in detail the rights and duties of a buyer / allottee under RERA and model agreement for sale (Model AFS)....

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