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Archive: 25 September 2016

Posts in 25 September 2016

All about Demands and Recovery under GST

September 25, 2016 2671 Views 0 comment Print

The proper officershall set out the relevant facts and the basis of his decision. Under no circumstances, the amount of tax, interest and penalty demanded in the order shall be in excess of the amount specified in the notice and no demand shall be confirmed on grounds other than the grounds specified in the notice.

All about Tax Refund Provisions under GST Law

September 25, 2016 4108 Views 0 comment Print

VAT is a multi-stage tax levy system which envisages collection of tax at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage (ie.for inputs), which can be appropriated against the VAT liability on subsequent sale. Under VAT system, the dealer has to pay Net tax on his taxable transactions.

All about GST Assessment, Provisional Assessment and Audit

September 25, 2016 5767 Views 0 comment Print

Assessment is the process of determination of the tax liability of a tax payer. Section 6203 of the Revenue and Taxation Code of the Internal Revenue Service of the USA defines it as the statutorily required recording of tax liability. Analysis of this definition reveals that assessment is a.

Returns under GST & Matching of Input Tax Credit

September 25, 2016 9532 Views 0 comment Print

A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. Return is a very critical aspect of any tax administration since it is the formal mode for submission of information important for administration of tax in a structured and time bound manner. Return provides a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable person has a legal obligation.

Place of Supply Rules – Draft GST law- Case Studies

September 25, 2016 10366 Views 1 comment Print

Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions

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