A number of tax administrations in the world have established special systems to administer their large taxpayers. In the 1950s and 1960s, several OECD countries introduced special tax audit operations for large corporations. Following the international practice, the Centre Governmenthas also adopted the concept of the Large tax payer unit in the year 2006.
GST is intend to cover larger number of people under its net and further keeping threshold exemption limit of 10Lakhs many people would come under GST net. Small tax payers may not have sufficient infrastructure, knowledge, awareness etc., in complying with various provisions of law including accounting, IT/ERP availability, and huge paper work.
1. Application for registration-(1) Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 37 and a person required to collect tax at source under section 43C, who is liable to be registered under sub-section (1) of section 19 and every person seeking registration
1. Tax invoice (1) Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:‑(a) name, address and GSTIN of the supplier;(b) a consecutive serial number containing only alphabets and/or numerals, unique for a financial year;(c) date of its issue;(d) name, address and GSTIN/ Unique ID Number, if registered, of the recipient;
The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited to the said register.
Almost a month left for your exams and vagabond thoughts already filing up your minds and occluding your senses. This is the time when you start struggling with your beloved books, your family and of course yourself.
Central Government is satisfied that in the period commencing on and from the first day of July, 2012 and ending with the 20th day of October, 2015 (hereinafter referred to as the said period) according to a practice that was generally prevalent, there was non-levy of service tax on the services by way of advancement of Yoga provided by entities registered under section 12AA of Income-tax Act, 1961
In the present system of taxation every company in the retail sector plans locations of its warehouses and branches in order to avoid cost of CST. Suppose if a retailer is located in Delhi and it procures material from a manufacturer in Maharashtra then normally they prefer the route of stock transfer against f form to avoid CST although loss of retention is borne overall.
As per Section 131 [B] of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward Markets Commission (FMC) or the Central Government applicable to recognised associations under the Forward Contracts Regulation Act, 1952 (FCRA) would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015)
As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognised associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier.
