Composition Scheme is a feature of Indirect Tax laws wherein assessee pay tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’.
Under Goods and Services Tax Law, specific provisions have been laid down to levy penalty and interest in case of short-payment or delayed payment or non-payment of GST be it bonafide or in case of fraud, suppression, mis-statement etc.
Remission of tax or duty means relieving the tax payer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes/ calamities. Remission is subject to conditions stipulated under the law and rules made there under.
The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration.
Suppose thee was increase in tax rate from 18% to 20% w.e.f. 01.07.2017. The tax rate applicable when services provided and invoice issued before change in rate in April, 2017, but payment received after change in rate in July, 2017. The old rate of 18% shall be applicable as services are provided prior to 01.07.2017.
The taxable event under GST shall be the supply of goods and or services made for consideration in the course of furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale or provisions of services shall stand subsumed in the taxable event known as ‘supply’.
If during the process of verification, one of the tax authorities raises some query or notices some error, the same shall be communicated to the applicant and to the other tax authority through the GST Common Portal within 3 common working days. The applicant will reply to the query/rectify the error or answer the query within a period informed by the concerned tax authorities (Normally this period would be given seven days).
Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under Section 27 of Model GST Law. According to the explanation to Section 44 of Model GST Law has such a provision. It provides that where goods […]
The Companies Act, 2013 was enacted to improve Corporate Governance and better transparency in the corporate sector which is imperative to infuse confidence amongst investors in Indian market and abroad and to further strengthen regulations for the companies
There are 3 Electronic ledgers namely E-liability ledger, E-cash ledger & E-credit ledger which the taxpayer can see on their dashboard once they login to GSTN portal.
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