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Archive: 14 May 2017

Posts in 14 May 2017

Tax Invoice under GST Act

May 14, 2017 16767 Views 5 comments Print

If a registered person accept supply under Reverse Charge Mechanism, then such recipient shall issue an invoice in respect of goods/services or both received by him and such recipient shall also issue a payment voucher at time of making payment to such supplier.

GST: How ‘Constitution of India’ drives tax mechanism in India?

May 14, 2017 22104 Views 1 comment Print

All the taxes levied and collected by the Government in India are governed by one or the other powers vested to them through The Constitution of India. Till now reference to all the matters related to tax were mentioned in The Seventh Schedule of the Constitution of India. This Seventh Schedule of The Constitution of India comprise of three lists namely List-I i.e. Union List, List-II i.e. States List and List-III i.e. Concurrent List.

E-commerce operator under GST Regime

May 14, 2017 43530 Views 13 comments Print

Electronic commerce in general parIance is defined as transactions conducted over a digital or electronic network . Electronic commerce began traditionally as online retail in the stock and sell model. The traditional model worked like this- the inventory of goods/ category of services were displayed to the customer who could choose and pick the desired goods/ services in his virtual cart.

Prompt Corrective Action (PCA) : A Reality Check

May 14, 2017 2919 Views 1 comment Print

The Reserve Bank of India (RBI) has come out with a revised prompt corrective action (PCA) framework for banks, spelling out certain thresholds, the breach of which could invite resolutions such as a merger with another bank or even shutting down of the bank.

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