"26 June 2017" Archive

GST: Here’s all you need to know about India’s biggest tax reform

The Goods and Services tax Act , touted to be indias biggest tax reform , will simplify the current system of taxation . The bill will convert the country into a unified market by replacing all indirect taxes with one tax ( GST ) . The GST is a value added tax ( VAT ) is proposed to be a comprehensive indirect tax levy on manufacture...

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Money Personality and your investment style

Everyone relates with money in a different way. How good is your relationship with money? Is there a better way to improvise your relationship with money? Many money problems or issues arise out of the way we look at money. Here’s a guide to understand the various level of relationship with money that decides our money personality....

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GST Impact on ongoing Construction Works contracts (For Civil Contractors)

Section 159, the goods and/ or services supplied on or after the appointed day in pursuance of a contract entered into prior to the appointed day shall be liable to tax under the provisions of this Act....

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GST Council & Board give surprises & uneasiness to businesses

Where a registered person having centralised registration under the existing law has obtained a registration under this Act, such person shall be allowed to take, in his electronic credit ledger, credit of the amount of CENVAT credit carried forward in a return, furnished under the existing law by him, in respect of the period ending with...

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Postponement of provision related to TDS & TCS of CGST / SGST Act 2017

With the objective of ensuring smooth rollout of GST and taking into account the feedback received from the trade and industry regarding the provisions of deduction of tax at Source under Section 51 of the CGST / SGST Act 2017 and collection of tax at source under Section 52 of the CGST / SGST Act 2017, the following has been decided :-...

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Important dates under Goods & Services Tax (GST)

10th : File GSTR 1 : 10th of the next month 15th : File GSTR 2 : 15th of the next month 20th: File GSTR 3 : 20th of the next month 18th : File GSTR 4 : 18th of the month next to quarter 20th : File GSTR 5 : 20th of the next […]...

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Job Worker under Goods and Service Tax

Job work means undertaking of any treatment or process, by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods, belonging to other person, is called ‘job worker’ and the person to whom the goods belongs is called principal....

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Analysis and Procedural Aspects for Composition Levy under GST in India

Goods and Services Tax is a new system of taxation in which legal formalities for compliance of law are such that a normal registered person has to file monthly return and one annual return at least. The monthly return that is to be filed under GST is also in three different parts, i.e. on three different dates in a month...

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GST: Proactive Approach In Transitional Provision

First of all I would like to thanks all the readers who read my article related with GST Knowledge transition provision. Since from 1st july GST implemented all over India excluding jamu & kasmir. ...

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A Note on Applicability and relevant provisions under GST Law in respect of Housing Societies

The Goods and Service Tax has been one of the key things that has caught attention of the market given its implications. Today, India is on the verge of making one of its biggest tax reforms since independence. The most awaited Goods and Service Tax (“GST”) is set to be implemented from 1st July, 2017....

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