Where more than one registered persons are having same permanent account number (PAN), the registered person shall not be eligible to opt for Composition Levy unless all such registered persons opt to pay tax under the said composition levy.
Dear Reader, this document is solely intended for the beginners of GST, this helps to have basic understanding of GST. I made this discussion as Question and Answer type. I had put all the basic questions possible and answered the same. Happy learning.
ASSESSMENT IN GST Type of Assessment under GST Self Assessment Provisional Assessment Scrutiny Assessment Summary Assessment in special cases Assessment of Non Filers of return Assessment of unregistered Dealer Self Assessment When Applicable:- Every registered person shall self assess the taxes payable and furnish a return. Provisional Assessment When Applicable:- In case the taxable person […]
Composition Levy – Section 10 of CGST Act- 1. The Composition Scheme for small businesses has been provided to help them with maintaining minimal compliance. 2. This Composition Scheme will make compliance with tax laws hassle free for eligible businesses opting for the scheme.
Transportation has very important role in civilization of human beings and the development of a country. Transportation of goods has a vital part in development of a business. Availability of raw material, packing material and plant and machinery from different part of the world and making the finished goods available to the customer in different […]
Micro finance is a source of financial services for entrepreneurs and small businesses, it is a type of Non-Banking Financial Company (NBFC) which is in a business of micro credit finance to individuals and small business.
Article explains point of taxation under GST in case of Supply of Goods, Under Reverse Charge, Change In Rate When Service Provided Before Change In Effective Tax Rate, Change In Rate When Service Provided After Change In Effective Tax Rate but Invoice issued prior to change or received after change or when payment received before […]
This valuation rule relates to valuation of certain specific supplies particularly by taking power from Section 15 of CGST Act, 2017 and in this case the assessee has an option to opt to Rule 6 for valuation or he can resort to normal transaction value, as he deems fit. i.e this rule overrules the other rules and is optional to be opted by the assessee.
The emergence of GST and a switch from service tax and other indirect taxes has led to a great confusion in the country. With the implementation of GST hopefully from 1st July, 2017, service provide are still unable to conclude whether GST will be applicable to them or not.
Today he has got a deadline for a particular assignment. His day is fully packed. First thing in the morning, he receives a mail from his HR Dept stating that today is the last date for producing proofs for tax saving investments; otherwise a huge amount will be deducted from his salary as tax. He wanted to do some tax saving investments urgently and submit the proof on or before end of the day.
