Aggregate Turnover: total value of (Taxable supplies + exempt supplies + export of goods and services + inter-state supplies) in a Financial Year. Since Composition Taxable person cannot make inter-state supply, value of inter-state supply has to be Zero in case of such Taxable person. Further, for determination of aggregate turnover, the tax paid under GST law is not to be included.
I get reminded of previous generation mom when someone advises me to re balance my investment portfolio. I feel like my mom telling me to take oil bath on all Fridays. When everything is going fine, why I should re balance my portfolio? one of my client asked me with a smile in his face. I reciprocated his smile and explained him why it is necessary to re balance his portfolio periodically.
It is a comprehensive, multi-stage, destination based tax, which will be levied on every value addition. It is touted to be the biggest tax reform and will simplify the current taxation system. It will replace all indirect taxes (like service tax, value addition tax, central sales tax, excise duty) levied on goods and services in India.
With the introduction of GST Regime, a taxpayer is required to carry forward the balance of CENVAT credit / Input Tax Credit (ITC) to GST regime and adjust it against GST liability. Also, vide section 140(3) of Transitional Provisions contained in Central Goods and Services Tax Act, 2017 (CGST Act)
INDIA has put into action the biggest Indirect Tax reform since independence i.e. the past structure of indirect taxation for goods and services has been replaced by a comprehensive Goods and Services Tax (GST). With GST around the corner, it is extremely critical for businesses to comply, issue and maintain appropriate documents including invoices, vouchers, etc.
Result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017 around 2.00 P.M.
The textile industry has historically enjoyed tax exemptions on the cotton value chain. Currently, attracts zero Central excise duty (under optional route) .VAT is not applicable on fabrics, but yarn and garments attract VAT according to state rates. On an average, the items used by the textile industry such as machinery and chemical agents have been taxed at around 20% throughout the country.
Industries and companies usually spend billions of dollars in training their employees for newer technologies that come across every now and then. After the implementation of GST, industries should invest in the GST trainings governed by institutions that are appointed by the Government.
1. Basic Provisions: i. Section 25(4) of CGST Act, 2017 provides that, a person who has obtained or is required to obtain more than one registration, whether in one State or Union territory or more than one State or Union territory shall, in respect of each such registration, be treated as distinct persons for the […]
Expense fraud may not seem serious compared to more commonly reported types of fraud such as embezzlement or theft of company funds. However, filing phony expense reports is a type of company theft, and employees should be encouraged to see it as such.
