"15 July 2017" Archive

Advisory for issues related to GST Migration & New Registrations

Trade Circular No. 31T of 2017 (15/07/2017)

In relation to the enrollment and registration process, some queries were raised by the trade. The resolution received for these queries from GSTN is brought to the notice of the trade through this circular....

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Analytical Note on Registration under GST

GST registration process is a online process through a online portal provided by Central Government of India. Government also appoint GSPs (GST Suvidha Providers) to help businesses with the registration process. Facilitation Center are also available for assisting taxpayers for getting registration under GST....

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How to transform mis-buying /selling into a smart buying?

Are you completely satisfied with the financial products you have bought or investments sold to you? If your answer is No, is it because of mis-selling or mis-buying? Mis-selling means that you were given unsuitable advice, the risks were not explained to you or you were not given the information you needed, and ended up […]...

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GST: What you Know & What it Means

If I buy raw material from supplier unregistered in GST, do I have to pay GST in RCM and can I avail ITC of the same ? Ans:- Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible....

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Insurance Surveyors under the new GST Regime

Most of the insurance surveyors’ gross receipts are less than Rs. 20 Lakhs only and those who are getting more than Rs. 10 Lakhs have already registered under the erstwhile Service Tax and as such they are already collecting Service Tax from the Insurance Companies and paying the same quarterly at due dates and of course filing half yea...

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Transitional Provision Under GST

Whenever a new levy or new scheme / Law of taxation is introduced, it may completely overwrite the existing tax laws and rewrite rules of the game. That's what will happen when GST is introduced. Entire scheme of Indirect Taxation will undergo radical overhaul. So to cope up with that change, transitional provisions are created in new law...

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Provisions Related To Registration In GST Regime- As per Press Statement dated 15th July, 2017

If a person carrying out any business and have an annual aggregate turnover in the preceding financial year exceeding Rs. 20 lakhs (Rs. 10 lakhs in Special Category States), you need to register in all States/Union Territories from where you are making taxable supplies....

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Accounting Entries in GST Regime

Since GST is in place and has replaced old indirect taxation from 1 st July, 2017, new concept of RCM (Reverse Charge Mechanism) for buying from unregistered dealer and GST on advance received from the customer has made difficulties for most of the accountant. ...

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Electronic Cash Ledger under GST and How to view the same- FAQs

The Electronic Cash Ledger contains a summary of all the deposits made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST/UTGST and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee and Others....

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No Change in Tax on Legal Services by Advocates including Senior advocates in GST regime

There are points being raised about the applicability of GST on legal services provided by advocates — whether it is in forward charge or reverse charge. It may be mentioned that there is no change made in taxation of legal services in the GST era....

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