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Archive: 15 July 2017

Posts in 15 July 2017

Advisory for issues related to GST Migration & New Registrations

July 15, 2017 2997 Views 0 comment Print

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.

Analytical Note on Registration under GST

July 15, 2017 34473 Views 2 comments Print

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.

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

July 15, 2017 1395 Views 0 comment Print

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 […]

GST: What you Know & What it Means

July 15, 2017 4164 Views 0 comment Print

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.

Insurance Surveyors under the new GST Regime

July 15, 2017 16380 Views 6 comments Print

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 yearly returns.

Transitional Provision Under GST

July 15, 2017 40263 Views 4 comments Print

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 to ensure smooth and hassle-free adoption of new scheme of taxation to safeguard interests of existing taxpayers. In this article explain the Section 139 , 140 and 141.

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

July 15, 2017 3486 Views 0 comment Print

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.

Accounting Entries in GST Regime

July 15, 2017 13035 Views 2 comments Print

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.

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

July 15, 2017 3303 Views 1 comment Print

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.

Margin scheme under GST on old & used bottles

July 15, 2017 12819 Views 4 comments Print

Position regarding applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular. Doubts have been raised regarding the applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and […]

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