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Archive: 17 July 2017

Posts in 17 July 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6141 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19206 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Understanding GST Invoicing Provisions (supplemented by FAQs)

July 17, 2017 20814 Views 8 comments Print

Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems.

Preparation For GSTR 3B

July 17, 2017 28242 Views 14 comments Print

Govt has deferred dates for GSTR 1 & GSTR 2 for the month of July 2017, from 10th Aug & 15th Aug 2017 to 5th Sep & 10th Sept respectively but at the same time it has introduced for 2 months only a New Form GSTR 3B which needs to be filed on or before 20th Aug 17 for July 17 working. Therefore it is prerequisite to start efforts from today because from 24th July, 2017 window for upload of Invoices is being opened.

Job Work Procedures in the GST Acts

July 17, 2017 8292 Views 1 comment Print

Role of job workers in manufacturing sector are being more and more influential on passage of time. Big companies in manufacturing sector are getting their products done by job workers. It will not be wrong to say that today big organizations are busy to build and retain image of their Brands. Therefore, it is very important to frame flexible legal provisions for job work.

GST Guide for Sub Brokers/ Agents/ Intermediaries

July 17, 2017 7299 Views 2 comments Print

Earlier, under the service tax law sub brokers were not liable to pay service tax as liability of sub broker was discharged by main broker. They were not liable to get registered.

Composition Scheme of GST : Boon to small Tradres

July 17, 2017 5058 Views 4 comments Print

The GST tax system has provided a big relief for those small traders, who trade goods locally and most of them are one man army, who in the course of business procure the goods for sale, do marketing and look after all affairs of their business venture himself. The Central Board of Excise and Customs have issued certain Notifications on 19th June, 2017.

Thin capitalisation – impact on future debt raising

July 17, 2017 2889 Views 0 comment Print

The taxation regime in India seems to be undergoing crucial changes to negate the above quote from one of the greatest philosophers of all times. On this backdrop, the principles of thin capitalisation as prescribed in the Organization for Economic Cooperation and Development (‘OECD’) Base Erosion and Profit Shifting (‘BEPS) Action Plan 4 have prompted Indian lawmakers to adopt the same vide Finance Act, 2017.

Liability of GST Registrations & GST Payments thereof with Expert Analysis & Case Studies.

July 17, 2017 5346 Views 1 comment Print

Under existing laws for Computation of Turnover limit for the purpose of SSI exemption of Rs 10 lakhs vide Notification No.33/2012-ST dated 20.06.2012, exempted or export turnover has to be excluded but same is not the case in GST as there is no exclusion for Exempted or export turnover for calculation of Threshold limit of 20/10 lac for Registration

When a supplier is liable to register under GST

July 17, 2017 6267 Views 0 comment Print

As per section 22 and 24 of CGST ACT, 2017 following kinds of supplier shall be required to get register : (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees:

Job Work Provisions in Simple Manner

July 17, 2017 20715 Views 1 comment Print

GST in India has provided a special procedure for removal of products from the principal manufacturer to job worker and return work from job worker to principal manufacturer subject to some terms, conditions, and limitations. Presently, excise duty is levied on the activity of ‘manufacture of goods’, whereas the VAT or central sales tax is levied on the sale of goods. The GST bill proposes to combine these various taxation aspects contained into one broader ambit ‘all inclusive concept’ called as ‘supply’. The law has kept the special transaction of Job Work into consideration while drafting and thus it provides for special procedure for removal and receipt of goods sent on job work.

5 Issues SMEs Faced After GST Implementation

July 17, 2017 3174 Views 1 comment Print

Exports in GST is a zero-rated supply i.e. supply can be done even without payment of tax. However, the procedural aspects were not clear to many. People struggled with questions like whether ARE-1 was required or not? Whether bonds entered into in excise regime will be sufficient?

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