In general parlance, if we consider our global business, it is the fusion of Assets and Liabilities which generates the revenue or surplus or profit, whatever may be terms but finally ends up with one five letter word MONEY for the company.
CBDT vide Circular No. 23/2017 dated July 19, 2017 clarified that wherever in terms of the agreement or contract between the payer and the payee, the component of GST on Services included in the amount payable to a resident is indicated separately, tax shall be deducted on the amount paid or payable without including such GST on Services component.
This article discusses in details the procedure for registration of real estate project, documents & applicable registration fees under RERA (Real Estate Regulation and Development Act, 2016).
In any indirect tax classification of goods is very important and has very wide implications particularly in case of multi rate tax structure like GST As we are aware that classification of goods under CGST Act, IGST Act and respective SGST Acts have to be done in accordance with Harmonized System of Nomenclature (HSN).
Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies.
Levy of GST on GTA service for transportation of goods on road and availability of credit to the recipient of service is always a controversial issue.
This used to happen in India when the men’s cricket team were on the field or when Sachin Tendulkar strode from the dressing room to the 22 yards. But the ‘New India’ exulted in breaking the stereotype that sport and men are synonyms.
Services by a Goods transport agency is always been a matter of dispute in earlier laws and in GST, provisions of GTA are scattered in various provisions and notifications. So I have tried in this article to consolidate almost all provisions of GTA. These provisions and notifications are as here under-
Various banks and Non-banking finance companies (NBFCs) like Aditya Birla Finance Limited are offering several SME loans to cater to different requirements of these entrepreneurs, but it is necessary to choose the right option as per the needs.
If a registered dealer or a service provider gets supply or service from an unregistered dealer or service provider taxable goods or services and the value of supply is more than Rs. 5,000/- in a day, the service receiver has to pay GST at the rates applicable for the goods or services received and he can claim credit by deducting the same in the GST payable by him.
