What is a GST actually?? GST is a short form from words Goods and Services Tax. It also can be known as a multi-stage consumption tax on goods and services. This kind of tax covering all sectors of the economy including export and import activities except goods and services which are categorized under zero rated supply and exempt supply orders.
Section 16(1) of the CGST ACT Provides that every registered person entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used, in the course of furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
What Are the Returns and due dates Applicable Under GST? In the table below, we have provided details of all the returns which are required to be filed under the GST Law.
In the third article of the series on GST, we will tell you about GSTN. The Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders.
In the fourth article of our series on GST, we will explain the situations under which registration under GST is mandatory. As you will recall from the previous articles, under GST as a general rule, a person whose turnover exceeds Rs.20 Lakhs (10 Lakhs in special category states) need to take registration under GST.
Hello… as you must have read by now in our previous articles, GST is all about simplifying the complicated maze of the indirect tax structure, rates, administration and compliance requirements. Let us see how GST goes about simplifying the complicated structure which it replaces.
At first the Practising Chartered Accountants can be classified into two categories viz. Subject to Service Tax and not Subject to Service Tax, whether they are practising in their Individual capacity or in Partnership with others either as a Partnership Firm or as Limited Liability Partnership Firm (LLP).
What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-
I received a call recently from a close friend of mine in a hurried voice saying that someone had purchased a jewelry from a famous jewelers in Bangalore for Rs.1,15,000 using his credit card. That too, when he is having his card safely in his purse. I consoled him and asked him to talk to the bank immediately. Even though he was not charged by the bank after they confirmed that the purchase was not done by him, the mental torture he undergone was unbearable.
Q.1 If the premises / work site not registered under GST Act. Either it should be registered by the customer as their additional place or it may treated or it has to be registered as work / project site of the supplier on the basis of acceptance of work order.
