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Consumer is getting restive about a three year high in the petrol and diesel prices because he/she feels the concept of market-determined rates was tampered with by frequent tax hikes when the crude oil prices fell steeply and are ruling at exactly half the level of USD 107 per barrel in May, 2014 even after rising in the last three months.
Subsequent to introduction of GST, various Government Functionaries and Authorities has issued statements that GST has positive impact on Apartment Sales and their prices will be coming down. This has fuelled the aspiring Buyers to enquire and check the Apartment Prices whether they actually have come down or not. On the other hand, many Builders […]
GST RETURN ERRORS-BLANK DASHBOARD FOR RETURN COMMON VALIDATION ERRORS WHEN THE RETURN DASHBOARD IS BLANK AFTER LOGIN: – 1. Name and Date of Birth mismatch with PAN data base – on promoter/partner and authorised signatory tab, taxpayer to verify name appearing in www.searchpan.in 2. Name mismatch with UIDAI data base – on promoter/partner and authorised […]
This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicability to Housing Societies.
Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference – advancing the revenue collection – But Tax neutral in the long run. Disclosure with respect to ICDS to be done in Form 3CD – only if assesse is subject to tax audit. Impact of ICDS would be more to those who were Never following Accounting Standards of ICAI / Companies Accounting Standard Rules
The Government has notified E-Way Bill Rules vide notification no. 27/2017 dated 30.08.2017. The date of implementation of the e-way bill mechanism would be notified separately, but various sources said it is likely to come into force by 1st October, 2017.
Service of transporting goods plays a very vital role in trade channels, being a huge part of economy it bears the straight impact over the business and trade. Taxing the transportation service whether provided in water by means of vessel, by road, by train or by a courier agencies has always been a contentious issue especially taxation of transportation by road.
Clause 2 of the GST draft ITC rules, read with section 16 of CGST Act, 2017, deals with such transactions. The rule requires to furnish the details of such supply and the amount of input tax credit availed of in form GSTR-2, in the following month of such transaction. It requires this shall be added to the output tax liability.The rule also provides such reversed amount is available for re-credit once the payment for the supplies are made.
Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the Toyotas, Hondas or BMWs parked at the gate of the conference. I was in attendance there. Sophisticatedly called “Transfer Pricing” one of the speakers made salient features of various ways of assessing the cost involved between two countries experts’ services, expert fees, boarding, lodging etc. and also casually concluded by mentioning some money to be paid to the tax authority to get the cases cleared. Wow! Since long our Chartered Accountants have become commission agents, a remark jokingly or seriously made by a government official
