"06 January 2018" Archive

Time of Supply in GST- All You want to know

In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply....

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Composite and Mixed Supply under GST

Under GST, a composite supply would mean a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply;...

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Meaning and Scope of Supply Under GST- What you Must Know

The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc. have been done away with in favour of just one event i.e. supply....

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Cancellation of Registration in GST- All you want to know

Introduction: The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. In case of death of registered person, the legal heirs can apply for cancellation. In case the re...

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Registration under Goods and Services Tax (GST) law

Article explains Need and advantages of GST registration, Liability to register under GST, Nature of Registration under GST, Standardisation of procedures for Registration under GST, Amendment of GST Registration Cancellation of GST Registration, Revocation of Cancellation and Physical verification in connection with GST registration....

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Process of verification of GST TRAN 01 data is underway

The stipulated date for filing GST TRAN 1 or its revision has expired on 27.12.2017. Central Board of Excise & Customs (CBEC) is determined to verify the correctness of ITC carried forward. GST Act provides that the ITC eligible in earlier law as well as in GST law should only be carry forwarded. In Rajasthan […]...

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Updated Background Material on Exempted Services under GST

ICAI has come up with a publication titled Background Material on Exempted Services under GST which inter-alia provides the type of exemptions, legal framework and in-depth analysis of exemption of services under GST....

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CBEC releases updated compilation of 51 GST Flyers (Must Read)

These GST Flyers have now been updated as on 1st January, 2018, in view of the significant developments since the time they were released. NACIN is now coming out with this compilation containing all the 51 Flyers released till date for ease of reference. This compilation will continue to spread awareness of GST not only among the Tax off...

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MCA to deploy new name reservation service wef 26th January, 2018

A new name reservation service is being developed and is likely to be deployed on 26th January, 2018. Therefore w.e.f. 00:00 hours of 06-01- 2018, INC-1 will not be available on the MCA Portal. Stakeholders are advised to submit INC-1 application till 23:59 hours of 05-01-2018. Stakeholders who reserved names using INC-1 are requested to ...

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Obligation to collect TCS cannot be extended to Octroi: HC

CIT (TDS) Vs Commissioner, Akola Municipal Corporation (Bombay High Court - Nagpur Bench)

Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi. ...

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