Merchandise Exports from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015-2020. The said policy was categorised predominantly as an incentive scheme for the export of goods under Chapter 3 (Exports from India Schemes).
Through this article, an attempt has been made to understand the provisions relating to assessment in so far as these provisions are contained under Central Goods and Services Tax Act, 2017 (CGST Act) read with Central Goods and Services Tax Rules, 2017 (CGST Rules) and relevant notifications/circulars as the case may be.
GST is a trust based indirect tax in which assesse himself calculates and discharge his tax liability. So to check the veracity of tax liability assessed by assesse and compliances with GST Act and rules, Section 65, 66 and 35(5) of CGST act provides for GST Audit by Tax Authorities, Special GST Audit and Turnover […]
आज हमारे बीच जीएसटी के एक बहुत बड़े विशेषज्ञ सीए बिमल जैन हैं जिनसे हम जीएसटी के बारे में और उनके स्वयं के बारे में बात करेंगे . आइये पहले सीए बिमल जैन के बारे में जान लें . सीए बिमल जैन 1994 में चार्टर्ड अकाउंटेंट बने थे और इस संमय उनके पास कम्पनी सेक्रेटरी […]
Dear Readers, the Government of India is implementing new laws in Country to make India a developed Country with a speedy manner. To achieve this objective a big taxation reform has been made in indirect taxation structure in July 2017 with the implementation of GST Law. As you all know, in the initial time of […]
The Indian government has taken so many initiatives to protect the payments of registered Micro, Small or Medium Enterprises (MSMEs). A company or any other entity who have registered themselves under MSME and facing problems to recover long pending dues from their customers may approach the MSME department to take action against them. Following process […]
The Ministry of Corporate Affairs have notified that as part of ease of doing business in India, it would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form where they will be summarizing almost 10 services to save TIME and COST for starting a new […]
Reverse Charge Mechanism (RCM) in Goods and Services Tax (GST) The concept of Reverse Charge Mechanism in Good and Services Tax has the same concept as it was in erstwhile Services Tax Act, except some changes are like Applicability on different tax payers, Compliance and its applicablity on some of the Goods as notified by […]
Meaning of Capital Goods According to section 2(19) of the CGST Act Capital Goods means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. A. Input Tax Credit […]
For small businesses to comply with the taxation provisions without consuming much time and resources, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. Section 44AD(1) says : “Notwithstanding anything to the contrary contained in sections 28 to […]
