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M B Narayanan

Latest Posts by M B Narayanan

New GST Return – At a Glance

September 11, 2019 6618 Views 1 comment Print

In the 31st GST Council meeting it was recommended to introduce & implement a New GST Return in a phased manner wef October 2019 to facilitate taxpayers. In the new GST Return System, there shall be three main components Form GST RET- 1 (Main Return) & two annexures (Form GST ANX-1 & Form GST ANX-2) The […]

Sabka Vishwas Legacy Dispute Resolution scheme- A Summary

September 11, 2019 2472 Views 0 comment Print

The Sabka Vishwas Legacy Dispute Resolution Scheme announced by the Union government in its 2019-20 Budget will be operational from 1st September 2019 till 31st December 2019. The scheme particularly focuses in closing all their pending disputes relating to legacy issues in service tax, central excise & several cesses which are now subsumed under GST […]

Composition Scheme for Services Sector

April 11, 2019 16059 Views 3 comments Print

GST Composition Scheme for Services Sector In line with the GST Council Meeting held on 10th Jan 2019, Service Providers can opt into the Composition Tax Scheme. In order to implement the said decision of Goods and Service Tax Council, the Central Board of Indirect Taxes and Customs have issued a notification no. 2/2019-Central Tax […]

Income Tax Changes wef 1st April 2019

April 8, 2019 9036 Views 0 comment Print

The Government has made various changes under Income-tax Act wef 01.04.2019 by Finance Act 2019: The amount of tax rebate under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. Further, it shall be available to a resident individual whose total income does not exceed Rs. 5,00,000. The limit of standard deduction for […]

Analysis of the New GST Credit Set Off mechanism

March 28, 2019 5214 Views 0 comment Print

As per section 49(5) of the CGST Act, the IGST credit was allowed to be used for payment of CGST and SGST output liability once the input credit on account of input CGST and SGST credit was fully utilised. This method allowed taxpayers to utilise the credits to its fullest and cash payouts were required […]

Clarification on treatment of sales promotion schemes under GST

March 27, 2019 4737 Views 0 comment Print

The Principal commissioner(GST) of Central Board of Indirect Taxes and Custom vide its Circular No. 92/11/2019-GST dated 7th March 2019 has clarified the following issues:- 1) Free samples and gifts: As per sub clause (a) of sub-section (1) of section 7 of the said Act, the expression “supply” includes all forms of supply of goods […]

New GST Returns: Normal, Sahaj and Sugam

March 22, 2019 22686 Views 1 comment Print

There has been a constant effort on the part of the government to encourage compliances by making the GST Portal more Assessee friendly. Though there has been issues since implementation in July 2017, the Government has fairly addressed most of the issues & now we are getting into the next stage of simplification of GST […]

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July 2024