Article explains Cross charge related concept and its applicability including valuation related aspects along with the industry wide practice, Need for ISD registration, A comparison between Cross charge and ISD and GST implications relating to the fund transfer outside India. (1) Cross charge related concept and its applicability including valuation related aspects along with the […]
We have come too far from the date of applicability of GST law. Inspite of this there are lot of issues/ matters which are unanswered. One of these are the differences between Exempt and Nil rated Supplies and Non GST and Non Taxable Supplies due to missing the definitions of certain supplies in the Law. […]
There is a myth about section 24(iii) for compulsory registration in respect of a person who is required to pay tax under reverse charge as if an unregistered person purchases from unregistered persons above Rs. 5000 in a day, payment of legal fees and transportation which are covered under reverse charge. In these cases unregistered person is required to take registration due to section 24(iii).
Services by a Goods transport agency is always been a matter of dispute in earlier laws and in GST, provisions of GTA are scattered in various provisions and notifications. So I have tried in this article to consolidate almost all provisions of GTA. These provisions and notifications are as here under-
We can see lot of benefits enumerated by Government on ACES portal, newspaper and media. Under simplification benefit, we can observe that In present indirect tax Scenario we have to remember or see various indirect tax laws (mainly Excise , Service Tax, VAT and CST) for dates like due dates of payments of taxes, last date of filing returns, last date of revision of returns, due date of audit etc for escaping from various penalties provisions.
Section 42 (4) Audit by a chartered accountant or a cost accountant- Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement under sub-section (2) of section 30 and such other documents in the form and manner as may be prescribed in this behalf.
