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GSTR-7 -TDS Return under GST

May 14, 2017 32457 Views 3 comments Print

Registered Tax Payers liable to deduct Tax Deduction at Source (TDS) under GST, will be required to file a monthly return for the tax deducted under GST in GSTR – 7. A certificate of tax deducted is issued by the deductor to the deductee through GSTR – 7A, which can be downloaded from common portal.

Payment of Tax under GST Regime

May 6, 2017 35118 Views 0 comment Print

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).

Transitional Provisions under GST Law

May 6, 2017 8976 Views 4 comments Print

Under Section 143 of GST Law, the CENVAT or Input Tax Credit carried forward in the last return prior to GST under earlier law be available as ITC under GST. The registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger.

Brief Overview of Goods and Service Tax (GST)

May 4, 2017 11736 Views 3 comments Print

The GSTN is developing a common GST portal and applications for registration, payment, return and monthly information system reports. The GSTN would also be integrating the common GST portal with the existing tax administration. IT systems and would be building interfaces for tax payers. Further the GSTN is developing back end modules like assessment, audit, refund, appeal etc., for 19 States and UTs (Model II States). The CBEC and Model I States 15 in number are themselves developing their GST back end systems.

Important Points on Demand & Recovery under GST

April 20, 2017 4158 Views 0 comment Print

Under Goods and Services Tax Law, specific provisions have been laid down to levy penalty and interest in case of short-payment or delayed payment or non-payment of GST be it bonafide or in case of fraud, suppression, mis-statement etc.

Levy of and Exemption from Tax under GST

April 20, 2017 15480 Views 0 comment Print

Remission of tax or duty means relieving the tax payer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes/ calamities. Remission is subject to conditions stipulated under the law and rules made there under.

Valuation in GST

April 20, 2017 1974 Views 0 comment Print

The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration.

Time of Supply Under Goods & Services Tax

April 20, 2017 912 Views 0 comment Print

Suppose thee was increase in tax rate from 18% to 20% w.e.f. 01.07.2017. The tax rate applicable when services provided and invoice issued before change in rate in April, 2017, but payment received after change in rate in July, 2017. The old rate of 18% shall be applicable as services are provided prior to 01.07.2017.

Meaning and Scope of Supply under Goods & Services Tax

April 20, 2017 2082 Views 0 comment Print

The taxable event under GST shall be the supply of goods and or services made for consideration in the course of furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale or provisions of services shall stand subsumed in the taxable event known as ‘supply’.

Registration Under GST

April 20, 2017 8154 Views 0 comment Print

If during the process of verification, one of the tax authorities raises some query or notices some error, the same shall be communicated to the applicant and to the other tax authority through the GST Common Portal within 3 common working days. The applicant will reply to the query/rectify the error or answer the query within a period informed by the concerned tax authorities (Normally this period would be given seven days).

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