Discover the critical issues under GST that require utmost attention from taxpayers. Learn about scrutiny, returns, appeals, input tax credit, e-way bills, e-invoicing, and more.
Nag Vidarbha Chamber of Commerce has made a Representation and suggestions on few provisions under GST which includes suggestions on provision of Sec. 16(4) of CGST Act 2017 which lays down the condition to take input tax credit by a dealer in books of accounts within a prescribed due time, Levy of Interest under Section […]
Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fees Ordinance 2019 The Maharashtra Goods and Services Tax Act, 2017 has been made applicable in the State with effect from the 1st July 2017. Prior to the implementation of GST in the State various tax laws were in force, some of the tax laws […]
In a recent article in the leading national daily, it was brought to our notice that the hospitals are getting GST notices for implants and the details of medicines and implants supplied to IPD (hospital in patient care) were being sought from these hospitals. One wonders that when health care services are exempt, the intention of the taxmen to levy GST on medicines and implants used on patients would lead to a long drawn court battle. This article focuses on the taxability or otherwise of GST on healthcare services.
Introduction to Audit Goods and Services Tax was introduced to consolidate most of the indirect taxes and also to increase the tax base with emphasis on compliance. At the same time, thrust was given to self-assessment processes whereby the tax payers are required to assess their tax liability and pay taxes. Audit under GST by […]
Under GST normal registered taxpayer is required to file an annual return (GSTR 9) once in a financial year on or before the 31st December following the end of such financial year. Annual Return is not for rectification of errors, but it is summarisation of all returns filed pertaining to the transaction from period 01/07/17 […]
With a year passed on after the implementation of GST and also the 1st financial year ended on 31st March, 2018, time is to be ready for filing of GST Annual Return and conducting GST Audit along with Reconciliation with books of accounts. GST is a trust based taxation regime wherein the registered dealer is […]
Before the implementation of GST, the Gems and Jewellery trade attracted Excise duty @ 1% and State VAT in range of 1% – 1.2% highest being 5% in the state of Kerala. It also attracted Import duty of 10%. Post GST a special rate has been carved out for Gems and Jewellery trade at 3% whereas Un finished Precious and Semi-Precious stones attracted GST @ 0.25%. Custom Duty continues on import at 10%. Wef 18/03/2018 all types of Precious stones attracts tax rate of 0.25%
“In this world nothing is certain but death and taxes” said Benjamin Franklin. The biggest indirect tax reform post-independence Goods and Service Tax turns one on 1st July, 2018. One year of GST implementation has not been less than a topsy turvy ride for the implementation agency, the taxpayers and the GST Practitioners. The multiple […]
To arrive to the balances as per books of accounts, we have prepared GST Credit Calculator Utility wherein you need to key in the outward supply, ITC and other figures as per the books of accounts and you will automatically get the closing balances as per books of accounts so that the same can be verified while closing the books of accounts and also at the time of audit.
