There are various cases under GST where input tax credit can be availed, few among them are treated as special cases where input tax credit can be availed under GST.
The all new biggest tax reform in India which is going to roll out from July 1, 2017 i.e. Goods and Service Tax, emerged with another concept of Goods and Service Tax Practitioner.
GST council had its 15th meeting, chaired by Finance Minister Arun Jaitley, at Srinagar, hammered out almost all the related aspects to implement nationwide, the biggest tax reform since independence i.e. Goods and Service Tax, at the scheduled date i.e. July 1, 2017, which aims to transform Asia’s third largest economy into a single market. […]
Just like in present tax structure, Reversal of Credit under GST also has the same meaning. In a layman language, reversal of credit means reversal of the credit already taken. The essence of this write- up is to decipher the special cases and manner in which the availed Input tax credit is reversed. Contents of […]
The concept of Assessment’ is not new under GST, it is present in present tax structure also. As per section 2(11) assessment means determination of tax liability under this Act and includes self- assessment, re- assessment, provisional assessment, summary assessment and best judgement assessment
The concept of Input Tax Credit is not new under GST, it is same as defined under present taxation system. But, the provisions under GST are altogether different. Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs.
In other words, Job work is the processing or working on goods supplied by another person/ entity to complete a part or whole of the process. Job work can be undertaken for the initial process, assembly, packing or any other completion process or complete manufacturing.
Since the all new GST (a biggest tax reform) is going to roll out soon, there are various questions floating in our minds, the most important among them is how to determine value of supply under GST? What is to be included in the value of taxable supply on which the GST will be calculated? […]
In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)
Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards
