Whether GST should be charged on `Cheque Dishonour Charges’ had been issue of advance rulings before the various State Advance Ruling Authorities. Recently this issue came before Hon’ble Appellate Authority for Advance Ruling of Rajasthan against the judgement by Ld. Rajasthan Authority for Advance Rulings(RAAR). Appellants have pleaded before the authorities that since `Cheque Dishonour […]
After 21 months of GST Law being in force, the assessees and their tax consultants are realising that GST requires the revisit of every tax planning / practice which was valid in VAT/ST era, This fact has been very well brought out in the recent judgement of Hon’ble Appellate Authority for the Advance Ruling (GST), […]
New changes in the Income Tax Law by the Finance Act, 2018 have come into the effect from 01/04/2018 and a few provisions are effective from 01/04/2017, which have been mentioned at relevant places.
GST which is a common law for goods and services, is about to complete its first 9 months on 31st March and has steadily gained some level stability in its application and understanding by the professionals and business community. Government has issued a circular NO. 38/12/2018 on 26th March, 2018 to further clarify the queries in connection of the Job work under GST.
Trade and Industry is still working out the revised cost of their products/services under the GST regime. GST regime has affected the Dairy Industry negatively. Fresh milk and pasteurised milk, including separated milk, milk and cream, not concentrated nor containing added sugar or other sweetening matter, excluding Ultra High Temperature (UHT) milk
Manufacturer of goods shall maintain monthly production accounts showing quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof.
1. TAX INVOICES BY THE REGISTERED SUPPLIER OF TAXABLE SERVICES: Tax Invoice shall contain the following minimum particulars: (a) Name, address and Goods and Services Tax Identification Number of the supplier;
Service Tax Payers had been used to the concept of `Complete Reverse Charge (100%)’ or `Partial Reverse Charge’, popularly known as RCM or PRCM under the Finance Act, 1994, for last several years.
One of the avowed objectives of introducing GST is to provide seamless chain of input credit system so as to avoid the cascading effect of taxes. However, GST, in present form appears to defy this objective:
Though the Government is claiming that GST is going to benefit the business and industry but on deep analysis of existing negative/mega exempt services and proposed exempt services (as announced by GST Council), it is revealed that construction/infrastructure sector is going to be negatively affected under the new dispensation.
