The provisions related to Charitable and religious trusts under GST has been carried forward from service tax provisions. Notification 12/2017-Central tax (Rate) specified that the exempt services supplied by the Charitable trusts along with some conditions which are explained below: ♣ If the entities is registered under Section 12AA of the Income tax Act, and […]
Article 21A of the Indian constitution makes education as fundamental right of all children of the age of 6 to 14 where Govt shall provide free and compulsory education to all such children. Under GST also, the government in order to promote education in our country, gives many exemption to the Educational Institutions. Education Institute means, […]
Article discusses Rate of Interest, Limit of Investment and Income Tax Benefit from Investment in 8 Most Popular Tax Saving Instruments in India i.e. 1,2,3 and 5 year Time Deposit, 5 Year National Savings Certificates VIII Issue (NSC), 5 Year Post office Recurring Deposit(RD), 15 year Public Provident Fund (PPF), Post office Saving Bank Account, […]
Definition A full service restaurant is defined as a sit down eatery where food is served directly to the customers’ table. These establishments may sell alcoholic beverages; provide takeout, delivery or present live entertainment. The term “full service” can encompass anything from a family-style eatery to an elegant restaurant; from casual dining to fine dining. […]
Key Points related to Assessment and Audit under GST (Section 59-66 of CGST Act, 2017 and Rules 98-102 of CGST Rules, 2017 ): Self Assessment under GST (Section 59)- Every Registered person shall self-assess the taxes payable on supplied made during tax period and file the return of each tax period as per section 39 […]
Reverse Charge under GST may be defined as the mechanism where the recipient of goods or services is liable to pay GST to the Government for the supply of goods or services or both in the place of supplier of such goods or services.
Specific provisions related to Agent under GST Act: ♣ Definition of Agent: (Section 2(5) of CGST Act) Agent means the person who are engaged in supply of goods or services / recipient of goods or services on the behalf of others that’s say principal of such goods / services. Agent includes broker, commission agent, an […]
E-commerce means supply of our goods or services or digital products through E-commerce platform or electronic network. E-commerce operators are the person which provides or facilitates a digital or electronic platform to
Section wise brief about the deduction and allowances available under Income Tax Act 1961 against expenses incurred by Assesses
Key Points related to Offences and Penalities under GST (Section 122-138 of CGST Act): ♠ A taxable person is liable to pay the penalty of Rs. 20,000 (CGST+SGST) or an amount equivalent to tax evaded or short paid or not paid or TDS/TCS not deducted or TDS/TCS deducted but not credited into the government or […]
