Sale of land and building (except when sold before completion certificate), is neither supply of service, nor supply of goods, as per Schedule III of CGST Act. As per Schedule II of CGST Act 2017, Construction (including additions, alterations, replacements or remodelling of any existing civil structure) of a complex, building, civil structure or a […]
Any person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees, shall not be required to get registered under GST. The new annual turnover threshold for GST registration will be effective from 1st April 2019 i.e. from FY 2019-2020 and onwards. However, […]
As you are aware that Financial year 2018-19 is about to end, below are some of the points that shall be kept in mind prior to 31st March 2019: 1. Accounting related: a) All Bank Accounts should be reconciled with bank statement. b) Depreciation to be charged in books of accounts as per Companies Act 2013 […]
GST department has given a chance to taxpayers to rectify their mistakes for the period July 2017 to March 2018, since, it was the first year of the implementation of the Goods and Services Tax in India and the taxpayers were still in the process of familiarising themselves with the new taxation system and could not do rectifications etc till stipulated time of September 2018.
The Provisions of GST (Amendment) Act 2018 have been made applicable from 1st February 2019. Below is the gist of the amendments made thereon : 1. Definitions i. Central Board of Excise & Customs (CBEC) has been substituted with Central Board of Indirect Taxes & Customs (CBIC) ii. Following has been included in the definition […]
Section 17(5) of CGST Act 2017 has been amended by CGST (Amendment) Act 2018. Below is the summary of Inadmissible / Blocked Input Tax credits under GST Act, as per amended Section 17(5): Summary of Inadmissible / Blocked Input Tax credits under GST Clause ITC not available on Exceptions (a) Motor vehicles for transportation of […]
The criteria for setting off of Input Tax Credit (ITC) has been changed under GST thru Central Goods & Services Tax (Amendment) Act 2018, which has been made effective from 1st February 2019. As per old rules, following was the priority of set-off of ITC was as below: For CGST Output – First set off […]
Article explains Filing of Income Tax Returns, Who are required to file Income Tax Return?, ITR filing for some special entities, Time limit for filing of Returns, Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return, Income Tax Assessment Procedure, Notice […]
Legal Provisions & Applicability of Annual Return under GST As per Section 44(1) of CGST Act 2017, taxable persons are required to furnish the Annual Return for every financial year electronically. Further, taxable persons whose turnover exceeds Rs. 2 Crores during the financial year, are required to get their accounts audited under Section 35(5) of […]
Long Term Capital Gains on transfer of equity shares, units of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018.
