Whether excess credit balance lying in Electronic Credit Ledger (ECL) can be claimed as refund under GST ? Electronic Credit ledger (ECL) is a ledger under GST in which all the ITC (Input tax Credit) claimed by the dealer through filing of GSTR3B return gets accumulated and utilized based on the output tax liability. Many […]
Generally a supplier use to collect and pay indirect taxes applicable on supply of goods and services. However Reverse Charge mechanism (RCM) is a method under which the receiver of Goods and service, instead of the supplier, is required to pay GST. The concept of RCM (Reverse Charge Mechanism) under GST is not new as […]
Public issue of shares (also knows as IPO) is a very common way of raising funds by a corporate entity. However many a times it has been seen that after public issue of shares the listed price of securities falls below issue price which creates panic in the market and discourages the investors to put […]
Pension Income and applicability of Standard deduction u/s 16(ia) There are various types of Pensions that a person can receive, some of these are as below: 1. Annuity (uncommuted Pension) received from current employer 2. Annuity (uncommuted Pension) received from former employer 3. Family pension (i.e pension received after death of employee) 4. Annuity (uncommuted […]
We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Income is upto Rs 5,00,000 (previously it was Rs 2500 if total Income is upto Rs 3,50,000). Tax rates for Individuals […]
Section 51 CGST (Central Goods and Services Tax) Act 2017, provides that, A department or establishment of Central Govt or State Govt, or local authority or Govt Agencies or other specified persons are required to deduct TDS @ 2% (IGST 2%, or CGST 1% + SGST 1%)
We know that GST audit u/s 35(5) of CGST Act 2017 is applicable for all registered dealer with turnover of > Rs 2 Crore. However by way of Central Goods and Services Tax (Amendment) Bill, 2018, the same has been exempted for Govt companies.
In this age of globalization many organizations including individuals have got their wings spread all over the world. In any country the tax is levied based on 1) Source Rule and 2) the Residence Rule. The source rule holds that income is to be taxed in the country in which it originates irrespective of whether the income accrues to a resident or a non-resident whereas the residence rule stipulates that the power to tax should rest with the country in which the taxpayer resides. If both rules apply simultaneously to a business entity and it were to suffer tax at both ends, the cost of operating on an international scale would become prohibitive and would deter the process of globalisation. It is from
Many organisation provide the facility of Leave Encashment (by whatever name called be it earned leave, sick leave etc) either 1) during the period of employment or 2) at the time of retirement (including separation on account of resignation, retrenchment, VRS etc other than termination) of the employee or 3) at the time of Termination […]
Interest calculator for delay in payment of service tax is attached which can calculate interest in one shot for different period. Interest is levied on the assessee when he delays the payment of service tax which is due and payable. The rate of interest u/s 75 of Finance Act 1994 has undergone a lot of changes since 01.07.1994.The summary of rate of interest is as below:
