Goods and Services Tax articles

How APMC Market traders can claim GST Exemption on Packed Branded Goods

Practice to be followed by traders in APMC Market from 22nd September 2017 in order to remain eligible for exemption : 1) Every Traders should make sure that on all the Fresh Goods received on or after 22nd September 2017 following disclaimer is Compulsorily printed on all the Bags in inedible ink in English as well as Local Languages (Hi...

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Brief Analysis of E-Way Bill Rules under GST Regime

E-Way Bill Rules notified vide Rule 138 of Central Goods and Services Tax Rules, 2017 through Notification 27/2017 dated 30-08-2017. E-Way Bill Rules are applicable to a registered person who causes movement of goods. It means the E-Way Bill Rules are not applicable to: -Unregistered Person -Where no movement is involved. Comments: 1. As ...

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14 FAQs on TDS under GST applicable from 18th September 2017

TDS (Tax deducted at source) is not a new concept under GST. It is also there in Income Tax Act, 1961, but associated provisions governing the same under GST are different. In this write- up, we shall discuss TDS in detail. Introduction In a layman language, the one who deducts tax at source known as […]...

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Interest on delayed payment of tax: Section 50 of CGST Act, 2017

Introduction:  This article discusses in detail about interest payable on late payment of tax liability under  GST. Every person who is liable to pay tax under GST fails to pay the tax or any part thereof to the Government within the due date then he shall pay on his own, interest at 18% or 24% P.A. on […]...

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Dawn after a long black night for the Food mills

GST has been  a hot topic of discussion from the date it was launched. The main reason behind the same is  ambiguity regarding numerous provisions of law.  In order to ensure the creditworthiness of the govt across the world , the govt. could not delay the applicability of law but which finally created a scenario […]...

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Difficulties faced by dealers and Professionals under GST & solution

Please refer to the meeting held between your good self and office bearers of Punjab Tax Bar Association in which various issues were discussed point wise in very healthy atmosphere. This information was passed on by member PTBA Punjab to ATL. It was really appreciable for the concern shown by your good self towards the problems discussed...

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Can filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

This article discusses in detail whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?...

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Impact of GST on Insurance Premium

The implementation of Goods and Services Tax (GST) is affecting the insurance sector adversely. The premium rates on policies are bound to increase as the previous tax value has been revised to a higher percentage by 3%....

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Accounting Entries for GST related Transactions

The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is a Indirect Tax which was earlier known as Excise & Service Tax and Value Added Tax (VAT). Now the GST is is a single tax on the supply of goods and service...

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Advisory Note for claiming credit in TRAN 1

It has been observed that taxpayers are facing problem in claiming transitional credit in respect of existing registration(s) under earlier law(s) of Central Excise, Service Tax and VAT. When these registrations are mentioned in the TRAN 1 form in different tables, and transitional credit is claimed against them, the tax payers get the me...

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