Goods and Services Tax - Page 4

TCS Liability from 1st October 2018 on E-commerce Operators under GST

TCS Liability from 01.102018 on E-commerce Operators under GST

Recently, the Government vide Notification No. 51/2018, dated 13-9-2018 has made effective TCS provisions given under section 52 of Central Goods and Services Act, 2017(hereinafter referred to as CGST Act) from 1-10-2018. As a result, e-commerce operators will have to collect the tax from those suppliers who are selling goods or providing...

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Guidelines for Deductions and Deposits of TDS by DDO under GST

yogesh tiwaritcs/CBECCircular No. 65/39/2018-DOR (14/09/2018)

Section 51 of the CGST Act 2017 provides for deduction of tax by the Government Agencies (Deductor) or any other person to be notified in this regard, from the payment made or credited to the supplier (Deductee) of taxable goods or services or both, where the total value of such supply, under a contract, exceeds two lakh and fifty thousan...

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GST on collection of Toll Charges as sub-contractor

Ankit Tandon and Enterprises & Tollways Pvt.Ltd (GST AAR Madhya Pradesh)

Ankit Tandon and Enterprises & Tollways Pvt.Ltd (GST AAR Madhya Pradesh) In case of providing access to a Road or Bridge on payment of toll charge, the exemption is totally based on service of providing access to a road or a bridge on payment of toll charges. There is no restriction regarding the supplier or […]...

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Reasons why GST Annual Return is another disaster in GST implementation

Back to Basics! As per Section 44 of the CGST Act, every registered person (except Casual Taxable person,  Input Service Distributor, Non resident Taxable Person, Person paying tax u/s. 51 or Section 52) must file an Annual Return for the financial year before 31st December following the end of the financial year. If the turnover [&helli...

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Advance Ruling Under GST and Implications of Recent Orders

1. Introduction to Advance Ruling Under GST The advance ruling means decision passed by the Advance Ruling Authority or the Appellate Authority on question of law with regard to classification, valuation and tax rate in relation to the supply of goods or services or both. The Order of AAR helps the applicant or taxpayers to […]...

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Use of SUMIF function in excel

Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]...

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Analysis of Modification of procedure for interception of conveyances

The CBIC has issued the Circular No. 64/2018 stating the Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances. In these article we will see the detailed analysis of the Circular. 1. Section 68 of the CGST Act read with [&hel...

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TDS Provision under GST

There are certain category of persons for whom registration under GST act is mandatory irrespective of their turnover limits as specified in Section 22 (i.e. Rs. 10 lakhs for special category states and Rs. 20 lakhs for others). These categories have to get register themselves on mandatory basis under GST act by virtue of Section [&hellip...

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GST Annual Return- A Surgical Strike by Government

If you think GST is a ‘Good and Simple Tax’, you are mistaken. GST is all about technical glitches, daily amendments, and confusions. More the Government tries to put to rest the confusions, the poorer its implementation becomes....

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ICAI invites suggestions on FORM GSTR-9C Reconciliation Statement & Certificate

Government vide Notification No. 49/2018 – Central Tax dated 13th Sept, 2018 has notified Part A- FORM GSTR-9C – Reconciliation Statement, Part B-Certificate to be certified by the Chartered Accountants....

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

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