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GST – CONCEPT & STATUS (Updated as on 01st June 2018)

The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point ...

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DGFT & CBIC: Real doomsayers of Indian Economy? 2nd Story

In this case, you can very well safely add the name of RBI also in the doomsayers of the Indian economy. Its an old adage that politics is the game of scoundrels. Therefore you can never expect anything good from them. However, the institutions are the custodians of the faith of the people & the conscious keepers....

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Calculation of Interest on Liability of GST

Article explains Calculation of Interest on GST liability  in following situations- 1. Reduction in GST liability reported in GSTR 1 but correspondingly not reported by the recipient and discrepancy is not rectified by the supplier; 2. Any reduction in output tax liability that is found to be on account of duplication of claims; 3. Failu...

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PPT on Reversal of Input tax credit (‘ITC’)

Pre-requisites for claiming ITC Section 16 of CGST Act, 2017 Possession of documents prescribed; Received the goods/services; Tax has been paid to the government; Return has been filed on time by recipient Provided the payment has been made to the supplier of goods or services within 180 days from the date of invoice; (In case […]...

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GST on Commission earned in India from Foreign Entities in Convertible Foreign Exchange

The person earning the commission will falls under this definition. As per IGST Act, Sec. 13(8) - The place of supply of the following services shall be the location of the supplier of services, namely:–...

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Self Verification of GST before Statutory Audit

How you verify GST before Statutory Audit? Verification of Outward Supplies (i.e. Payable side): 1. Check the Credit side of the Statement of Profit and Loss (SPL) in order to track the items which are chargeable to GST. Even, some amounts of credits have also been credited to Expenses account which is to be deeply […]...

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Value of supplies in certain cases under GST Regime

a) Be the open market value of such supply; b) If the open market value is not available under clause (a), be the sum total of consideration in money and any such further amount in money as is equivalent to the consideration not in money, if such amount is known at the time of supply;...

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Determination of Composite and Mixed Supplies in GST

Introduction The applicability of GST requires determination of each transaction as supply of ‘goods’ or supply of ‘services’. However, many a times the nature of transactions are such that they cannot be clearly classified as the supplies are bundled. It could take the following forms: Bundle of two or more goods: Keyboard and mo...

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Liquidated Damages under GST

The issue circling around charging of tax in cases of ‘Liquidated Damages’ (LD) under Goods and Service Tax (GST) law has been an issue from the beginning of GST law coming into force as even in the earlier regime under Service tax (ST) the issued has cropped many times but no clarification, judgement or ruling had been realised on th...

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GST Registration – Confusions And Challenges

Chapter VI of The Central Goods and Services Act 2017 (CGST Act) deals with Registration. Section 22 deals with Person liable for registration; Section 23 deals with Persons not liable for registration and Section 24 deals with Compulsory registration in certain cases. ...

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