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Refund Process under Model GST Law

  05 Jan 2016   0 comment
Refund refers to the amount that is due to the tax payer from the Tax Administration. According to the Report of the Joint Committee on Business Processes for GST constituted by Empowered Committee on 10th March 2014, below mentioned are the situations where refund may arise:...

Registration Process under Model GST Law

  05 Jan 2016   0 comment
Registration of a business with the tax authorities implies obtaining a unique identification code from the concerned tax authorities so that all the information relating to the business can be agglomerated and correlated....

How to Set Off Input Tax Credit Under GST?

  05 Jan 2016   7 comments
Who will be entitled to set off Input Tax credit? Will any set off be allowed for credit on Input tax against Output Tax under upcoming GST? What will be the manner of utilisation of unadjusted input tax credit? Any refund???? This article will help in clarifying your doubts about the basic set off procedures […]...

Why We Should Have Goods and Service Tax (GST)

  05 Jan 2016   0 comment
Base on First Discussion Paper on GST, despite the success with VAT, there are still certain shortcomings in the structure of VAT both at the Central and at the State level. The shortcoming in CENVAT of the Government of India lies in non-inclusion of several Central taxes in the overall framework of CENVAT, such as additional customs dut...

GST – Overview, RNR, Open Issues by CA Bimal Jain

  05 Jan 2016   0 comment
Watch the video to enrich your knowledge regarding the present status and updates on GST. With the intention of throwing light on areas to be worked upon for the GST Laws – CGST, SGST and IGST, this presentation made by CA Bimal Jain on GST - Overview, RNR, Open Issues by CA Bimal Jain at the International Indirect Tax & GST Conference ...

Demystifying Indian Goods and Service Tax

  01 Jan 2016   0 comment
Tax is a Latin word and derived from the word Taxo means rate. Tax is a financial charge levied by the government (central / state / local body) for meeting the public expenditure like road, dams, army for safe guarding the borders etc. the dictionary meaning of tax A compulsory contribution to state revenue, levied by the government on w...

GST- Proposed Input tax credit methodology

  30 Dec 2015   0 comment
Goods & Service tax (GST), the mile stone tax reform since independence of India is on its way to implementation journey and proposed GST bill is under discussion everywhere. This is very crucial stage to understand the various methodologies proposed in the GST bill....

Lawmakers Let Another Gst Opportunity Go Abegging With Washout Of Winter Session

  30 Dec 2015   0 comment
GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament’s winter session was the passage of the 122ndConstitutional Amendment Bill, 2014 (122nd CAB or GST Bill), which promised to bring in the biggest indirect tax reform in the Country ever happened....

Business Consultancy and Software Implementation services cannot be considered as ‘sale’

  30 Dec 2015   0 comment
State of Karnataka Vs IBM India (P) Ltd. India (Karnataka High Court)
Where assessee was engaged in development and sale of software etc., activities of Business Consultancy services and Software Implementation services, which have been subject to Service tax, cannot be considered as ‘sale...

Despite common godown, transaction would be Inter-state sales if movement of goods is from one State to other as per purchase order

  30 Dec 2015   0 comment
State of Tamil Nadu Vs Annamalaiar Mills Ltd. (Madras High Court)
Transaction would be Inter-state sales where movement of goods is from one State to another in terms of purchase order, even if goods are supplied to common godown of buyer and seller- State of Tamil Nadu Vs. Annamalaiar Mills Ltd. [(2015) 63 taxmann.com 234 (Madras)]...

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