CA Ravi Kumar Somani

GST Issues in MSME Sector

Goods and Services Tax - Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage GST. ...

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Impact of GST on Procurements

Goods and Services Tax - Organizations that will plan its business processes better in a manner to best suit the needs of the GST regime, then such organization will have competitive edge over others....

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Impact of GST on Automobile Dealers Industry

Goods and Services Tax - Introduction of GST shall be a breather for Automobile sector wherein taxes on vehicle are largely expected to be @ 18% in GST regime except for luxury cars where the rate may go upto 28% plus cesses....

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Action Points before GST implementation

Goods and Services Tax - GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately....

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Impact of GST on Real-Estate Sector

Goods and Services Tax - One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land....

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Recent Posts in "CA Ravi Kumar Somani"

GST Issues in MSME Sector

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage GST. ...

Read More

Impact of GST on Procurements

Organizations that will plan its business processes better in a manner to best suit the needs of the GST regime, then such organization will have competitive edge over others....

Read More

Impact of GST on Automobile Dealers Industry

Introduction of GST shall be a breather for Automobile sector wherein taxes on vehicle are largely expected to be @ 18% in GST regime except for luxury cars where the rate may go upto 28% plus cesses....

Read More

Action Points before GST implementation

GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately....

Read More

Impact of GST on Real-Estate Sector

One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land....

Read More

Service Tax implications on Land Development Agreements

In case of a Real estate and construction industry, where due to various political and economical reasons we have seen that there is a sharp downturn being noted in the sale of residential and commercial construction projects irrespective of fact that the prices of land are still reaching sky high. ...

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Service Tax versus VAT on Renting of Motor Vehicles

Currently, there is lot of confusion among the industry, trade and the taxmen on whether the activity of Renting of movable goods or supply of tangible goods attracts Service Tax or whether it attracts Sales Tax. The confusion has only been used as a tool by the departmental officials in issuing demand notices under both the tax laws and ...

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Transitional issues in Goods and Services Tax – Series 1

Constitutional amendment bill for levying Goods and services tax has already been passed in loksabha. Had it not been for the rigid stand of the opposition the same would have been passed in the monsoon session of the parliament held in august 2015. Past apart, with the current business mood along with support from the states and sheer de...

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Valuation of Non – Monetary Consideration under Service Tax

The term ‘service’ is defined under service tax law to mean any activity for ‘consideration’ by one person for another. In this regard, it is important to note that section 67 of the finance act, 1994 determines consideration to include both monetary as well as non-monetary consideration. ...

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Use of Digital Signature and Electronic maintenance of records under Central Excise and Service Tax

Government of India has in the recent past launched its dream initiative of ‘Digital India’ which promises to integrate the government departments and the people of India ensuring that the government services are made available to citizens electronically and thereby increasing the work efficiency and reducing the paperwork. ...

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