Goods and Services Tax - In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST....Read More
Goods and Services Tax - Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules....Read More
Goods and Services Tax - 1. There is a transfer of property in goods involved in the execution of such contract, and 2. Such transfer of property in goods is leviable to tax as sale of goods (such as sales tax, VAT or WCT, etc.). It must be noted that the words which are used here are leviable to tax as sale of goods’, therefore, it is not necessary that VAT ha...Read More
Goods and Services Tax - Charge of/exemption from Equalisation levy: Following persons a) a person resident in India and carrying on business or profession; or b) a non-resident having a permanent establishment in India. have to charge/deduct at the rate of 6% of the amount of consideration for any specified service, paid or payable to a non-resident. Howeve...Read More
Goods and Services Tax - In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/cha...Read More
Do you think #GST Council should provide option to Revise Form GSTR-3B?— Tax Guru (@taxguru_in) November 13, 2017
Please Comment, Like, Vote and Retweet the Poll.