Income Tax : Learn how to smartly allocate your tax savings in 2025—repay loans, invest in mutual funds, boost spending, or explore business ...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Finance : Learn how preparing a budget—whether personal, business, or government—ensures financial stability and discipline in daily lif...
Goods and Services Tax : The recent GST notifications introduce various changes aimed at streamlining compliance and addressing specific sectors. Let’s b...
Goods and Services Tax : Gujarat High Court rules that the assignment of leasehold rights is not subject to GST, providing relief to taxpayers by clarifyin...
Corporate Law : Right now, MSME’s are in a bind, there are lot of suppliers who are not paying MSME’s their dues on time and it's causing MSME...
Arjuna, Christmas is worldwide celebrated festival. In this festival Santa Claus gives gifts to Everyone. As Santa Claus fulfills the wishes of children by giving them toys, chocolates, etc. Similarly, there are certain wishes of the taxpayers which should be fulfill in the coming year.
Arjuna, in the meeting held on 16th December, decisions relating to E-way bill were taken. By overcoming all the conceptual and technical difficulties, Government has decided to levy the provisions of E-way bill.
GST has been applicable from 1st July but Sales tax department has issued notification regarding VAT Audit on 8th December. Please explain in details regarding VAT Audit.
Krishna, For which reasons, Composition Scheme under the GST has been brought? Arjuna, For Small taxpayers, it was very difficult to comply with provisions of Act and so many rules.
Arjuna, due to technical issues taxpayers have paid wrong amount to the government. Sometimes they pay excess amount. In that case i.e Amount is paid in excess of actually payable to the Government’s treasury, then we will get ITC for that in next tax period. But if there is no liability to set off the ITC, then that amount will be refunded to the taxpayer.
arlier as per GST law, tax was to be paid on the advances received and it was to be adjusted after the invoice was issued. But now, as per notification issued on 15th November, there is provision that no need to pay GST on the advances received against the supply of goods. Earlier, from 13th October to 15th November, if the aggregate turnover of taxpayer is less than Rs.1.5 Crore, then the GST on advances was not liable to pay.
Arjuna, the main characteristics of Form GSTR – 3B are as follows: 1. Form GSTR -3B is to be filed for every month before 20th of next month upto March, 2018. 2. The concept of Form GSTR -3B is introduced for not to decrease the revenue of Government. 3. Form GSTR -3B cannot be revised. 4. After feeding all the information, tax liability will be calculated. 5. For every month, tax is to be paid as per Form GSTR -3B.
GSTR-2 is the details of inward supplies of goods or services which is to be furnished by registered taxpayer on a monthly basis. The GSTR-2 would be prepared by registered taxpayer by acting upon on auto-populated details from GSTR-1 filed by the corresponding supplier.
Krishna, the month of October will end tomorrow. In this time, the whole October month went in attack of due dates. So, what would you like to tell relating to this?
Krishna, during this Diwali the due date of filing GSTR-3B and for payment of tax was on 20th October for the month of September. Further in addition to this government is levying TIME BOMB of late fees for delay.
