Goods and Services Tax - The free movement of goods across India without any checkposts in between is one of the major objectives of GST. Nation-wide E-Way bill system under GST is set to be implemented from February 1, 2018. ...
Read MoreGoods and Services Tax - Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does not bother much to the manufacturers sinc...
Read MoreGoods and Services Tax - Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issue...
Read MoreGoods and Services Tax - Conceptually GST is destination/consumption based tax i.e. person consuming the service/goods shall bear the burden of such tax and that revenue shall go to the corresponding state but no provision express this concept/ philosophy. However same was inherent and more adequately embodied in the provisions of Place of supply (POS)....
Read MoreGoods and Services Tax - Banks are registered under service tax in the category of Banking and Financial Services. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers....
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