Role of Payment of consideration in availment of Input tax credit (ITC) under GST Objective and scope: – 1. whether the consideration for any supply can be paid by any other person other than the recipient? 2.If consideration is paid by 3rd party i.e. someone else then whether credit\exemption is available to recipient though there […]
Goods and Service Tax (GST)!! Currently this word brings happiness on the face of Government because of good centralised collection of the taxes and on the other hand this brings tension on the face of the tax payers because of lots of monthly compliances, professional fees, etc etc. If in such scenario someone comes and […]
When a registered person delays filing his regular GST return before due dates, he will be liable to pay late fee under Section 47 (2) of CGST Act, 2017. The amount of late fee payable depends on the type of return to filed, no of days of delay and due date for filing such return.
Job Work procedure under CGST Act 2017 with reference to E Way bill Rules 2018. Meaning of Job Work – When the owner of the goods (Principle) sends his goods to a different person for carrying out certain process, which may or may not result in the change of the specifications of the product, that […]
SEBI has come out with detailed guidelines for Investment Advisers on September 23, 2020. Although the guidelines are more or less on the expected lines as most of the terms were already published in 4th consultation paper, SEBI has, vide this guidelines, provided detailed modus operandi as to client level segregation, transition from individual to […]
Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular :08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum
It’s not a good idea to embark on a journey without a proper plan. It’s unusual to begin something potentially costly and time-consuming without seeking some advice and taking the suitable instruction beforehand. Still, many small business owners neglect to speak to a financial advisor or are reluctant to try to so when they are […]
It is a known fact that the global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. Since the introduction of GST in 2017, the Union Government had promised a certain amount of their revenues as GST compensation to the states till the year 2022 to compensate the […]
GST Audit involves verification various GST compliances w.r.t. books and other records maintained by the entity. As the title suggests, GST Audit involves not only verification of Statement of Profit and Loss for ensuring compliances w.r.t. Outward Supplies & Reverse Charge Mechanism etc., but also involves study of Balance Sheet in depth to ensure complete compliance in accordance with GST Laws.
In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessments due to difference in opinion on interpretation of law or interpretation of facts or due to the fact that AO is not satisfied with the explanations offered by the assessee in regard to loan creditors or cash credits or gifts etc.
