GST has introduced quite a few concepts which are new or unheard by Indian taxpayer. Few are levy of tax on stock transfer of goods, taxation of gifts distributed to employees etc. In terms of Section 7 read with schedule I to CGST Act 2017, there are specified activities which would be subject to GST […]
Job work is merely a process or processes undertaken by the job worker on the goods belonged to the principal. Job work may amounts to manufacture or may not amount to manufacture. Job worker may use some portion of his material also or he may not use his material at all. The law on these issues have already been settled.
Article explains What is Micro small and medium Enterprise, Who regulate Micro small and medium Enterprise, What are Micro, Small & Medium Enterprises, How to get registered under MSME registration and What are the benefits of getting registered under MSME?
Manner of distribution of credit by Input Service Distributor: As per Section 20(1)of CGST Act,2017 states that the Input Tax Service Distributor shall distribute the credit of central tax as central tax or integrated tax and integrated tax as integrated tax, by way of issue of a document containing the amount of input tax credit being distributed in such manner s may be prescribed.
Every CA aspirant dreams of owning a successful career in the future and the thought of having a stable future along with a desirable package itself is an inspiration for all. Well, there are other real-life inspirations who are by now the CEOs of various renowned companies in India and are CAs by qualification. A […]
Textile, Jewellery etc. manufacturing and other processes on goods belonging to other unregistered person clarified to be taxable @ 18% Circular No. 126 dated 22-11-2019 has clarified that ,if manufacturing services are performed on goods belonging to unregistered persons, then tax rate shall be 18%. Sectoral Impact Apart from textile, jewellery other sectors like footwear, […]
Article ship!! Probably the most important phase in the life of a student pursuing Chartered Accountancy. This phase of 3 years will decide what you will be in future. This is the reason why I have decided to pen this blog as I want my juniors to handle this phase very wisely as this is […]
CBIC issued a clarification on Job work vide circular No. 126/45/2019- GST on the dated 22nd November 2019. Before published, these circular people have many doubts about job work and manufacturing processes. We are clearing our views before and after issued this clarification by CBIC. Before Clarification After Clarification Per notification No. 11 dated June […]
In response to my earlier article on GST Registration Cancellation & Revocation – Process, I have received many Queries related to GST Cancellation and steps to be followed after GST Cancellation. To summaries these queries, now I am writing this article in Question answer format to cover maximum possible question. Q1- I am small trader […]
How to import Tobacco and Tobacco Substitutes A basic idea about formalities and procedures to import Tobacco and Tobacco Substitutes from overseas countries are explained in this category ‘Import procedures’. These details are given to enlighten importers, a general tips to import goods from overseas countries applicable to almost all countries worldwide. Once after reading […]
