Facility to claim ITC on stock by filing FORM ITC 01 has been provided on the GST Portal to the following: Newly Registered taxpayers, Taxpayers who have taken registration on Voluntarily Basis Taxpayers who have opted out of Composition Scheme to pay tax as normal taxpayer Registered persons who were providing exempt supply of goods and/or services which now have become taxable
Union Budget 2018-19 is just a fortnight away from now and there is one school of thought which say that Budget will not contain GST proposals.
The short answer would be, “as early as possible.” But that doesn’t mean a child should also buy a term plan. There are various conditions that define the right time for anyone to buy a term life cover. For a clear understanding, it is important that you understand ‘what is term plan after all? And […]
Q.1 Under which circumstances can a registered Taxpayer file for cancellation of GST registration? Ans: A registered Taxpayer can file for cancellation of GST registration on the occurrence of any of the following events:
Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether there is credit of a sum during the year in the books of accounts maintained by the taxpayer. Step 2: If yes, the assessee should be asked to explain the nature and source of such credit appearing in the books of accounts of the assessee.
As per section 2(47) of the CGST Act, 2017, a supply is said to be exempt, when it attracts nil rate of duty or is specifically exempted by a notification or kept out of the purview of tax (i.e. a non-GST supply).
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
These GST Flyers have now been updated as on 1st January, 2018, in view of the significant developments since the time they were released. NACIN is now coming out with this compilation containing all the 51 Flyers released till date for ease of reference. This compilation will continue to spread awareness of GST not only among the Tax officers and taxpayers but also people at large.
Punjab National Bank invites applications from practising ‘Partnership firms of Chartered Accountants in India’ who fulfill eligibility criteria and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches.
CENTRAL BOARD OF EXCISE & CUSTOMS, NEW DELHI FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES TAX (GST) 2nd Edition: 31st March, 2017 (Updated as on 1st January, 2018) The compilation of Frequently Asked Questions (FAQs) on GST brought out by the National Academy of Customs, Indirect Taxes, & Narcotics (NACIN), the apex training institution […]
