Enrolment date for the Central Excise assessees and Service Tax assessees have been differently prescribed. GST Migration for Excise assesses to start from 05/01/2017 and Service Tax assesses from 09/01/2017.
Newly integrated form namely SPICE E-Form INC-32 along with E-Form -33 and E-Form-34. Companies having upto 7 subscribers can only use Spice Form for incorporation of the same.
Person required to maintain the record- Every registered person under GST Law is required to maintain accounts & records in Manual or Electronic form.
In VAT Law there is provision of TDS in case of work contract in most of the Sates though in Service Tax there is no provision of TDS and TCS
It is now almost two months that a very bold decision was taken by dynamic Prime Minister Mr. Narendra Modi. After initial shock within few days the opinion was divided vertically.
GST- the new tax regime is much talked about as a major tax reform. It is a comprehensive tax regime to be levied on manufacture, sale and consumption of goods and services throughout India
There is a general sentiment everywhere that India may witness a lower tax regime hence forth. This is the hope of citizens and businessmen as also being realized (off late) by the Government and tax administration.
One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land.
Post deals with TDS on Salary for Financial Year 2016-17 / Assessment Year 2017-18 & explains how much TDS to be deducted and valuation of perquisites, Allowances etc.
1. How many names can be applied for in SPICe (INC-32)? Only one. However, for reservation of a name prior to filing SPICe (INC-32), you may use INC-1 (in which up to 6 names can be proposed) and then input the SRN of approved INC-1 into SPICe.
