We all have been worried about our Data privacy over internet. Big Data Analytics has been the biggest source of income for online players like Google and Facebook. While using their services, we generally neglect the terms & conditions of use that they ask for, which majorly includes right to use our data. There come […]
GST it is popularly believed that it is a “Single rate” taxation with a myth that “One India” “One Rate”. Most of the people start appreciating the move without understanding the real intention of the State and Central legislators.
To understand various scenarios & determinants when the Goods or Services shall be taxable under the new GST Regime. The answer lies in understanding Time of Supply Rules for Goods & Services as specified in Chapter IV of Draft GST Law. These rules shall be the determinants of the point in time when the goods & services shall become taxable.
In para 5 of Head Office circular dated 05.2015 cited at (1) above, it was instructed that in the cases of provident, fund withdrawal (Form-19) wherever TDS has to be deducted @10%, the same may be approved on Form-19 by the APFC (Accounts) and wherever TDS @34.608%, it shall be approved on Form-19 by RPFC level officer.
Hello everyone coming with another article on GST, a very hot topic in discussion now a days , here is a gist of GST with meaning of some important terms which will help readers to understand the definitions properly and help practising chartered accountants to deal their clients efficiently in the matter of GST
If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme).
Almost everyone has a tendency to save some excess money in his or her bank accounts, to use the same for any unplanned expenses in future, or during any unexpected situations, or even sometimes just as a factor of comfort.
The ICAI Memorandum contains 84 suggestions on issues relating to leviability, registration, credit mechanism, transitional issues etc. for the consideration of the Government while framing the final GST Law. Addressing the issues in the ICAI Memorandum may make GST laws simple, fair and transparent and avoid litigation. check GST rate list here Download ICAI Memorandum […]
With the passage of the 122nd Constitutional Amendment Bill in the Rajya Sabha on August 3, 2016 with certain key amendments, which includes dropping of 1% additional tax on inter-state supply of goods, full (100%) compensation to States for any revenue loss for a period of 5 years, etc., followed by their adoption in Lok Sabha on August 8, 2016, the Government of India is racing hard to get GST implemented by April, 2017.
Goods and Service Tax (GST) as the name suggest is a one single tax on the supply of goods and services, right from the Manufacturing to the ultimate delivery to customer. Credits of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage and thus avoiding cascading effect.
