Overview Extension of tax exemptions for exporters for six months Implementation of e-wallet scheme for exporters Decisions regarding E-way bill. Reverse Charge-Extension of tax exemptions up to June 2018 Further extension of provisions for TDS & TCS (Not Applicable up to June 2018) Extension in filing GST Returns i.e. GSTR 3B and GSTR 1 up to
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The last date to file GST returns for the month of July i.e., GSTR 2 and GSTR 3 has been further extended to Nov 30th and Dec 11th respectively. These returns were supposed to be filed upto 31st Oct and 10th Nov if this announcement had not been made. However notification to this effect is
-> Continue reading July GST Returns Further Extended
GSTR 3B This summary return was additionally introduced to collect the taxes from taxpayers and in time would be abolished. As of today, this is required to be filed up to the month of December 2017. This means in total 6 GSTR 3B would be filed. The due dates are mentioned below: Sn Month (2017)
-> Continue reading Latest GST Returns Due Dates
Four months have been spent in India in the GST driven atmosphere. Taxpayers have very professionally learnt quite a few things as they had advantage of understanding the tax law from its birth. This type of reforms happen once in a long while that an altogether new law has been passed which takes under its
-> Continue reading GST Three Pillars (WWW)
The GST authorities are burning their midnight oil since July 2017 GST roll out in India. Due to the lack of readiness and unacceptability in the masses, the rules and notifications are getting amended quite frequently. Last day i.e., 13 Oct 2017, 39 GST Notifications were released. Yes, this is quite heavy to digest for
-> Continue reading 13 Oct 2017, 39 GST Notifications !
Refunds under various tax laws have always been a question of concern due to the complex and cumbersome procedures that the refund seeker has to met in order to extract his well deserved amount back. For the smooth flow of business and success of the economy the procedures to obtain any extra taxes paid to
-> Continue reading Refund Mechanism under GST
Finally after the staggering 3 months of chaos in the country regarding the GST and its compliance the Finance Ministry of India has taken some of the best measures to give relief to exporters and small taxpayers in 22nd council meeting. In the latest GST council meeting dated October 6th of 2017, the council has
-> Continue reading OUTCOME OF 22nd GST COUNCIL MEETING
The Government of India has finally shown some empathy towards the exporters with its latest notification vide Notification No. 37/2017 dated 4th October 2017 and a circular on the same day vide circular no. 8/8/2017-GST wherein export procedures have been relaxed under the GST scenario. With the roll out of Goods and Service Tax (GST)
-> Continue reading Relief to Exporters for furnishing LUT
Input Tax Credit is the backbone of the GST regime. GST is nothing but a value-added tax on goods and services combined. The levy of tax is based on the value added at each stage of the supply chain till the product or service reaches the ultimate consumer. Value-added tax means collection of tax at
-> Continue reading Input Tax Credit (ITC) under GST
FAQs on Government Services have recently been issued by CBEC providing much needed clarity regarding GST on Government Services. Previously, Government Services were taxable under Service Tax and on services provided by Government or Local Authority to business entities, the liability to discharge Service Tax was on business entity i.e., the service receiver making it
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Dear Readers, The United Arab Emirates (UAE) Federal Government has approved the Value Added Tax (VAT) Law and published the law on 27 August 2017. The official title is Federal Decree-Law No.(8) of 2017. The Law refers to the Executive Regulations, which will provide more specific guidance. Effective date of implementation: – Article 85 provides
-> Continue reading Value Added Tax (VAT) Law in UAE from 1st January 2018
Tax Deducted at Source (TDS) is not a new concept in the Indian Taxation Regime. However, as far as Indirect Tax system of India is concerned, this concept has been introduced in it for the first time. TDS is a method under which, certain percentage of amount to be deducted by a recipient at the
-> Continue reading TDS Mechanism under GST
For any economy, education plays the primary role for its growth. In India, education sector has always been promoted through various measures by the government. One such measure is to reduce the cost of education by doing away with the taxes on the same. Education remains one of the priority sectors of India and government
-> Continue reading GST Impact on Education Sector
India is the world’s largest sourcing destination for the information technology (IT) industry, covering approximately 67 per cent of the US$ 124-130 billion market. In this Article, we provide you FAQs as issued by CBEC relating to IT/ITES Industry covering issues regarding registration requirement, treatment of software, rate of tax, applicability of reverse charge etc.
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The Indian Government concerned with the GST and its mechanism is putting efforts day and night to resolve issues faced by the Taxpayers to comply with the law passed this year. It has been more than 2 months since the GST has been implemented in the country and yet First GST Return i.e., GSTR 1
-> Continue reading How to file GSTR 1?
In this Article, we provide you FAQs relating to Government Services as issued by CBEC. Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely,
-> Continue reading GST FAQs on Government Services
Dear Readers, Due dates for filing GSTR-1, 2 & 3 extended till October; GSTR-3B to be filed for August-December months The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a) In view of the difficulties being faced by taxpayers in filing returns, the
-> Continue reading Due dates for filing GSTR-1, 2 & 3 extended till October 2017
Resident Welfare Associations are very common in metropolitan cities of India like Delhi, Mumbai, Kolkata, Chennai etc. With the roll out of GST in India, the residents are running around to Consultants, Advisers and to their Society’s Chairman for clarification of the law. Here we present the basic questions and their answers as our step
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The activity of job worker has always been intriguing whether under the Excise Laws, Service Tax laws or today under the GST law. Here we shall cover the understanding with respect to the job work and his activities, compliance under GST, compliance for Principal while getting the services from a job worker and other related issues.
-> Continue reading Job Work under GST
Reverse charge, where the recipient is liable to pay tax, is common to many countries like Canada, Singapore etc. Normally, the supplier pays the tax on supply. In certain cases, the receiver becomes liable to pay the tax. The purpose of this charge is to increase tax compliance and tax revenues. Earlier, the government was
-> Continue reading Reverse Charge Mechanism Under GST
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