With the rollout of GST in India, much was said on the easiness it will bring on the supply of goods. The government has introduced the concept of the e-way bill which shall be the basis for interstate and intrastate movement of goods in India. The government has already notified the e-way bill along with
-> Continue reading E Way Bill- Important Points to keep in mind by supplier and recipients
Clarifications regarding GST on Hostel Mess/Canteen Hostel Mess/Canteen services are Exempt if they fall under the definition of “Educational Institution” covered under para 2(y) of notification No. 12/2017-Central Tax (Rate), then the same is exempt. [Sl. No. 66(a) of notification No. 12/2017-Central Tax (Rate), 5% GST without ITC is applicable in all other cases. Definition of
-> Continue reading Hostel Mess/Canteen services are Exempt
Stepwise guide to Register yourself on E-way Bill Portal E-way bill is an important document required under GST at the time of transferring goods from one place to another. For this, a separate Portal has been introduced by the government of India. For the purpose of generating E-way Bill, Every Taxpayer needs to register himself on
-> Continue reading Get yourself registered on E-Way bill portal
Issues related to the furnishing of Bond/Letter of Undertaking for exports – Further Simplified Practical problems were faced by exporters and other field formations while at the time of submitting LUTs online in FORM GST RFD-11 on the common portal the LUTs so filed were not visible to jurisdictional officers of Central Board of Indirect
-> Continue reading Issues related to furnishing of Bond/Letter of Undertaking for exports – Further Simplified
Since the launch of GST on 1st July 2017, Job work remained an area of confusion among traders and workers. Representations were made to GST council by various organizations and trade groups regarding the problems faced by Job workers. CBEC has issued circular no 38/12/2018 dated 26th Mar 2018 having F. No. 20/16/03/2017-GST giving clarification
-> Continue reading GST-Job Work related issues and Clarifications
E way bill- Important things to be kept in mind by a transporter With the E-way bill provisions getting effective from 1st Apr 2018 role of transporter has gained all the more important in the effective implementation of E-way bill. GST council has kept the E-way bill provisions on hold till now but since they
-> Continue reading E way bill- Important things to be kept in mind by a transporter
A Committee of Ministers shall meet on 16th Apr for Decision on Reverse Charge Mechanism In order to extend the transition support to taxpayers, many provisions of GST were held back by the government. However, this has led to GST evasion at very large scale, reverse charge mechanism is one such provision. GST Council is
-> Continue reading Decision on Reverse Charge Mechanism is expected on 16th & 17th April 2018
Salary allowances cannot be more than 50% of basic salary- Good news for private Company employees. Private companies employees who are stuck in the jargon of the word CTC (Cost to the company) has finally something to cheer up. The government has issued a direction to private companies that allowances by whatever name cannot be
-> Continue reading Salary allowances cannot be more than 50% of basic salary
Risk of rejection of Input tax claims is looming large on Indian business houses. Most of them are already set aside a fund to meet the requirement of tax payment if any which arises due to the rejection of ITC. Many experts claim that there is no certainty that the input tax credit and transitional
-> Continue reading Companies fear dispute over input tax credits
GST Council has given a major relief for consumer goods and E-Commerce suppliers. Micro to Small orders up to INR 50000 which are part of any large consignment out for delivery within a state would not require an e-way bill under goods and services tax (GST) regime. This was an expected change however it would
-> Continue reading Smaller Consignment Exempted from E-way bill
Updates in Dates of Filling GST Returns The recent notification issued by GST council (Notification 17/2018) says that if a business entity is registered under GST and its turnover for the year or the preceding year is not more than INR 1.5 Crore, it shall file a quarterly return of outward supply in form no.
-> Continue reading Update on GSTR-1 Return
Indian businessman had made peace with the fact that GST is here to stay, and if you believe us it’s for countries greater benefit. When then Indian President Mr. Pranab Mukherji ringed the bell on the stroke of midnight of 1st July 2017, no one including those of who’s who of Indian Government had imagined
-> Continue reading GST-Important Actions to be taken before 31st March 2018
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
-> Continue reading OUTCOME OF 26TH GST COUNCIL MEETING
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
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