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Posted On:  9 months ago


FAQs on GST Payment of Tax as per Goods and Service Tax (GST)

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Valuation in GST as per Goods and Service Tax (GST)

The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transaction value. For example, the transaction value shall not include refundable deposit, discount allowed before or at the time of supply

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Time of Supply as per Goods and Service Tax (GST)

The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply for goods and services. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely, the date on which the goods are removed by the supplier, where the supply of goods require removal; or the date on which the goods are made available where the supply does not require removal; or  the date on which the supplier issues invoices with respect to the supply where the above

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Meaning and Scope of Supply as per Goods and Service Tax (GST)

The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply’.

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Registration as per Goods and Service tax (GST)

Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or services.  Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.  Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Levy of and Exemption from Tax as per Goods and Service Tax (GST)

Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliament and state legislatures to make laws with respect to GST. However, -clause 2 of Article 246A read with Article 269A provides exclusive power to the Parliament to legislate with respect to inter-state trade or commerce.

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Overview of Goods and Services Tax (GST)

This article provide an overview about Goods and service tax, various concepts relating to GST. It clarifies the concept of destination based tax on consumption, which taxes will be replaced by GST

article author CA Chirag Chauhan

Posted On:  9 months ago


The Maharashtra Ownership Flat Act 1963 [MOFA] Comes Into Force

```According to Circular Dated 9th July 2016, Issued By The Maharashtra State Police Department, The Govt Has Implemented The *Maharashtra Ownership Flat Act-1963 ( MOFA) & the MRTP Act 1966. Accordingly Builders Are Liable To Be Jailed For 3 Years, 5 Years or 9 Years Depending Upon The Nature Of Violation Of The Act.

article author Dharmesh Jain

Posted On:  9 months ago


G.S.T - one nation, one tax in brief

In today’s article we will share some basic details of G.S.T being ONE NATION, ONE TAX. G.S.T is much politically talked & debated topic in the recent past. In fact, it has also got lots of attention from around the world apart from the common peoples of India.

article author CA BHAVESH HINGU

Posted On:  9 months ago


Audit by department: Justified or not?

“Audit” – One of the most dreaded consequence of getting registered with the service tax department. Nobody wants to get strangled in the vicious circles of departmental audit and yet, sooner or later, you have to face the dungeon of audit. Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits

article author CA PRADEEP JAIN

Posted On:  9 months ago


E- Nivaran- hassle free solution for your tax related grievances

E- Nivaran is a special grievances redressal system launched by the income tax department in order to track the taxpayer complaints and resolve them as early as possible. This system is enabled on each assessee’s ID who is registered on the Income tax e-filing portal. The assessee can file his complaint relating to his/ her income tax return online and can resolve their problem from different departments like NSDL, UTISL or CPC. The assessee doesn’t have to visit the IT office for submission of documents as he can upload the documents through e- Nivaran. The following are the various categories and sub category of departments with whom we can lodge our complaint and resolve the same

article author CA Chirag Chauhan

Posted On:  9 months ago


Latest Baggage Rules in India & Classification of Articles

Baggage rules are nothing but in simple language rules related to luggage of a passenger travelling be it a resident or tourist or an Indian or a foreigner. Every individual so travelling should roughly have an idea about the rules relating to Baggage rules in India so as to avoid any kinds of problems or inconviences. Baggage also includes dutiable goods imported by passengers in their respective baggage. Baggage also includes unaccompanied baggage

article author CA Chirag Chauhan

Posted On:  9 months ago


Different ways in which remittance can be done by Non Resident Individual – NRI

Remittance is something that we have heard about but how many of us know what it actually is and how can it facilitate Non- Resident Indian’s or Persons of Indian Origin or Foreign Nationals. Remittance simply means transfer of money by a foreign worker to an individual in his or her home country. This money sent home works as an international aid as one of the largest financial inflows to developing countries. It’s glad to know that now Indian rupee has become fully convertible. Therefore, NRI’s no more have to hesitate and can now look forward to good investments opportunities in their home country without the fear of whether they would be able to move the funds aboard as and when the need may so arise.

article author CA Chirag Chauhan

Posted On:  9 months ago


Relaxation in Import policy Granite Slabs wef 01.10.2016

The import of items under the ITC(HS) Codes 68022310, 68022390, 68022900 and 68029300 related to granite slabs is permitted freely provided cif value is US $ 50 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016. Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (

article author One Roof Consultant

Posted On:  9 months ago


CBDT notifies India Infradebt Limited as infrastructure debt fund U/s. 10(47)

S.O. 2972(E).-In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies M/s. India Infradebt Limited as an infrastructure debt fund for the purposes of the said clause, for the assessment year 2013-14 and subsequent assessment years. 2. This notification shall be subject to the following conditions, namely:- (i) that the infrastructure debt fund shall conform to and comply with the provisions of the Income-tax Act, 1961 and Rule 2F of the Income-tax Rules, 1962 and the conditions provided by the Reserve Bank of India in this regard;

article author One Roof Consultant

Posted On:  9 months ago


Relaxation in Import policy of Marble slabs w.e.f. 1.10.2016

The import of items under the ITC(HS) Codes 6802 10 00, 6802 21 10, 6802 21 20, 680221 90, 6802 91 00, 6802 9200 and 25151220 related to marble slabs is permitted freely provided cif value is US $ 40 or above per square metre (for maximum thickness of slab of 20 mm) w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  9 months ago


Import policy of Rough Marble and Travertine Blocks

Import of Marble and Travertine- Crude or Roughly trimmed and merely cut, by sawing or otherwise, into blocks of a rectangular (including square) shape permitted freely provided cif value is US$ 200 or above per MT. Import policy of Rough Marble and Travertine Blocks S.O.(E) – In exercise of the powers conferred by Section 3 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the Import Policy Condition of Schedule-I (Import Policy) in respect of ITC (HS) Codes 25151100, 25151210 and 25151290 w.e.f. 1.10.2016.

article author One Roof Consultant

Posted On:  9 months ago


Has the enactment of Constitution (One Hundred and First Amendment) Act, 2016 offered a free-bee to Indirect tax assesses?

With the release of Notification No. SO2986(E), dated 16 September 2016 (“Notification”), the Central Government has notified the enactment of the Constitution (One Hundred and First Amendment) Act, 2016 (“Act”) with effect from 16 September 2016. Accordingly, Article 246A of the Constitution has become operational from 16 September 2016 which inter alia empowers the Centre and the States to make law with respect to ‘supply of goods and services’. Effectively, in respect of ‘supply of goods and services’, taxes may now be imposed only under Article 246A of the Constitution and such tax is Goods and Services Tax (“GST”).

article author Akhil Gupta

Posted On:  9 months ago


Corrigendum to Notification No S.O.2380 (E) dated the 12th July 2016

In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.2380(E) dated the 12th July 2016, PUBLISHED IN THE Gazette of India, Extraordinary, Part – II, Section 3, sub-section (ii) dated 12th July 2016.

article author One Roof Consultant

Posted On:  9 months ago


Issuance of Free Sale & Commerce Certificate to Merchant Exporters

Para 2.37 of Hand Book of Procedure, 2015-2020 deals with the issue of Free Sale & Commerce Certificate by Regional Authorities to exporters / merchants. As certain doubts have arisen in the Proforma of the certificate, it is clarified that the exporter has to indicate the details of the manufacturer or the exporter (if he himself

article author One Roof Consultant