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Posted On:  3 months ago


FAQs on Input Tax Credit under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Job Work under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Electronic Commerce under Goods and Service Tax

The “net value of taxable supplies” means the aggregate value of taxable supplies of goods or services or both, other than the services on which entire tax is payable by the e-commerce operator, made during any month by all registered persons through such operator reduced by the aggregate value of taxable supplies returned to the suppliers during the said month.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Payment of Tax under 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/UT 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). In addition, wherever applicable, Interest, Penalty, Fees and any other payment will also be required to be made

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Overview of Goods and Services Tax (GST)

It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Time of Supply under Goods and Service Tax

Section 12 & 13 of the CGST/SGST Act provides for time of supply of goods. The time of supply of goods shall be the earlier of the following namely, (i) the date of issue of invoice by the supplier or the last date on which he is required under Section 28, to issue the invoice with respect to the supply; or (ii) the date on which the supplier receives the payment with respect to the supply.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Registration under Goods and Service Tax

As per Section 22 of the CGST/SGST Act 2017, every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his aggregate turn over in a financial year exceeds the threshold limit of twenty lakh rupees shall be liable to register himself in the State or the Union territory of Delhi or Puducherry from where he makes the taxable supply.

article author One Roof Consultant

Posted On:  3 months ago


FAQS on Meaning and Scope of Supply under GST

The taxable event under GST shall be the supply of goods or services or both 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 One Roof Consultant

Posted On:  3 months ago


FAQs on Levy of and Exemption from Tax under 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 i. e. central tax (CGST) and state tax (SGST) or union territory tax (UTGST). 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 i.e.integrated tax (IGST).

article author One Roof Consultant

Posted On:  3 months ago


Deposit or withdrawal of cash more than 2 Lakhs from bank will attract equal amount of penalty from 1 April 2017

A clampdown on black money was one of the major electoral promises of the National Democratic Alliance (NDA) and the government has taken a number of steps. One of the biggest step other than demonetization is restriction on cash transaction. As part of Union Budget 2017, Union finance minister Arun Jaitley has set the legal limit for cash transactions, Rs 2 lacs. From 1st April onward any transaction above Rs. 2,00,000/- shall be strictly done only through banking channels or will attract penalty of equal amount

article author CA Chirag Chauhan

Posted On:  3 months ago


Change in Interest rates on Small Savings Scheme from April 2017

Change in Interest rates on small Savings Scheme from April 2017 This article will give you information about the latest amendments in interest rates of various small savings scheme. The following are the various types of small savings scheme:

article author CA Chirag Chauhan

Posted On:  3 months ago


Missed filing income tax return for FY 2014-15 and FY 2015-16? Last chance to file your return before 31st March, 2017

Taxpayers who have not filed the Income Tax Return for the financial year 2014-15, the deadline to file the return has already passed. The Act mentions hat if a person does not file the return of income within the time limit as per section 139(1), he may file the return for same at any time before the end of one year from the end of the relevant assessment year or  before the completion of the assessment, whichever is earlier. So, the taxpayers who have not filed the return for FY 2014-15 has the last chance to file the return before 31st March, 2017 with penalty and taxpayers who

article author CA Chirag Chauhan

Posted On:  3 months ago


Guidelines for waiver of interest charged under section 201(1A) (i) of the Income-tax Act, 1961

In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act , 1961 (the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1A)(i) of the Act in the classes of cases specified in paragraph 2 of this Order for the period and to the extent the Chief Commissioner of Income-tax/ Director General of Income-tax may deem fit.

article author One Roof Consultant

Posted On:  3 months ago


Extension and strengthening of the facility of Aadhaar Seeding Services by EPFO offices for KYC Seeding

In pursuance to the policy of the Government of India, of optimum use of information technology for efficient service delivery and widening the reach of EPF benefits, appropriate guidelines have been issued from this once for installation and operatonalisation of proper infrastructure in the field offices of ERR) to help and facilitate our subscribers/members to be onboard and take benefits of the current digitization of the service delivery system which will result in better and smooth deliver” of the benefits to the intended target groups

article author One Roof Consultant

Posted On:  3 months ago


Special Clearing operations of banks on March 30 and 31, 2017

A reference is invited to the circular issued by our Department of Government and Bank Accounts (DGBA.GAD.No.2377/42.01.029/2016-17 dated March 16, 2017) on ‘Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17)

article author One Roof Consultant

Posted On:  3 months ago


Processing of returns filed in F.Y. 2015-16 getting time barred on 31.03.2017 on Online TMS in ITD Application

As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS functionality is being enabled from 15.03.2017. The technical and non­technical reasons are broadly categorized as under

article author One Roof Consultant

Posted On:  3 months ago


Procedure of TAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of MCA

an applicant may apply for allotment of a tax deduction and collection account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General  of  Income-tax  (Systems)  or Director General of Income-tax(Systems) shall specify the classes of persons, applicable forms and formats along with procedure for safe  and  secure  transmission  of  such forms and formats  in relation to furnishing of tax deduction and collection account number

article author One Roof Consultant

Posted On:  3 months ago


Aadhar mandatory for filing Income Tax Return and applying for PAN card – Cash transaction limit kept at 2 Lacs

The government has proposed to make Aadhar card mandatory for filing income tax return and applying for permanent account number (PAN), which will come into effect from July 1 2017. The government has proposed this rule through an amendment today to the Finance Bill, which is being discussed in the Parliament.

article author CA Chirag Chauhan

Posted On:  3 months ago


CARO 2016 Applicability and its clauses

This Order may be called the Companies (Auditor’s Report) Order, 2016. It shall apply to every company including a foreign company as defined in the Companies Act, 2013 except:– A banking company as defined in the Banking Regulation Act, 1949. An insurance company as defined under the Insurance Act,1938. A company licensed to operate under section 8 of the Companies Act.

article author CA Chirag Chauhan

Posted On:  3 months ago


Rate of exchange of conversion of foreign currency WEF 17.03.2017

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No. 14/2017-CUSTOMS (N.T.), dated 2nd March, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect

article author One Roof Consultant