Posted On:  4 months ago


Rationalisation of section 276CC relating to prosecution for failure to furnish return as per Budget 2018

Section 276CC of the Act provides that if a person willfully fails to furnish in due time the return of income which he is required to furnish, he shall be punishable with imprisonment for a term, as specified therein, with fine.

article author One Roof Consultant

Posted On:  4 months ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  5 months ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  5 months ago


Statement of Outward Supplies (GSTR-1) in GST

FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies. The details of outward supplies shall include details of invoices, debit notes, credit notes, advances received, advances adjusted and revised invoices issued in relation to outward supplies made during any tax period

article author One Roof Consultant

Posted On:  5 months ago


Deemed Exports in GST

“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated supplies by default, unlike the regular exports.

article author One Roof Consultant

Posted On:  5 months ago


Accounts and Records in GST

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self assess the taxes payable and furnishes a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation.

article author One Roof Consultant

Posted On:  5 months ago


Tax Invoice and other such instruments in GST

Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and delivery and payment terms

article author One Roof Consultant

Posted On:  5 months ago


Reverse Charge Mechanism in GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply

article author One Roof Consultant

Posted On:  5 months ago


Casual taxable person in GST

“Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

article author One Roof Consultant

Posted On:  5 months ago


Non-resident taxable person in GST

“Non-resident taxable person” means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. A non-resident taxable person making taxable supply in India has to compulsorily take registration.

article author One Roof Consultant

Posted On:  5 months ago


GST on advances received for future supplies

Time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the said provisions, the time of supply is determined with reference to the time when the supplier receives payment with respect to the supply as well as a few other references like issue of invoice, receipt of goods etc. In general, the time of supply is earliest of issuance of invoice or receipt of payment.

article author One Roof Consultant

Posted On:  5 months ago


Time of Supply in GST

In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply. GST law has provided separate provisions to determine the time of supply of goods and time of supply of services.

article author One Roof Consultant

Posted On:  5 months ago


Registration under GST Law

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.

article author One Roof Consultant

Posted On:  6 months ago


How to pay advance income tax online

Advance tax is liable for those whose liability is more than 10,000 in a financial year. Advance tax is payable for all the taxpayers, Salaried freelancers & business man. This tax is mainly for those who received income from other sources apart from their salary. This tax is exempted for the senior citizens who are 60years & older & do not run a business.

article author CA Chirag Chauhan

Posted On:  6 months ago


How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan

Posted On:  9 months ago


On Blockage of Working Capital of Exporters

There are lots of apprehensions expressed in the media about the problem of blockage of working capital for exporters’ post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts

article author CA Chirag Chauhan

Posted On:  9 months ago


GST on Charitable and Religious Trusts

The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities which would be within the ambit of GST.

article author CA Chirag Chauhan

Posted On:  9 months ago


How to file GSTR 1-FAQ GST

GSTR 1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services

article author CA Chirag Chauhan

Posted On:  10 months ago


GST FAQ on Queries relating GST receiving from various sectors

-Time of supply of service has been explained in section 13 of CGST Act. The supplier of service will have to issue a tax invoice within 30 days of supply of service (the measurement is finalised by the departmental engineer or service provider whichever is earlier.)in case of reverse charge , government department will raise invoice accordingly [refer section 13(3)].

article author CA Chirag Chauhan

Posted On:  10 months ago


GST FAQ on Exports

The procedures relating to export have been simplified so as to do away with the paper work and intervention of the department at various stages of export

article author CA Chirag Chauhan