Posted On:  4 weeks ago


CLARIFICATION ABOUT TRANSITION CREDIT

There are lots of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted.

article author CA Chirag Chauhan

Posted On:  1 month ago


Due date to Pay GST & file Form GSTR 3B for Aug-Dec 2017 notified

. Payment of taxes for discharge of tax liability as per FORM GSTR–3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the said Act

article author One Roof Consultant

Posted On:  1 month ago


GST FAQ on Government Services

These include services provided by government or a local authority or governmental authority by way of any activity in relation to any function entrusted to a municipality under Article 243W of the Constitution and services by a governmental authority by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitut

article author CA Chirag Chauhan

Posted On:  2 months ago


How to file GSTR 3B - FAQ GST

GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner

article author CA Chirag Chauhan

Posted On:  2 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:  2 months ago


GST FAQ on E-commerce

Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network.

article author CA Chirag Chauhan

Posted On:  2 months ago


GST FAQ on Handicrafts

All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.

article author CA Chirag Chauhan

Posted On:  2 months ago


GST FAQ on IT/ITES

In terms of Schedule II of the CGST Act 2017, development, design, programming, customization, adaptation, up gradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property right are treated as services.

article author CA Chirag Chauhan

Posted On:  2 months ago


EPFO: Forwarding of details required for assessment and timely declaration of Productivity Linked Bonus for the year 2016-17

The work relating to the assessment of Productivity Linked Bonus for the year 2016-17 has been taken up. The Productive Linked Bonus (PLB) for the employees of EPFO is assessed on the basis of the productivity achieved and manpower used in respect of each Regional Office separately.

article author One Roof Consultant

Posted On:  2 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  2 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  2 months ago


Maharashtra GST- Conditions for submission of GSTR-3B with TRAN-1- extension of due date

GST-Specifying Conditions for submission of GSTR-3B with TRAN-1-extension of date up to 28th August 2017

article author One Roof Consultant

Posted On:  2 months ago


CBDT notifies revised Form no. 29B for MAT audit with Annexure

G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,

article author One Roof Consultant

Posted On:  2 months ago


Form GSTR-3B Due date extended with condition; No change in due date of Payment

Payment of taxes for discharge of tax liability as per GSTR-3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the said Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the Act by debiting the electronic cash ledger or electronic credit ledger.

article author One Roof Consultant

Posted On:  2 months ago


Tri- Party Repo (Reserve Bank) Directions, 2017

The Reserve Bank of India having considered it necessary in public interest and to promote the development of the financial system of the country, in exercise of the powers conferred by section 45W of the Reserve Bank of India Act, 1934 and of all the powers enabling it in this behalf, hereby issues the Tri- Party Repo (Reserve Bank) Directions, 2017 dated August 10, 2017 (the Directions).

article author One Roof Consultant

Posted On:  3 months ago


10 important points while file Income Tax Returns

Many taxpayers mess up their tax returns because of either out of greed, ignorance of rules, or just lack of time for knowing the rule. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetization or foreign assets and income or sale of property disclosure, can land the taxpayer in serious trouble How to avoid such mistakes? There have been several changes in tax filing rules in the past year. The tax payer may not be aware of all the changes so it is advisable to take help of professionals in filing the return and avoid any mistakes. There might be many mistake which a individual makes if filing is done by self. Here are the few common errors or mis outs in case of filing returns.

article author CA Chirag Chauhan

Posted On:  4 months ago


Short FAQs on Tweets Questions received by GST_GOI handle

The tweets received by ask GST_ GoI handle were scrutinized and developed into a short FAQ of 100 tweets.

article author CA Chirag Chauhan

Posted On:  4 months ago


How to pass Accounting and Journal entries under GST and Register to be Maintained (Goods and Service Tax)

Under the new system of one nation one tax, i.e. GST all these taxes (excise, VAT, service tax) will get subsumed into one account and assesse will get benefit of setting of and availing Input credit at all levels. Following are the accounting ledgers which needs to be maintained by assesse for recording in books of accounts apart from Purchase, Sales and other ledgers

article author CA Chirag Chauhan

Posted On:  4 months ago


Procedure and List of Documents required for registration of Public Trust

According to Section 2 (13) of the Bombay Public Trust Act 1950, a Public Trust means , an express or constructive trust for either a public, religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable

article author Varsha Kewalramani

Posted On:  4 months ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2017-18

Most of salaried individual do their tax planning at the end of the year, as many are not aware of what all options are available to save taxes. Very few start planning at the beginning of the year. The article will help individuals to plan their taxes well in advance so that can invest and plan in systematic manner much in advance. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk.

article author CA Chirag Chauhan