Posted On:  4 weeks 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:  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:  4 weeks ago


Lodging of tax arrear claims and impleading as a party before NCLTs

Recently, a case has come to the notice wherein the Hyderabad Bench of NCLT has passed an order under section 30(6) and 31 of IBC-2016 allowing various reliefs under the Income Tax Act without even making the Department a party to the dispute. The steps to contest the same are being initiated separately.

article author One Roof Consultant

Posted On:  4 weeks ago


On Branded Food Products & amp.; Actionable Claim

The GST Council, in its 21st meeting held on 9th September, 2017at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc.

article author CA Chirag Chauhan

Posted On:  1 month ago


TDS on interest under Capital Gains Accounts Scheme of deceased depositor

TDS oh the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the depositor.

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:  1 month 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:  2 months ago


GST FAQ on MSNS

a registered person will have to approach only one tax authority for all practical purposes. Each registered person would have one tax administration office, either of the Centre or of the State. Legal provisions (called cross empowerment) have been made to ensure that one officer can discharge all functions under CGST, SGST and IGST Act. The registered person would be informed of the tax administration concerned with him.

article author CA Chirag Chauhan

Posted On:  2 months ago


GST FAQ on TEXTILE

Raw jute has been kept at NILL rate of GST i.e. there would be no tax on jute .therefore, as per section 23(1)(a)of the CGST Act ,2017 the supplier dealing only in raw jute are not required to register. Jute mile s are not required to pay tax under Reverse Charge Mechanism (RCM) as mentioned under section 9(4)of the CGST Act,2017

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 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

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 Drugs & Pharmaceuticals

: In case of clearance of physician samples distributed free of cost, the ITC availed on the said samples has to be reversed in view of the provisions under Section 17(5)(h) of the CGST Act, 2017.No tax is payable on clearance of physician samples distributed free of cost as the value of supply is zero and no credit has been availed

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


GST FAQ on Food Processing

: In accordance with the provisions of section 25(4) of the CGST Act, 2017, branches in different States are considered as distinct persons. Further, as per Schedule I, this constitutes supply made in the course or furtherance of business between distinct persons even if made without consideration

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


IBBI (Insolvency Resolution Process for Corporate Person (Amendment Regulation, 2017

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2017

article author One Roof Consultant

Posted On:  2 months ago


Eligibility of divorced daughter for grant of family pension -clarification regarding

Provision for grant of family pension to a widowed/divorced daughter beyond the age of 25 years has been made vide OM dated 30.08.2004. This provision has been included in clause (iii) of sub-rule 54 (6) of the CCS (Pension), Rules, 1972.

article author One Roof Consultant

Posted On:  2 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  3 months ago


Process and documents required for Education Loan

Anyone who has secured an admission into an approved course in India or elsewhere is eligible for an Educational Loan. The bank manager has discretion in approving the loan based on the student's academic performance and the expected employment opportunities for the course.

article author CA Chirag Chauhan