Posted On:  4 months ago


Tax treatment of transactions in respect of trading in agricultural commodity derivatives as per Budget 2018

Clause (5) of section 43 defines speculative transaction. The proviso to the said clause, however, stipulates certain transactions to be non-speculative nature even though the contracts are settled otherwise than by the actual delivery or transfer of the commodity or scraps.

article author One Roof Consultant

Posted On:  4 months ago


Latest TDS Tax Deducted at Source Rate Chart for FY 2018-19 AY 2019-20

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Following are the revised rate of TDS applicable for Financial Year 2018-19 Assessment Year 2019-20

article author CA Chirag Chauhan

Posted On:  5 months ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  5 months ago


Online Registration Mechanism and Filing System for Stock Exchanges

. In order to ease the process of application for recognition / renewal, reporting and other filings in terms of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Stock Exchanges

article author One Roof Consultant

Posted On:  5 months ago


CBEC exempts Central Govt’s share of Profit Petroleum from IGST

Seeks to exempt Central Government’s share of Profit Petroleum from Integrated Goods & Services Tax (IGST)

article author One Roof Consultant

Posted On:  5 months ago


TDS Mechanism under GST

Under the GST regime, section 51 of the CGST Act, 2017 prescribes the authority and procedure for ‘Tax Deduction at Source’. The Government may order the following persons (the deductor) to deduct tax at source.

article author One Roof Consultant

Posted On:  5 months ago


TCS Mechanism under GST

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. while TCS refers to tax which is collected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

article author One Roof Consultant

Posted On:  5 months ago


Pure Agent Concept in GST

The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another.

article author One Roof Consultant

Posted On:  5 months ago


Valuation in GST

Every fiscal statue makes provision for determination of value as tax is normally payable on ad-valorem basis. In GST also, tax is payable on ad-valorem basis i.e. percentage of value of the supply of goods or services. Section 15 of the CGST Act and Rule 27 to Rule 35 of CGST Rules, 2017

article author One Roof Consultant

Posted On:  5 months ago


Works Contract in GST

Simply put, a works contract is essentially a contract of service which may also involve supply of goods in the execution of the contract. It is basically a composite supply of both services and goods, with the service element being dominant in the contract between parties. In a general sense, a contract of works, may relate to both immovable and immovable property.

article author One Roof Consultant

Posted On:  5 months ago


Transition Provisions under GST

GST is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States have been replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.

article author One Roof Consultant

Posted On:  5 months ago


Input Tax Credit Mechanism in GST

Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central Government is not available as set-off for payment of taxes levied by State Governments, and vice versa. One of the most important features of the GST system is that the entire supply chain would be subject to GST to be levied by Central and State Government concurrently.

article author One Roof Consultant

Posted On:  5 months ago


Electronic Cash/Credit Ledgers and Liability Register in GST

On the common portal each registered taxpayer will have one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic Credit Ledger. These register and ledgers will reflect the amount of tax payable, the amount available to settle the tax liability online, and input credit balance. This is a handy tool provided in the GST system wherein the registered taxpayer can have information about his liabilities and credits at a single location which can be viewed from any place by simply logging into the common portal.Electronic liability register, electronic cash ledger and electronic credit ledger of taxpayer will be updated on generation of GSTR-3 by the taxpayer.

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


Composite Supply and Mixed Supply

The taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is also separately -notified. Classification of supply (whether as goods or services, the category of goods and services) is essential to charge applicable rate of GST on the particular supply. The application of rates will pose no problem if the supply is of individual goods or services which are clearly identifiable and the goods or services are subject to a particular rate of tax.

article author One Roof Consultant

Posted On:  6 months ago


Clarification about applicability of GST on under Construction and Realty -To - Move -In Property

As per GST law, construction of complex, building, civil structure or a part there of including a complex or building intended for sale to a buyer ,wholly or partly ,except where the entire consideration has been received after issuance of completion certificate ,where required ,by the competent authority of after its first occupation ,whichever is earlier ,is a supply of service and liable to GST.

article author CA Chirag Chauhan

Posted On:  6 months ago


New stepwise online process to register partnership firm in Maharashtra

Recently the process of partnership has been changed and made online from November 2017. Partnership registration has been a lengthy and tedious process all through this years. But to simplify this process the Registrar of Firms has made the process online although physical submission of documents is required to be done thereafter at respective office depending upon place/ area.

article author CA Chirag Chauhan

Posted On:  9 months ago


UTGST Rate on Works Contract Services provided to Govt. for non commercial purpose

A residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the Central Goods and Services Tax Act, 2017.

article author One Roof Consultant

Posted On:  9 months ago


CBEC reduces CGST rate on specified supplies of Works Contract Services

CBEC Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) dated : 21st September, 2017

article author One Roof Consultant