Posted On:  2 weeks ago


Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electronic records, etc.

article author One Roof Consultant

Posted On:  3 weeks 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:  3 weeks 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:  3 weeks 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:  3 months ago


Postponement of provision relating to TDS (Section 51) and TCS ( Section 52) of the CGST / SGST Act 2017 - Press Release

With the objective of ensuring smooth rollout of GST and taking into account the feedback received from the trade and industry regarding the provisions of deduction of tax at Source under Section 51 of the CGST / SGST Act 2017 and collection of tax at source under Section 52 of the CGST / SGST Act 2017, the following has been decided :-

article author One Roof Consultant

Posted On:  6 months ago


FAQs on Transitional Provisions under Goods and Service Tax

A registered person, other than a person opting to pay tax under composition scheme, shall be entitled to take credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/SGST Act)

article author One Roof Consultant

Posted On:  6 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:  6 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:  12 months ago


FAQs on Transitional Provisions as per Goods and Service Tax (GST)

VAT credit was not available on items 'X' & 'Y' as capital goods in the earlier law. Since they are covered in GST, can the registered taxable person claim it now. He shall be entitled to credit only when ITC on such goods were admissible under the earlier law and is also admissible in GST. Since on the two items credit was not available under the earlier law, the said person cannot claim it in GST – proviso to section 144(1).

article author CA Chirag Chauhan

Posted On:  12 months ago


FAQs on Electronic Commerce as per Goods and Service Tax (GST)

Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, web services, universal description Discovery and integration (UDDI), File Transfer Protocol (FTP) and Electronic Data Interchange (EDI) whether or not the payment is conducted online and whether or not the ultimate delivery of the goods and/or services is done by the operator.

article author CA Chirag Chauhan

Posted On:  12 months ago


FAQs on Returns Process and matching of Input Tax Credit as per Goods and Service tax (GST)

Every registered taxable person - who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the threshold limit of Rs. ten lacs. There are some other class of persons who need to be registered and therefore will have to file returns like interstate suppliers,

article author CA Chirag Chauhan

Posted On:  12 months ago


FAQs on GST Payment of Tax as per Goods and Service Tax (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 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

article author CA Chirag Chauhan

Posted On:  1 year ago


GST - Game Changer

I have complied summary on GST. It will be worth to read.After a decade-long struggle, the Goods and Services Tax (GST), which has already been adopted by 160+ countries in some form or the other, sailed over the first of three hurdles when the Rajya Sabha unanimously adopted the Constitution Amendment Bill to facilitate its legislation.

article author Hitesh Shah

Posted On:  1 year ago


Equalisation Levy on Online Advertisement

“In order to tap tax on income accruing to foreign e-commerce companies from India, it is proposed that a person making payment to a non resident, who does not have a permanent establishment, exceeding in aggregate Rs. 1 Lakh in a year, as consideration for online advertisement, will withhold tax at 6% of gross amount paid, as Equalization levy. The levy will only apply to B2B transactions.”

article author PANKAJ KUMAR SHARMA

Posted On:  2 years ago


Taxation of Business Model for E Commerce – Equalization Levy on Specified Business Transaction

A Committee on Taxation of e-commerce was constituted by Central Board of Direct Taxes (CBDT) to examine the business models for e-commerce. The Report of the Committee was received by the Government and taken into consideration in the preparation of Finance Bill, 2016. This Report provides the view of the Committee on issues related to taxation of e-commerce & recent international developments in this area.

article author CA Chirag Chauhan

Posted On:  2 years ago


Union Budget 2016-17 - An Analysis

Dear Reader, The Finance Minister in his Budget presented to the Parliament today has aimed at giving fillip to growth and promoting the new age industries. Please find enclosed herewith our Tax Bulletin analyzing the direct tax proposals as stated in the Budget. Trust you will find it an interesting read.

article author Vispi T. Patel

Posted On:  2 years ago


Provisions relating to Direct Taxes- Finance bill 2016

The Finance Budget is annually presented in the Parliament and after debate and discussion the Bill is passed with some changes. However broadly the Bill remain the same.

article author CA Chirag Chauhan

Posted On:  2 years ago


100 Key Highlights of Union Budget 2016 presented by Arun Jaitely

Union Budget is presented by Arun Jaitely Today. Following are the Key Changes in The Budget from the Finance Minister Speech

article author CA Chirag Chauhan

Posted On:  2 years ago


Freelance CFOs, the unsung startup heroes

Behind every successful startup, there is an unsung hero -the chief financial officer (CFO) and his team of number crunchers, whose..

article author Deepak Joshi