Posted On:  3 days 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 days ago


What you can expect from Budget 2018? Send us your budget expectation

Finance Minister, Arun Jaitley, has a big task after demonetisation and GST to present last budget with an eye on general elections in 2019. Following are some of expectation

article author CA Chirag Chauhan

Posted On:  1 week 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:  4 weeks ago


No shop & establishment license required for less than 10 employees from 2018 in Maharashtra

The new amendment effective from 20th December 2017 has been proved to be a boon and relief to many employers and small and medium size establishments. The state government has amended by issuance of notification the Maharashtra Shop and Establishment (Regulation of Employment and Service Condition) Act 2017.

article author CA Chirag Chauhan

Posted On:  1 month 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:  4 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:  4 months ago


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

Services provided to the Central Government, State Government, Union Territory, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration

article author One Roof Consultant

Posted On:  4 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

Posted On:  4 months 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:  4 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:  4 months ago


Effective GST grievance redresal mechanism needed

The weekly newsletter which is otherwise issued on Fridays was postponed for today so as to cover part of the proceedings of the two days Rajaswa Gyan Sangam which was held on 1st and 2nd September 2017.

article author One Roof Consultant

Posted On:  5 months ago


Monthly Summery of MCA for the month of July, 2017

A circular was issued to clarify that exemption from section 143(3)(i) of Companies Act, 2013 [reporting on internal financial controls by auditors in their audit reports] given through notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements for financial years commencing on or after 01/04/2016, which are made by auditors after the date of such exemption notification. (General Circular No. 08/2017 dated 25.07.2017).

article author One Roof Consultant

Posted On:  5 months ago


If you love your country, know why you should celebrate Independence Day by paying your taxes honestly!

We Indians are proud of our country and always show our love and affection towards it by celebrating Independence Day with flag hoisting, viewing parade, posting messages on what’s app, facebook and other social media, singing patriotic songs and the national anthem, and finally by listening speech of the Prime Minister of India. Leaders and many prominent celebrities will comment on various government policies and changes government should implement to make India a better place for next generation.

article author CA Chirag Chauhan

Posted On:  5 months ago


Right of Children to Free and Compulsory Education (Amendment) Act, 2017

The following Act of Parliament received the assent of the President on the 9th August, 2017 and is hereby published for general information:— An Act further to amend the Right of Children to Free and Compulsory Education Act, 2009.

article author One Roof Consultant

Posted On:  6 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

Posted On:  7 months ago


Sign the Petition - Disability goods to be taxed at zero rate in GST

The Finance Minister, Shri ArunJaitleyon 6 June 2017 stated on social media that daily consumer goods being used by the common man among others to become cheaper after GST.  Ministry of Finance stated that day-to-day commodities will attract zero GST after the indirect tax regime is rolled out on July 1

article author CA Chirag Chauhan

Posted On:  8 months ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

article author CA Chirag Chauhan

Posted On:  10 months ago


FAQs on Frontend Business Process on GST Portal

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders. The Frontend services of Registration, Returns, Payments, etc. to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author One Roof Consultant

Posted On:  10 months ago


Why you need to pay Advance tax before 15th March?

Advance tax is the payment of income tax which is paid in advance. Instead of paying in a lump sum at the end of the year, it is paid in advance. It is paid in four installments as per the prescribed due dates. The income tax department prescribes due dates for advance tax payment. Advance tax is payable only on estimate basis. While computing liability for advance tax, income-tax calculated on the current income estimated by the assessee shall be reduced by TDS deducted / TCS collected, MAT /AMT credit, relief under tax-treaty. After making payment of first/second installment of advance tax, the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly. Advance tax is based on the principle of “pay as you earn”. It is collected even before the income tax becomes payable and the installments are payable during the financial year itself. Advance tax receipts help the government to receive a constant flow of tax receipts throughout the year so that the expenses can be incurred rather tha receiving all the tax payments at the end of the year.

article author CA Chirag Chauhan

Posted On:  10 months ago


Financial and Tax planning Gift for Women on their very own day – Happy Women Day!

A woman’s best security is a little money of her own. Demonization proved all theories of women being spenders wrong, by finding lacs in savingof Rs 500 and Rs 1000 notes, saved from reimbursement received for household expenses. We have a very small percentage of salaried women in India. Most women in urban areas do a brilliant job of self-employment ranging from tutoring, handicraft, small trade etc

article author CA Chirag Chauhan