Posted On:  3 days ago


Deemed Exports in GST

“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated supplies by default, unlike the regular exports.

article author One Roof Consultant

Posted On:  4 days ago


Margin Scheme in GST

As per Rule 32(5) of the CGST Rules, 2017, where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored.

article author One Roof Consultant

Posted On:  6 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:  6 days ago


Reverse Charge Mechanism in GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply

article author One Roof Consultant

Posted On:  1 week ago


Concept of Aggregate Turnover in GST

“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.

article author One Roof Consultant

Posted On:  1 week ago


The Meaning and Scope of Supply

The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. have been done away with in favour of just one event i.e. supply. The constitution defines “goods and services tax” as any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption.

article author One Roof Consultant

Posted On:  2 weeks ago


Registration under GST Law

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.

article author One Roof Consultant

Posted On:  2 weeks ago


Latest updated 51 topics on GST by CBEC Download here

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward

article author One Roof Consultant

Posted On:  2 months ago


Best 8 tax saving option in 80C available today

Every year we look forward for tax deduction under section 80C. Rather than investing in last moment do make proper analysis before investing so that you can earn expected returns. Following is the Ranking based on research conducted.

article author CA Chirag Chauhan

Posted On:  2 months ago


Latest GST Return Due Dates and requirement to file GSTR 3B and GSTR 1

Aggregate annual turnover of taxpayers upto 1.5 crorein accordance to the revised due dates are to file their returns on quarterly basis whereas, Aggregate annual turnover of taxpayers beyond 1.5 crore in accordance to revised due dates are required to continue their filing process on monthly basis

article author CA Chirag Chauhan

Posted On:  4 months ago


GST on Co- operative housing societies- Simplified

This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicability to Housing Societies

article author Anita Bhadra

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


GST filing date extend till 10th oct and outcome of GST council meeting

Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017 The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a) In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved

article author CA Chirag Chauhan

Posted On:  5 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:  5 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:  5 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:  5 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:  5 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:  5 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