Posted On:  3 months ago


New features added in Form GSTR 3B and other functionalities made available on the GST Portal

Filing of Form GSTR 3B : Filing of Form GSTR 3B has been made easier and user friendly with following features : a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. b) Tax liabilities as declared in GSTR 3B along with the credits gets updated in the ledgers and reflected in the "Tax payable" column of the payment section and can be seen while hovering on the said headings of credit in the payment section.

article author CA Chirag Chauhan

Posted On:  3 months ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  3 months ago


Procedure for registration of PTRC (Profession tax registration certificate) and PTEC (Profession tax enrollment certificate) in Maharashtra

As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enroll for Profession Tax Enrollment Certificate (PT-EC) and pay Rs.2500 per annum. In addition, if the business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate

article author CA Chirag Chauhan

Posted On:  4 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:  4 months ago


SEBI Online Registration Mechanism and Filing System for Depositories

In order to ease the process of application for recognition / renewal, reporting and other filings in terms of Securities and Exchange Board of India(Depositories and Participants) Regulations, 1996 and other circulars issued from time to time, SEBI has introduced a digital platform for online filings related to Depositories.

article author One Roof Consultant

Posted On:  4 months ago


Income Tax and TDS defaulter sent to jail by Court

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there being a statutory obligation by the Income Tax Act.

article author CA Chirag Chauhan

Posted On:  4 months ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  4 months ago


Refund of Integrated Tax paid on account of zero rated supplies

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017

article author One Roof Consultant

Posted On:  4 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:  4 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:  4 months ago


Recovery of Tax

All tax administration occasionally comes across a situation where the tax dues are not paid correctly by the tax payers, most of the times inadvertently and sometimes deliberately. To minimize the inadvertent short payment of taxes the concept of ‘Matching’ of details of ‘Outward supplies’ of supplier with the details of ‘Inward supplies’ of recipient has been introduced in the GST Act.

article author One Roof Consultant

Posted On:  4 months ago


Appeals and Review Mechanism under GST

Tax laws (or any laws, for that matter) impose obligations. Such obligations are broadly of two kinds: tax-related and procedure-related. The taxpayer’s compliance with these obligations is verified by the tax officer (by various instruments such as scrutiny, audit, anti-evasion, etc.), as a result of which sometimes there are situations of actual or perceived non-compliance.

article author One Roof Consultant

Posted On:  4 months ago


Benefits of Goods and Services Tax (GST)

GST stands for Goods and Services Tax which is levied on the supply of goods or services or both in India. GST subsumes a number of existing indirect taxes which were earlier levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc.

article author One Roof Consultant

Posted On:  4 months ago


Statement of Outward Supplies (GSTR-1) in GST

FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies. The details of outward supplies shall include details of invoices, debit notes, credit notes, advances received, advances adjusted and revised invoices issued in relation to outward supplies made during any tax period

article author One Roof Consultant

Posted On:  4 months 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 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:  4 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:  4 months 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:  4 months ago


Time of Supply in GST

In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply. GST law has provided separate provisions to determine the time of supply of goods and time of supply of services.

article author One Roof Consultant

Posted On:  4 months 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