Posted On:  4 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:  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:  2 weeks ago


Why Electoral Bonds are Necessary

"India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure.

article author One Roof Consultant

Posted On:  3 weeks ago


Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes

“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes. VCs are stored in digital/electronic format, making them vulnerable to hacking, loss of password, malware attack etc. which may also result in permanent loss of money. As transactions of VCs are encrypted they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering Acts.

article author CA Chirag Chauhan

Posted On:  4 weeks ago


Why should you invest in ICICI Prudential Value Fund Series 19?

The Government has announced several ambition plan towards connecting India and other related development project. There is a plan to carry out large scale ban recapitalization in order to revitalize struggling public sector banks. Government is taking positive steps to boost and support the rural economy.

article author One Roof Consultant

Posted On:  1 month ago


How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan

Posted On:  2 months ago


Now you can log Complain if Restaurant is charging GST more than 5%

The Government is in GST Council meeting held on 10 November 2017 has decided to reduce rate on 150+ items. The major change was in relation to restaurants service provider. The rate on restaurant was 18% which was reduce to just 5%   The reduction is effective from today 15 November 2017. Goods and Services Tax (GST) rates on Restaurant’s will be 5% from existing 18% from

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


TDS on interest under Capital Gains Accounts Scheme of deceased depositor

TDS oh the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the depositor.

article author One Roof Consultant

Posted On:  4 months ago


GST: Clarification on one third deemed deduction on transfer of Land

Real Estate projects based on Joint Venture Agreements entered into by a Developer and a Land Owner, if otherwise legal and proper as per the governing laws, are also eligible for the deemed deduction as specified in para 2 supra. However the said deemed deduction is not available for units transferred to the Land Owner by the Developer.

article author One Roof Consultant

Posted On:  4 months ago


Anti dumping duty on New/unused pneumatic radial tyres- Reg.

Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

article author One Roof Consultant

Posted On:  4 months ago


Due date to Pay GST & file Form GSTR 3B for Aug-Dec 2017 notified

. Payment of taxes for discharge of tax liability as per FORM GSTR–3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the said Act

article author One Roof Consultant

Posted On:  4 months ago


CBEC notifies rules for filing Revised GST TRAN-1

Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN–1 after the statement in FORM GST ITC–03 has been furnished.”;

article author One Roof Consultant

Posted On:  4 months ago


Registration exemption for ‘Inter-state Supply of Handicrafts’ notified by CBEC

The persons making inter-State taxable supplies mentioned in the preceding paragraph shall be required to obtain a Permanent Account Number and generate an e-way bill in accordance with the provisions of rule 138 of the Central Goods and Services Tax Rules, 2017.

article author One Roof Consultant

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


CBEC notifies revised rates of compensation cess on various motor vehicles

Motor vehicles cleared as ambulances duly fitted with all the fitments, furniture and accessories necessary for an ambulance from the factory manufacturing such motor vehicles

article author One Roof Consultant

Posted On:  4 months ago


MGST: Waiver of late fee for registered persons who have not filed GSTR-3B

Waiver of late fee for all the Registered persons who have not filed GSTR-3B within due date for the month of July 2017

article author One Roof Consultant

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