Posted On:  3 weeks ago


List of CBEC Officers to receive Presidential Award on Republic Day, 2018

Grant of Presidential Award of Appreciation Certificate to the officers of Customs & Central Excise on the eve of Republic Day, 2018

article author One Roof Consultant

Posted On:  1 month 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:  1 month 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:  1 month ago


Integrated Goods and Services Tax Act

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and states would be 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:  1 month 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 Multiple taxes levied and collected by the Centre and States have been replaced by one tax called Goods and Services Tax (GST).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:  1 month 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:  5 months ago


No additional burden on Home buyers under GST

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law. as explained below.

article author CA Chirag Chauhan

Posted On:  11 months ago


FAQs on Overview of Goods and Services Tax (GST)

It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer

article author One Roof Consultant

Posted On:  1 year ago


100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

article author CA Chirag Chauhan

Posted On:  1 year ago


Suggestions from the Industry and Trade Associations for Budget 2017-18 regarding changes in direct and indirect taxes.

In the context of formulating the proposals for the Union Budget of 2017-18, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. 2. Your suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any

article author One Roof Consultant

Posted On:  1 year ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  1 year ago


Goods and Services Tax Bill

is a national Value Added Tax to be implemented in India from 1st of April 2017. This a comprehensive indirect tax covering both supply of Goods and services ranging from manufacture, production, sale and consumption throughout India. The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India.

article author CA NITIN HARGUDE

Posted On:  1 year ago


Does the attempt to cover excise goof-up in States counts out all Union territories from CG's power to levy Indirect taxes to meet GST Deadline??

Explanation issued by CG in light of Section 19 to rescue its power to levy indirect tax might cover up the states but it counts out all the union territories.

article author Akhil Gupta

Posted On:  1 year ago


FAQs on Overview of Goods and Services Tax (GST)

This article provide an overview about Goods and service tax, various concepts relating to GST. It clarifies the concept of destination based tax on consumption, which taxes will be replaced by GST

article author CA Chirag Chauhan

Posted On:  1 year ago


G.S.T - one nation, one tax in brief

In today’s article we will share some basic details of G.S.T being ONE NATION, ONE TAX. G.S.T is much politically talked & debated topic in the recent past. In fact, it has also got lots of attention from around the world apart from the common peoples of India.

article author CA BHAVESH HINGU

Posted On:  1 year ago


GIST OF GST

HRESHOLD EXEMPTION OF GST IS RS 10 LAKHS  means now all the small traders also covered under GST. So here are some of the provisions of GST... to be continued with some other and very important concepts of GST till then enjoy and keep smiling

article author Esha Agrawal

Posted On:  2 years 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:  2 years ago


Understanding Goods and Service tax

The taxation system in India is composed of various taxes on different activities and governed by various Tax Laws and Regulations. The taxes are levied on various types of activities such as manufacturing, trading, services, imports etc., In indirect tax structure the ultimate bearer of tax is not the person, who is paying the tax but the end users or customers who are using various products and services. The Indirect Tax Structure includes following taxes;

article author CS Deepak Pratap Singh

Posted On:  2 years ago


FAQs on Goods and Service tax(GST) its basics and how it works

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set- off benefits at all the previous stages.

article author CA Chirag Chauhan

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