Posted On:  2 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:  2 months ago


An open letter to the newly elected President of ICAI

Firstly, congratulations on assuming the highest office of the Institute. I hope you would feel honoured of having been given an opportunity to serve the CA fraternity while your partners at office are busy reeling in the additional client workload on your behalf which you have been getting for your firm from the time you got elected as a Central Council Member. You would now be signing several more MOUs for the ICAI at exotic locations which benefit just a few members but we are not complaining about it because talk about priorities and you just have 1 year in office.

article author Hardik Shah

Posted On:  2 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:  2 months ago


Why people don’t grow rich by investing in stocks?

A lot has been said and written about generating wealth by investing for the long term in equity markets. The mutual fund industry in India now boasts of monthly collections through Systematic Investment Plans (SIPs) of over Rs 6,000 crore – a bulk of these investments are by retail investors who plan to get rich by investing in the equity markets for years. Will these investors really achieve their goal of creating wealth for themselves in the long run?

article author CA Chirag Chauhan

Posted On:  3 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:  3 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:  3 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:  3 months ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  3 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:  3 months ago


GST Practitioners

Section 48 of the CGST Act provides for authorisation of an eligible person to act as approved GST practitioners. A registered person may authorise an approved GST practitioner to furnish information, on his behalf, to the government.

article author One Roof Consultant

Posted On:  3 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:  3 months ago


Inspection, Search, Seizure and Arrest

In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the Tax evaders, by evading the tax, get an unfair advantage over the genuine tax payers) and as a deterrent for tax evasion. These provisions are also required to safeguard Government’s legitimate dues.

article author One Roof Consultant

Posted On:  3 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:  3 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:  3 months ago


Special Audit in GST

GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore, a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxable person.

article author One Roof Consultant

Posted On:  3 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:  3 months ago


National Anti-Profiteering Authority in GST

Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices. However it has been the experience of many countries that when GST was introduced there has been a marked increase in inflation and the prices of the commodities.

article author One Roof Consultant

Posted On:  3 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:  3 months ago


Job Work under GST

Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing.

article author One Roof Consultant

Posted On:  3 months ago


Zero Rating of Supplies in GST

By zero rating it is meant that the entire value chain of the supply is exempt from tax. This means that in case of zero rating, not only is the output exempt from payment of tax, there is no bar on taking/availing credit of taxes paid on the input side for making/providing the output supply. Such an approach would in true sense make the goods or services zero rated.

article author One Roof Consultant