Posted On:  1 day ago


Format of Invoice in GST for Goods and Service and Mandatory Requirement

Under the GST act the details to be maintained in invoice, types of invoice has been specified. As per nature of transaction they are required to be prepared. Under this article a detailed elaboration has been made on the types of invoices which are required to be prepared along with the details to be mentioned.

article author CA Chirag Chauhan

Posted On:  1 month ago


Services under reverse charge as per GST in India

ABCThe fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST

article author CA Chirag Chauhan

Posted On:  1 month ago


Composition scheme under the GST

The word ‘composition’ comes from the Latin componere, meaning "put together". It is a feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme.

article author KUNAL BUDHRAJA

Posted On:  3 months ago


FAQs on Input Tax Credit under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Job Work under Goods and Service Tax

Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Payment of Tax under GST

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the State/UT GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). In addition, wherever applicable, Interest, Penalty, Fees and any other payment will also be required to be made

article author One Roof Consultant

Posted On:  3 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:  3 months ago


FAQs on Time of Supply under Goods and Service Tax

Section 12 & 13 of the CGST/SGST Act provides for time of supply of goods. The time of supply of goods shall be the earlier of the following namely, (i) the date of issue of invoice by the supplier or the last date on which he is required under Section 28, to issue the invoice with respect to the supply; or (ii) the date on which the supplier receives the payment with respect to the supply.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Registration under Goods and Service Tax

As per Section 22 of the CGST/SGST Act 2017, every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his aggregate turn over in a financial year exceeds the threshold limit of twenty lakh rupees shall be liable to register himself in the State or the Union territory of Delhi or Puducherry from where he makes the taxable supply.

article author One Roof Consultant

Posted On:  3 months ago


FAQs on Levy of and Exemption from Tax under GST

Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act,2016 confers concurrent powers to both, Parliament and State Legislatures to make laws with respect to GST i. e. central tax (CGST) and state tax (SGST) or union territory tax (UTGST). However, clause 2 of Article 246A read with Article 269A provides exclusive power to the Parliament to legislate with respect to inter-State trade or commerce i.e.integrated tax (IGST).

article author One Roof Consultant

Posted On:  4 months ago


GST update definition of Outward supply and Zero Rated Supply

“Outward Supply” in relation to a person, shall mean supply of goods or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other means made or agreed to be made by such person in the course or furtherance of business;”

article author CA PRADEEP JAIN

Posted On:  8 months ago


GST Levy and exemption on different assesses

GST has been passed in the parliament and the Government is working eagerly to make this act let applicable from 1st April 2017 following the motto “One Nation One Tax”. After this act comes into force each person whether of Service background or of Manufacturing background or of any other back ground will come under one common tax net. Each person has to file common return whether he/she is of Service background or of Manufacturing background or of any other background. This article will give you information on the applicability and exemption on different assesses under the GST law/act.

article author CA Chirag Chauhan

Posted On:  9 months ago


Draft invoice rules under Goods and Services Tax (GST)

(1) Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:- name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/ Unique ID Number, if registered, of the recipient; name and address

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Input Tax Credit as per Goods and Service tax (GST)

Input tax” has been defined in section 2 (57) of the MGL and section 2 (1) (d) of the IGST Act. Input tax in relation to a taxable person, means the {IGST and CGST} in respect of CGST Act and {IGST and SGST} in respect of SGST Act, charged on any supply of goods and/or services to him which are used, or are intended to be used, in the course or furtherance of his business and includes the tax payable under sub-section (3) of section 7. Under the IGST Act, input tax is defined as IGST, CGST or SGST charged on any supply of goods and / or services.

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on GST Payment of Tax as per Goods and Service Tax (GST)

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Time of Supply as per Goods and Service Tax (GST)

The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply for goods and services. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely, the date on which the goods are removed by the supplier, where the supply of goods require removal; or the date on which the goods are made available where the supply does not require removal; or  the date on which the supplier issues invoices with respect to the supply where the above

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Registration as per Goods and Service tax (GST)

Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or services.  Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.  Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

article author CA Chirag Chauhan

Posted On:  9 months ago


FAQs on Levy of and Exemption from Tax as per Goods and Service Tax (GST)

Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliament and state legislatures to make laws with respect to GST. However, -clause 2 of Article 246A read with Article 269A provides exclusive power to the Parliament to legislate with respect to inter-state trade or commerce.

article author CA Chirag Chauhan

Posted On:  9 months 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


Having Turnover of Less than 10 Lakhs? How to File NIL Service Tax return with Circular No 033/2012

The government is willing to provide equal opportunity and hence exempt Small Service Provider from liability of Service Tax and complex Compliance requirement. Service Tax is levied based on turnover of services provided. The threshold exemption limit of Rs. 4 lakhs was raised to Rs. 8 lakhs from 2007, later in 2008 it was further increased Rs.10 lakhs. Via Notification No. 33/2012-ST dated 20-6-2012, with this all previous Notification are superseded.

article author CA Chirag Chauhan