Posted On:  6 hrs ago


List of documents required for fresh GST registration

The fresh registration window for GST no is going to start from 25th June 2017 for all those who do not have existing Service tax no, vat no or excise no can now directly apply for fresh GST no from 25th onwards. The following are the documents required for fresh enrolment for GST:

article author CA Chirag Chauhan

Posted On:  6 hrs 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:  10 hrs ago


How to pass Accounting and Journal entries under GST and Register to be Maintained (Goods and Service Tax)

Under the new system of one nation one tax, i.e. GST all these taxes (excise, VAT, service tax) will get subsumed into one account and assesse will get benefit of setting of and availing Input credit at all levels. Following are the accounting ledgers which needs to be maintained by assesse for recording in books of accounts apart from Purchase, Sales and other ledgers

article author CA Chirag Chauhan

Posted On:  4 days ago


Return filing procedure under GST

1. Every registered person is required to file (i) Details of Outward Supply; (ii) Details of Inward Supply; and (iii) Return for the prescribed tax period. 2. UN agencies have to file return for the month during which they make purchases. They would not be required to file regular return. 3. Common return is pre

article author Kailash Dave

Posted On:  5 days ago


Relaxation in return filing procedure for first two months of GST implementation Form GSTR 3B

The government recently has received so many representation from various industry and professionals to postponed date of implementation of GST from 1 July to 1 September. So considering many representation government has given extension for filing returns for first two months, with the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry. For the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.

article author CA Chirag Chauhan

Posted On:  5 days ago


Analysis of Goods & Service Tax (GST) on Real Estate Industry

If Government/GST Council will rectify defects pointed out by me in the said article then it will help in reducing inflation & also help in achieving Government’s mission of creating employment, creating smart cities, good infrastructure & ‘Housing for All’ mission by 2022. Please note that my above article is also uploaded in www.taxguru.in website on 29-05-2017.

article author CA JINESH GADA

Posted On:  2 weeks ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2017-18

Most of salaried individual do their tax planning at the end of the year, as many are not aware of what all options are available to save taxes. Very few start planning at the beginning of the year. The article will help individuals to plan their taxes well in advance so that can invest and plan in systematic manner much in advance. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk.

article author CA Chirag Chauhan

Posted On:  2 weeks ago


New Cost Inflation Index Base year 2001-2002 as per Income Tax

CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18. S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Registration for GST migration started from 1 June, Step wise process and documents required.

Have you missed to register and migrate to GST. The Enrolment process has started again from 1 June 2017 and will be open for 15 days. All the exsisting taxpayer need to migrate to GST

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Due date for filing of Form 61A (SFT) extended to 30th June 2017

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or

article author CA Chirag Chauhan

Posted On:  4 weeks ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  1 month ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  1 month ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

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


GST rates for services in India as on May 2017

The 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% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.

article author CA Chirag Chauhan

Posted On:  1 month ago


Are you required to file Statement of Financial transactions - Form 61A filing under Section 285BA Rule 114E?

Many individuals and corporate have started receiving emails to file Statement of Financial transactions (SFT) by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017, The Article give you detail of its applicability, transaction and entity covered, exemption and monetary limit

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:  1 month ago


GST Rates of all items and goods in India as on May 2017

Outcome of Today's GST Council Meeting at Srinagar-  1) GST Council has decided on rates for all 1,211 items except 6 items. And 81%of the total items to be taxed at below 18% GST rate slabs (As per Revenue Secretary Hasmukh Adhi Ji Statement) 2) GST council approved seven rules of GST and that remaining two rules relating to transition and return are being vetted by a legal committee. (As per Arun Jaitley Ji Statement) 3) GST Council will tomorrow discuss rates on services. 4) List of exempted items will also be decided tomorrow.

article author CA Chirag Chauhan

Posted On:  1 month ago


Modus Operandi adopted for conversion of unaccounted old cash during demonetization and how department caught them

Modus Operandi adopted for conversion of unaccounted old cash during demonitization and how department caught them Unexplained cash deposits by bullion traders and Jewellers, Petrol pumps, Traders, Contractors and Real Estate Developers, Professionals, Government Employees, cooperative banks and societies, through Shell companies and Abuse of Exemptions provided for North Eastern states are cited with examples as given by Income Tax Department.

article author CA Chirag Chauhan

Posted On:  1 month ago


Demonetization period Cash deposit Statistics – Average cash deposited by different tax payers

This section contains breakup of reported cash deposits for various taxpayer segments. Table 1 provides percentage of ‘distribution of PANs and ‘total cash deposit’ across taxpayers segments. Further, the table provides average reported cash deposits per PAN for taxpayer segments.

article author CA Chirag Chauhan