Posted On:  4 weeks ago


CLARIFICATION ABOUT TRANSITION CREDIT

There are lots of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted.

article author CA Chirag Chauhan

Posted On:  1 month ago


Guidelines for division of GST taxpayers between Central & state govt

Based on the decisions taken in the 9th Meeting of the GST Council held on 16 January, 2017 and 21st Meeting of the GST Council held on 9 September, 2017, the following criteria should be followed for the division of taxpayer base between the Center and the States to ensure single interface:

article author One Roof Consultant

Posted On:  1 month ago


Composition scheme for Small Traders, Manufacturers, Restaurants

Tax payer who option for composition scheme ,have to file only one quarterly return with details of tot turnover .invoice with details are not necessary ,bill of supply will suffice .first such return for the quarter July - September ,2017 has to be filed by 18th October .Form GSTR-4A not to be filed for this quarter.

article author CA Chirag Chauhan

Posted On:  1 month ago


GST FAQ on Government Services

These include services provided by government or a local authority or governmental authority by way of any activity in relation to any function entrusted to a municipality under Article 243W of the Constitution and services by a governmental authority by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitut

article author CA Chirag Chauhan

Posted On:  1 month 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

Posted On:  1 month ago


How to file GSTR 3B - FAQ GST

GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner

article author CA Chirag Chauhan

Posted On:  1 month ago


How to file GSTR 2 - FAQ GST

GSTR 2A is a system generated ‘draft’ Statement of Inward Supplies for a Receiver Taxpayer. It is auto-populated from the GSTR 1/5, GSTR 6 (ISD), GST 7(TDS), and GSTR 8 (TCS) file by the supplier taxpayer from whom goods and/or services have been procured or received by the receiver taxpayer in a given tax period.

article author CA Chirag Chauhan

Posted On:  1 month ago


How to file GSTR 1-FAQ GST

GSTR 1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services

article author CA Chirag Chauhan

Posted On:  2 months ago


Effective GST grievance redresal mechanism needed

The weekly newsletter which is otherwise issued on Fridays was postponed for today so as to cover part of the proceedings of the two days Rajaswa Gyan Sangam which was held on 1st and 2nd September 2017.

article author One Roof Consultant

Posted On:  2 months ago


GST FAQ on MSNS

a registered person will have to approach only one tax authority for all practical purposes. Each registered person would have one tax administration office, either of the Centre or of the State. Legal provisions (called cross empowerment) have been made to ensure that one officer can discharge all functions under CGST, SGST and IGST Act. The registered person would be informed of the tax administration concerned with him.

article author CA Chirag Chauhan

Posted On:  2 months ago


Clarification on issues related to furnishing of Bond/Letter of Undertaking for Exports–Reg.

Please refer to Notification No. 16/2017 – GST dated 7th July, 2017 and Circular No. 2/2/2017 – GST dated 5th July, 2017 and Circular No. 4/4/2017 – GST dated 7th July, 2017. A large number of communications have been received from the field formations and exporters citing variation in the interpretation of above referred notification and circulars.

article author One Roof Consultant

Posted On:  2 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  3 months ago


10 important points while file Income Tax Returns

Many taxpayers mess up their tax returns because of either out of greed, ignorance of rules, or just lack of time for knowing the rule. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetization or foreign assets and income or sale of property disclosure, can land the taxpayer in serious trouble How to avoid such mistakes? There have been several changes in tax filing rules in the past year. The tax payer may not be aware of all the changes so it is advisable to take help of professionals in filing the return and avoid any mistakes. There might be many mistake which a individual makes if filing is done by self. Here are the few common errors or mis outs in case of filing returns.

article author CA Chirag Chauhan

Posted On:  4 months ago


Do you really require to buy Software for GST?

The most common question asked by many SMEs right now is the required to have software for migration or implementation or filing returns for the GST. There are many software which are available in the market by the GSP service provider starting from range of Rs 3000 to 25000. Are these software’s really worth? Do your organization really require GST software

article author CA Chirag Chauhan

Posted On:  4 months ago


Short FAQs on Tweets Questions received by GST_GOI handle

The tweets received by ask GST_ GoI handle were scrutinized and developed into a short FAQ of 100 tweets.

article author CA Chirag Chauhan

Posted On:  4 months 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:  4 months 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:  5 months 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:  5 months 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:  5 months 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