Posted On:  2 days 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:  2 days 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:  2 days ago


TCS Mechanism under GST

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. while TCS refers to tax which is collected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

article author One Roof Consultant

Posted On:  3 days 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:  5 days 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 Multiple taxes levied and collected by the Centre and States have been replaced by one tax called Goods and Services Tax (GST).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:  5 days 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 days ago


Electronic Cash/Credit Ledgers and Liability Register in GST

On the common portal each registered taxpayer will have one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic Credit Ledger. These register and ledgers will reflect the amount of tax payable, the amount available to settle the tax liability online, and input credit balance. This is a handy tool provided in the GST system wherein the registered taxpayer can have information about his liabilities and credits at a single location which can be viewed from any place by simply logging into the common portal.Electronic liability register, electronic cash ledger and electronic credit ledger of taxpayer will be updated on generation of GSTR-3 by the taxpayer.

article author One Roof Consultant

Posted On:  7 days ago


Reverse Charge Mechanism in GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply

article author One Roof Consultant

Posted On:  1 week ago


Casual taxable person in GST

“Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

article author One Roof Consultant

Posted On:  1 week ago


Non-resident taxable person in GST

“Non-resident taxable person” means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. A non-resident taxable person making taxable supply in India has to compulsorily take registration.

article author One Roof Consultant

Posted On:  1 week ago


The Meaning and Scope of Supply

The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. have been done away with in favour of just one event i.e. supply. The constitution defines “goods and services tax” as any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption.

article author One Roof Consultant

Posted On:  2 weeks ago


Cancellation of Registration in GST

The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. In case of death of registered person, the legal heirs can apply for cancellation.

article author One Roof Consultant

Posted On:  2 weeks ago


Why Electoral Bonds are Necessary

"India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure.

article author One Roof Consultant

Posted On:  2 months ago


Latest GST Return Due Dates and requirement to file GSTR 3B and GSTR 1

Aggregate annual turnover of taxpayers upto 1.5 crorein accordance to the revised due dates are to file their returns on quarterly basis whereas, Aggregate annual turnover of taxpayers beyond 1.5 crore in accordance to revised due dates are required to continue their filing process on monthly basis

article author CA Chirag Chauhan

Posted On:  4 months 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:  4 months ago


Due date to Pay GST & file Form GSTR 3B for Aug-Dec 2017 notified

. Payment of taxes for discharge of tax liability as per FORM GSTR–3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the said Act

article author One Roof Consultant

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


GST FAQ on Queries relating GST receiving from various sectors

-Time of supply of service has been explained in section 13 of CGST Act. The supplier of service will have to issue a tax invoice within 30 days of supply of service (the measurement is finalised by the departmental engineer or service provider whichever is earlier.)in case of reverse charge , government department will raise invoice accordingly [refer section 13(3)].

article author CA Chirag Chauhan

Posted On:  5 months ago


GST FAQ on E-commerce

Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network.

article author CA Chirag Chauhan