Posted On:  1 month ago


On Blockage of Working Capital of Exporters

There are lots of apprehensions expressed in the media about the problem of blockage of working capital for exporters’ post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts

article author CA Chirag Chauhan

Posted On:  1 month 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


UTGST Rate on Works Contract Services provided to Govt. for non commercial purpose

A residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the Central Goods and Services Tax Act, 2017.

article author One Roof Consultant

Posted On:  1 month ago


On Branded Food Products & amp.; Actionable Claim

The GST Council, in its 21st meeting held on 9th September, 2017at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc.

article author CA Chirag Chauhan

Posted On:  1 month ago


CBEC reduces CGST rate on specified supplies of Works Contract Services

CBEC Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) dated : 21st September, 2017

article author One Roof Consultant

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


GST: Clarification on one third deemed deduction on transfer of Land

Real Estate projects based on Joint Venture Agreements entered into by a Developer and a Land Owner, if otherwise legal and proper as per the governing laws, are also eligible for the deemed deduction as specified in para 2 supra. However the said deemed deduction is not available for units transferred to the Land Owner by the Developer.

article author One Roof Consultant

Posted On:  1 month ago


Constitution of National Anti-profiteering Authority under GST

The Rules on anti-profiteering are contained in Chapter-XV (Rule 122 to Rule 137) of the Central Goods and Services Tax Rules, 2017 (Rules). As per Rule 122 of the Rules, the National Anti-profiteering Authority (NM) shall, apart from a Chairman, consist of four Technical Members who are or have been Commissioners of State Tax or Central Tax or have held an equivalent post under the existing law, to be nominated by the GST Council.

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


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:  1 month ago


GST on Co- operative housing societies- Simplified

This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicability to Housing Societies

article author Anita Bhadra

Posted On:  1 month ago


No additional burden on Home buyers under GST

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law. as explained below.

article author CA Chirag Chauhan

Posted On:  1 month ago


CBEC notifies rules for filing Revised GST TRAN-1

Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN–1 after the statement in FORM GST ITC–03 has been furnished.”;

article author One Roof Consultant

Posted On:  1 month ago


Registration exemption for ‘Inter-state Supply of Handicrafts’ notified by CBEC

The persons making inter-State taxable supplies mentioned in the preceding paragraph shall be required to obtain a Permanent Account Number and generate an e-way bill in accordance with the provisions of rule 138 of the Central Goods and Services Tax Rules, 2017.

article author One Roof Consultant

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 on Charitable and Religious Trusts

The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities which would be within the ambit of GST.

article author CA Chirag Chauhan

Posted On:  1 month ago


MGST: Waiver of late fee for registered persons who have not filed GSTR-3B

Waiver of late fee for all the Registered persons who have not filed GSTR-3B within due date for the month of July 2017

article author One Roof Consultant

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:  2 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:  2 months 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