Posted On:  2 days ago


Appeals and Review Mechanism under GST

Tax laws (or any laws, for that matter) impose obligations. Such obligations are broadly of two kinds: tax-related and procedure-related. The taxpayer’s compliance with these obligations is verified by the tax officer (by various instruments such as scrutiny, audit, anti-evasion, etc.), as a result of which sometimes there are situations of actual or perceived non-compliance.

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:  3 days ago


Statement of Outward Supplies (GSTR-1) in GST

FORM GSTR-1 is a statement of the details of outward supplies (i.e. sales of goods or provision of services) of goods or services or both. The details filed in table of this statement are to be communicated to the respective recipients of the said supplies. The details of outward supplies shall include details of invoices, debit notes, credit notes, advances received, advances adjusted and revised invoices issued in relation to outward supplies made during any tax period

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 Multiple taxes levied and collected by the Centre and States have been replaced by one tax called Goods and Services Tax (GST).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


Accounts and Records in GST

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self assess the taxes payable and furnishes a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation.

article author One Roof Consultant

Posted On:  7 days ago


What you can expect from Budget 2018? Send us your budget expectation

Finance Minister, Arun Jaitley, has a big task after demonetisation and GST to present last budget with an eye on general elections in 2019. Following are some of expectation

article author CA Chirag Chauhan

Posted On:  1 week ago


Input Service Distributor in GST

Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD.

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


GST on advances received for future supplies

Time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the said provisions, the time of supply is determined with reference to the time when the supplier receives payment with respect to the supply as well as a few other references like issue of invoice, receipt of goods etc. In general, the time of supply is earliest of issuance of invoice or receipt of payment.

article author One Roof Consultant

Posted On:  1 week ago


Time of Supply in GST

In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply. GST law has provided separate provisions to determine the time of supply of goods and time of supply of services.

article author One Roof Consultant

Posted On:  2 weeks ago


Registration under GST Law

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.

article author One Roof Consultant

Posted On:  2 weeks ago


Latest updated 51 topics on GST by CBEC Download here

In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward

article author One Roof Consultant

Posted On:  1 month ago


How to File GSTR 1 returns Monthly and Quarterly before due date 31 December

Functionality to file Monthly and Quarterly returns has been provided in GST portal, for those tax payers whose value of clearance is less than or more than 1.5 Crore in current or previous financial year

article author CA Chirag Chauhan

Posted On:  1 month ago


How to pay advance income tax online

Advance tax is liable for those whose liability is more than 10,000 in a financial year. Advance tax is payable for all the taxpayers, Salaried freelancers & business man. This tax is mainly for those who received income from other sources apart from their salary. This tax is exempted for the senior citizens who are 60years & older & do not run a business.

article author CA Chirag Chauhan

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


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