GST

GST

AUDIT UNDER GST ACT 2017

RJA 22 Feb, 2018

Under GST Audit would be done in Two Ways: Section 65 (compulsory audit by tax authorities) Section 66 (special audit by chartered accountant or cost accountant) What is an Audit? As per Section 2(13) of CGST Act, 2017’audit’ means the examination of records and other documents maintained or furnished by the ...

GST

E-Way Bill under goods and services tax

RJA 31 Jan, 2018

E -way bill E-way bill is an electronic way bill for movement of goods which can be generated on GSTN portal. E-way bill contains the details of transported goods besides the name of consignor and consignee of such goods. It is the evidence of genuineness of supply of goods from ...

GST

Resident Welfare Association/ Housing Society under GST

RJA 19 Jan, 2018

Registration requirement If the aggregate turnover of such RWA is upto Rs.20 Lakh in a financial year, then such supplies would be exempted from GST even if charges per member are more than Rs. 7500 Exemption Limit RWA shall be required to pay GST on monthly subscription/contribution charged from its ...

GST

Everything You Need to Know About Continuous Supply of Goods Under GST

RJA 11 Jan, 2018

When certain goods are being supplied on a recurrent basis, it comes under a continuous supply of goods scheme which can be under a contract of three months or more. Certain types of supplies can be mentioned by the Government to be continuous. The GST invoices therefore for such services ...

GST

How GST registration works for service providers

RJA 10 Jan, 2018

Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting. Turn Over limit remains same for service providers as well Service providers to register for GST must have a turnover of Rs.20 lakhs or more per annum in all states ...

GST

TAX INVOICE IN GOODS AND SERVICE TAX

RJA 07 Jan, 2018

Invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and delivery and payment terms. A registered person must issue ...

GST

GST Registration Made Easier

RJA 06 Jan, 2018

GST or General Sales Tax takes care of all intermediate taxes like service tax, sales tax, excise duty and so on into a composite whole tax so that paying taxes at each level can be avoided. GST registration is mandatory for all whose annual sales are more than 20 lakhs. GST ...

GST

E-COMMERCE PLATFORMS UNDER GST

RJA 06 Jan, 2018

E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, internet or online social networks. MEANING OF E-COMMERCE IN GST The Chapter defines an ‘electronic commerce operator’ to mean a person who owns, operates or ...

GST

HOTEL INDUSTRY UNDER GOODS AND SERVICES TAX

RJA 04 Jan, 2018

Goods and Service Tax (GST) is a destination based consumption tax which is a levy of tax on all goods and services with the objective of expanding the tax base through wide coverage of economic activities , mitigating the cascading effect , reduction of exemptions , enable better compliance etc. thereby resulting into ...

GST

QUICK REVIEW ON E-WAY BILL

RJA 03 Jan, 2018

E -way bill E-way bill is an electronic way bill for movement of goods which can be generated on GSTN portal. E-way bill contains the details of transported goods besides the name of consignor and consignee of such goods. It is the evidence of genuineness of supply of goods from ...

GST

REGISTRATION OF GST MADE EASIER FOR SERVICE PROVIDERS

RJA 01 Jan, 2018

GST Registration for Service Providers Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting. Turn Over limit remains same for service providers as well Service providers to register for GST must have a turnover of Rs.20 lakhs or ...

GST

THRESHOLDS AND ELIGIBILITY CRITERIA OF MONTHLY GST RETURN IS TURNOVER EXCEEDED 1.5 CR AND DUE DATE OF RETURN

RJA 12 Dec, 2017

Thresholds and eligibility criteria mentioned by the India Government is to boost up and benefit the small and medium enterprises (SME’S). These SME’S will contribute to country’s GDP and will help in eradicating the unemployment. The taxpayers whose aggregate turnover during preceding financial year ...

GST

SAC CODES FOR LEGAL AND ACCOUNTING SERVICES

RJA 27 Jul, 2017

Heading no. 9982   Legal and accounting services  Group 99821   Legal services         998212 Legal advisory and representation services concerning other fields of law.   998213 Legal documentation and certification services concerning patents, copyrights and other intellectual property rights.   998214 Legal documentation and certification services concerning other documents.   998215 ...

GST

GST IMPACT ON REAL ESTATE

RJA 07 Jul, 2017

The new Goods and Services Tax regime charges under-construction properties at 12% with reduce logistic costs. It also provides for a simplified tax structure for buyers and input tax credits that allow builders to increase profit margins as well as transfer benefits of the same to buyers. The Goods and Services ...

GST

SALIENT FEATURES OF NEW PROPOSED GST SYSTEM IN INDIA

RJA 22 May, 2017

SALIENT FEATURES OF NEW PROPOSED GST SYSTEM IN INDIA : In keeping with the federal structure of India, it is proposed that the GST will be levied concurrently by the central government (CGST) and the state government (SGST). It is expected that the base and other essential design features would be ...

GST

LATEST NEWS FROM THE GST COUNCIL – FINAL GST RATES STRUCTURE IN INDIA

RJA 22 May, 2017

LATEST NEWS FROM THE GST COUNCIL – FINAL GST RATES STRUCTURE IN INDIA We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. According to the latest news from the GST council, the tax structure for common-use goods are as under. GST Rates Structure Tax Rates Products 5% Edible ...

GST

VALUATION OF SUPPLY UNDER G.S.T

RJA 09 Apr, 2017

If the recipient and supplier of Goods/Services are not related then the price actually paid or payable is taken as value of good/services. The transaction value shall be accepted even where the supplier and recipient of supply are related, provided that the relationship has not influenced the ...

GST

Overall Impacts Of GST

RJA 28 Dec, 2016

One of the most emerging taxes of the future that is added on consumption goods and value added basis is the Goods and Services Tax (GST). From now one cannot distinguish between the ‘Dual GST’ that is going to be imposed on goods and services. The tax will ...

GST

GST Impact on Tea industry

RJA 27 Dec, 2016

The two tea associations i.e. the Indian Tea Association (ITA) and the United Planters’ Association of Southern India (UPASI) are worried about the GST rates. They believe that if the GST rates, which will be announced soon, are higher than the present VAT rates which are between 5-6 ...

GST

Impact of GST on Pharmaceutical Sector

RJA 26 Dec, 2016

The current tax structure of our country contains many complications because of the multiplicity of taxes, tax surging, and large number of necessary responsibilities. In order to create a more uncomplicated tax structure various Indirect taxes have been incorporated in the GST. In the GST act, there has been given ...

GST

Impact of GST on Textile Industry

RJA 24 Dec, 2016

The textile industry and especially the cotton value chain are going to be affected negatively by the changing GST rates. Although the GST rates are not announced yet it is likely to bring a great change. Dr. Arvind Subramanian Committee has recommended putting down the rate by 12%. Presently, the textile ...

GST

Impact of GST on Telecom Industry

RJA 23 Dec, 2016

The industry has been transformed in a great way with the model draft of the GST law. It has changed the modern industry due to ease of registration, seamless credit flows and a tax approach which is united in nature. The industry and the government of the state need to ...

GST

Impact Of GST On Real Estate Industry

RJA 22 Dec, 2016

The indirect taxes which are received from the Real Estate Sector are to be soon combined together under the GST regime. There are several reasons as to why the Real estate Sector is to be made a part of the tax base for the GST rates. They are as follows: 1: ...

GST

GST Impact On Tourism Industry

RJA 21 Dec, 2016

Initially, the impact of GST is sure to affect the hospitality industry, which is an important part of the tourism industry. However, it may prove to be beneficial for the industry in the long run. The benefits are expected to seek under GST regime, R&D cess to be ...

GST

Impact of GST on the Power Sector

RJA 20 Dec, 2016

India staged a decision to implement GST (unified Good and Services Tax), which was proposed almost 30 years ago, after obtaining nod from both the upper and lower houses.  The uniform tax is helpful for the tax payers across the nation. The new tax law considering including Countervailing duty, VAT, ...

GST

GST Impact on manufacturing sector

RJA 19 Dec, 2016

Countries which are developing are economically sustained in a major way by the manufacturing sector of the particular country. But though all other developing economies have a surging progression in terms of the manufacturing sector, India is a way behind. The topographical and the demographical position of India are promising ...

GST

GST Impact on Logistics Industry

RJA 18 Dec, 2016

As soon as the Goods and Services Tax bill was given a green signal by the parliament, there was a moment of ecstasy for the Indian businesses. The introduction of the GST was to ensure that a uniform tax structure in the country prevails by eliminating the multiple layer taxation ...

GST

GST Impact On Automobile Sector

RJA 17 Dec, 2016

There is a complex system of tax existing in our country due to the multiplicity of taxes, elaborate compliance obligations and cascading of tax. There exist a lot of complex structures in the automobile industry. It might be the longer investment cycle, development of vendors/ part makers, substantially outsourced processes, ...

GST

GST Impact on Energy Sector

RJA 16 Dec, 2016

If the economy needs to grow then one of its main drivers is the energy sector which, however, is currently affected by policy paralysis and regulatory hurdles. The biggest issue of indirect taxes that eat into the profits in this sector has sadly continued into the Goods and Services Tax (...

GST

GST Impact On E-Commerce Sector

RJA 15 Dec, 2016

The most important and painful point of the e-commerce industries is the provision relating to taxes collection at the source. The e-commerce in India is hindered with the host of taxes such as the VAT, CST, and service tax, TDS with one or more taxes applicable for the single transaction. ...

GST

Impact of GST on Importers and Exporters

RJA 12 Dec, 2016

The implementation of the General Sales tax bill has been delayed by our Finance Minister. Due to this, there is a constant amount of anxiety that is prevailing among the people running the export-import business in India. With the help of this article we can get a clear picture of ...

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