We, the Marwaris of India, traditionally either traders or (Chartered) accountants, are inherent of 'adjustive' nature. We adjust well with native people wherever we settle and we are also good in making book adjustments! It is another matter that due to our book adjustment skills, demonetiz..
GST is expected to be implemented from July 2017 as of now. Postponement if any would only be announced in last week of June. GST was supposed to reduce the disputes. In Central Excise classification disputes which were numerous in 1990s disappeared when majority of products in one ..
As India progresses towards introduction of GST w.e.f 1 July 2017, with the GST Council releasing the rates on goods and services, taxpayers are gearing up and finalising the GST impact analysis on various facets of their business.
One of the key areas which merit consideration is the taxability ..
I. Time limit to issue tax invoice
A. In case of supply of goods
i. The tax invoice in case of supply of goods shall be issued either before or at the time of removal where supply involves movement of goods within a state or outside the state.
ii. In cases other than covered above, where go..
(Analysis of latest notification no. G.S.R. 501 (E) dated 23th May 2017 issued in supersession of Gazette Notification No G.S.R. 180 (E) of Government of India dated 17th February, 2016)
Government includes non-tech companies under start-ups
Entities having a scalable business model, which has..
Some of the noticeable provisions on NBFCs under GST are as under:-
1. Services provided are taxable at 18% GST Rate (Earlier 15% Service Tax).
2. Need to obtain State wise Registration where they have branches (Earlier Centralised Registration).
3. Inter-State supplies of services be..
Every taxable person registered under the GST Act has to furnish the details of sales/services provided, purchases/input services and tax paid and collected thereon by the filing of returns under the GST law. Before filing any return, payment of tax due is should be pre-determined else such re..
Hey Guys, It’s really chilling time now because CA exams are over few days ago. One may be engaged in some extra curricular activities where as someone may be roaming to various places, Obviously many of us must have get back to the pavilion. I mean must have joined offices also for Artic..
The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. Further, both would be levied..
Carry forwarding of existing ITC of the stock held on the appointed day is the first basic step that a business house needs to look into for a smooth transition into the GST regime. As the clock is ticking understanding the Transition Provisions and their implementation thereon is of the prime impor..
Q. 1 (a): CNC India Ltd. is engaged in the manufacture of machines. It has supplied one machine to M/s. Advaith India Ltd. At a price of Rs.11,25,000 (excluding excise duty & VAT). Cash discount @ 3% on price of the machinery is allowed to M/s. Advaith India Ltd. Further, following additional am..
Service Tax is a form of indirect tax levied by Central Government on services provided or agreed to be provided excluding certain services covered under the negative list and mega exemption list. The Service Tax has been levied through the Finance Act, 1994 and Service Tax Rules, 1994. Currently, t..
This article is a culmination of 3-4 year's rigorous activity of browsing internet sites and exploring www in the search of imperatives of today's corporate world.
I've visited numerous sites, read surveys (still do and will continue to do so) and jotted down the nitty-gritty's. I..
A Merger or Amalgamation is an arrangement whereby the assets of two or more companies become vested in one company (which may or may not be one of the original two companies). It is a legal process by which two or more companies are joined together to form a new entity or one or mor..
Understanding supply in GST with case studies
The taxable event in GST is Intra / Inter-state Supply of either goods / services. Let us first look at the definition of Supply as per Section 7 of Central Goods and Services Tax Act, 2017 (12 of 2017)
Supply includes -
(a) all forms of supply..
Chartered Accountants (CAs) keep a business running smoothly by validating finance of the organization at regular intervals. But, what if these CAs want to run their own business? They need capital. If a business is an engine, finance is its fuel. No business can flourish without the investment of t..
I. Provisions under the GST Act
Sub-sections (2), (4) and (5) of Section 25 specifies the following person as the distinct person:
(2) A person seeking registration under this Act shall be granted a single registration in a State or Union territory: Provided that a person having multiple ..
Tax Invoice: The tax invoice shall be issued in case of supply of taxable goods or services or both.
Bill of Supply: The bill of supply has to be issued instead of a tax invoice by the registered person supplying exempted goods or services or both or paying tax under the provisions of section 10 ..
Insolvency & Bankruptcy Code of India, 2016 (IBC) was enacted in May, 2016 and was notified in 2016. In the last 5 months since its implementation, there has been a steady progress, both in terms of number of cases filed and those admitted. The largest share of these cases is of thos..