GST Registration - Q&A

  MJL co    28 July 2017 at 11:57

Mr. A Good Day, how are you? CA: Ahha. Hi Mr. A, I am doing fine, how about you? Mr. A: Doing Good, So today can you tell me about the registration requirement under GST laws? CA: Sure Mr. A, the persons who needs to be registered under GST are: i) Persons having aggregate turnover (taxa..

Posted in GST  0 comments |   28 Views

A significant variation in the Goods and Service Tax (GST) rates for the same product has created dubiety in the Confectionery Shops. Have you ever wondered, what is the difference between nurturing your taste buds with your favourite Jalebi, standing at the counter of your favourite Sweet shop v..

Posted in GST  0 comments |   46 Views

Ind AS-1 describes the framework for the presentation of the financial statements. In many ways, it is an accounting guideline written with the intent of paving way for the harmonisation of the accounting standards and the schedule III of the Companies act, 2013. While the ambit of AS-1, the counter..

Posted in Accounts  0 comments |   45 Views

Bird eye view of Exports under GST

  tarun jain    28 July 2017 at 11:40

The comprehensive dual Goods & Service Tax has been come into force from July 01, 2017. Multiple indirect taxes have subsumed into it. It will also have enormous impact on exports as well. However, export duty will be continued to be levied on export of goods. What is Exports? 'Export of g..

Posted in GST  0 comments |   47 Views

Conceptually GST is destination/consumption based tax i.e. person consuming the service/goods shall bear the burden of such tax and that revenue shall go to the corresponding state but no provision express this concept/ philosophy. However same was inherent and more adequately embodied in the prov..

Posted in GST  2 comments |   2219 Views

A couple of days back, emerging telecom giant Reliance Jio has announced that it will come up with its own 4G enabled feature phones to capture estimated $154 million feature phone market. The company announced that the customer needs to pay a sum of INR 1500 as an initial deposit and the company..

Posted in Accounts  4 comments |   1695 Views

Latest updates and progress in GST

  Bimal Jain    26 July 2017 at 11:11

No deduction of tax at source (TDS) under Income Tax on 'GST on Services' component The Central Board of Direct Taxes (CBDT) vide Circular No. 23/2017 dated July 19, 2017 clarified that wherever in terms of the agreement or contract between the payer and the payee, the component..

Posted in GST  8 comments |   5133 Views

UP E-Way Bill Analysis

  PUNEET GOYAL    26 July 2017 at 10:54

A. Process of online registration for E-Way Bill and download of online E-Way Bill. Particulars Registered person having GST No. Registered person having TIN but not having GST No. Unregistered Person Online Re..

Posted in GST  6 comments |   6270 Views

7 incredible steps to clear CA Exams

  Sanchit Jain    26 July 2017 at 10:54

About a week ago, the results of CA Final were announced. I was more than delighted when I checked my result and came to know that I had cleared the examination. The realization that I was finally a qualified Chartered Accountant, took its own sweet time to sink in.  Since then, a lot of stu..

Posted in Exams  5 comments |   5922 Views

Food Brands countrywide are abandoning their registered Trademarks to avoid 5%Trademark Tax imposed under the GST. With the advent of the new uniform tax regime called the Goods and Services Tax (GST) from 1st July, the tax rates stands revised. The entire range of goods and services are categori..

Posted in GST  3 comments |   892 Views

Role of Key Audit matters

  P.R. Sethuraman    26 July 2017 at 10:54

What are 'Key Audit Matters'? 'Key' is that, that is vital, essential, paramount and crucial to study and examine an issue to facilitate to take a right call on the issue. 'Key' is also a piece of metal cut into a special shape that is used for opening or closing a lock t..

Posted in Audit  0 comments |   508 Views

Goods and Services tax in India has several advantages and disadvantages. The impact of GST can be seen on every sector. Even the restaurants, hotels and other related industries are not exempted from the GST impact. According to the sources, the hotel and restaurant industry is presently loaded wit..

Posted in GST  3 comments |   2580 Views

What is composition levy under GST? The Composition levy is an ‘alternative method’ of levy of tax designed for small taxpayers whose turnover is up to a prescribed limit. The composition scheme under GST will be applicable to the registered taxable person whose aggregate turnover in ..

Posted in GST  9 comments |   3375 Views

We give below some of the important trigger points under Companies Act, 2013 for quick reference: Matter Sec. Rules Applicable to whom Applicable when Appointment of whole time CS 20..

Posted in Income Tax  0 comments |   1056 Views

GST - Returns

  MJL co    25 July 2017 at 10:47

Mr. A: Good Day Mr B, how are you? CA: Hi Mr. A, I am doing fine, how about you? Mr. A: Doing Good, So today can you tell me about what are returns requirement under GST? CA: Sure Mr. B, following are returns needs to be furnished under GST law by respective person: Fo..

Posted in GST  1 comments |   3444 Views

Arjuna (Fictional Character): Krishna, rainy season has come. GST is also applicable from 1st July. So, in the rain of GST which people are going to wet and how? Krishna (Fictional Character): Arjuna, in this rainy season at some places torrential rain is falling and because of this floods are co..

Posted in GST  2 comments |   5671 Views

Troubled with NOT getting GST compliant data from your clients? - uGST Billing solves the problem and helps you create a channel for steady revenue. uGST Billing is a the most useful GST Billing application capable of adding immense value in the entire GST ecosystem, thereby leadin..

Posted in GST  0 comments |   1126 Views

Central Board of Direct Taxes (CBDT) had issued Circular No 1/2014 dated 13.01.2014 wherein it was clarified that TDS under Chapter XVIl-B of the Income Tax Act, 1961 had to be deducted on the amount paid or payable without including Service Tax component, if service tax component com..

Posted in GST  7 comments |   5867 Views

GST - Composition Q&A

  MJL co    22 July 2017 at 15:28

Mr. A Good Day Sir, how are you? CA: Hi Mr. A, I am doing fine, how about you? Mr A Doing Good, So today can you tell me about the Composition scheme under GST? CA: Sure Mr. A, there is a provision of composition scheme under GST provide under Section 10. Any Person whose aggregate turnover (..

Posted in GST  17 comments |   11414 Views

Impact of GST on cab industries

  Karan Sahi    22 July 2017 at 12:21

Introduction: Nowadays people look for a cheap mode of travel, cabs services have made their service affordable to everyone. Taxis are an important part of our lives.  According to recently released TechSci Research report, 'India Radio Taxi Services Market Forecast and Opportunities, 202..

Posted in GST  8 comments |   6849 Views

Updated on : 28/07/2017 12:12:02

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