Followed by our presentation on 'New GST return and E-invoicing' held on 07 Feb 2020, we would also like to highlight a few points regarding the e-invoicing and new GST return system which will help in taking appropriate steps for being ready on 1 April 2020
Madras HC Rules Interest Liability Arises Only on Cash Remitted for Discharge of Tax Liability
GST registration enables small taxpayers to either pay the Goods & Service Tax under composition scheme or a regular scheme.
CBIC asked the tax officers to collect tax on the Gross Tax Liability. Post this the taxpayers raised concerns that the interest should be calculated on the net tax liability as proposed in the Union Budget by the FM by way of amendment in Section 50 of the CGST Act, however, the CBIC clarified that the effect of such amendment will be prospective.
GST audit will apply every year for those GST registered business having turnover more than 2 Cr. Every taxable person whose turnover during the financial year exceed prescribed limit( 2 Cr).
The Goods and Service Tax Act is full of flaws. Taxpayers are dealing with new problems every day. Here are the 21 big mistakes in GST.
Canteen services provided by an employer to its employee is taxable under GST. The employer can pay GST @5% on such services without taking ITC on inputs of such services. However, this rate is under dispute. Therefore, it is advisable to charge GST @18% & take ITC on inputs.
A few suggestions on GST Simplification procedure has been mentioned below in this article.
Pure Agency (The different dimensions of application of GST Provisions on transportation services provided by a Pure Agent)
All about Composition scheme in GST
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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