Articles by Ravi Kumar Somani

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Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does n..

Posted in GST  9 comments |   5553 Views

Transitional provisions have been prescribed in the GST law which provides tax treatment for transitional matters like spill over transactions, transitional credits etc. It allows existing taxpayers to transfer the input tax credit available as closing balance in the existing tax returns to the GST ..

Posted in GST  12 comments |   12022 Views

It is seen that industry, trade and professionals have been facing various issues in filing of GST Returns and transitional forms. Therefore, this article is written to provide as a ready reckoner to those involved in filing of GST returns to understand the issues and also solution to resolve the sa..

Posted in GST  2 comments |   2574 Views

1) Availability of Transitional credit for Traders: It is seen that based on the concerns raised by various exporters, government has immediately acted upon and created a mechanism in GST portal enabling exporters to claim refund of the taxes paid. This step has been widely appreciated and expor..

Posted in GST  4 comments |   7092 Views

1) Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before the commencement of such movement. 2) When to submit: If the consignment value of such..

Posted in GST  13 comments |   10306 Views

Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id's, ..

Posted in GST  18 comments |   10646 Views

GST Issues on MSME Sector

  Ravi Kumar Somani    25 April 2017 at 11:04

Medium Small and Minor enterprises contributes approximately 37% of our Nations GDP. Any negative implication of GST on this segment can directly knock off the player from the competitive business market. This article tries to put forth various issues that this industry could face due upon passage G..

Posted in GST  4 comments |   2385 Views

Introduction: Banks are registered under service tax in the category of 'Banking and Financial Services'. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers. However, one of the major reven..

Posted in Service Tax  1 comments |   780 Views

Impact of GST on procurements

  Ravi Kumar Somani    07 March 2017 at 11:14

GST is not just a tax reform but it is a business reform. It shall change the way in which business processes are performed and the way in which the business transactions are undertaken. Although, GST will bring with it, both positive and negative aspects. However, the organizations that will plan i..

Posted in GST  2 comments |   4144 Views

India is committed to implement Goods and Service Tax (GST). GST is expected to be implemented from April 2017 or a little later. The tax system is currently in the drafting stages with a few undecided issues holding up the agreement between the states and the Centre. The implementation of GST does ..

Posted in GST  1 comments |   3138 Views

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