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According to Section 17, the input tax credit is available only to the extent of the goods or services used for the business purpose or effecting taxable supplies including zero rated supplies as discussed earlier in Rule 42 & 43. Apart from the above, there are goods and services which are n..

Posted in GST  17 comments |   12918 Views

1. Facility of Generating E-way bill will be restricted if tax payer failed to file the returns for two consecutive tax periods Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once GST..

Posted in GST  21 comments |   8215 Views

Tax liabilities burn a hole every year in your savings. A massive chunk of your earnings is deducted from your account in the name of taxes. Majority of people try to hide their income sources or do not pay taxes, just to save that money. But, there are many ways in which you can reduce your tax lia..

Posted in Income Tax  19 comments |   7123 Views

Specific cases are mentioned under GST where no input tax credit shall be available to the applicant. We are going to discuss the ineligibility of input tax credit in the article with examples. Expenditure on which ITC is not available under GST 1. Motor vehicles & conveyances ITC is..

Posted in GST  36 comments |   6370 Views

Following circular has been issued on 1st  and 2nd Jan 2019 in order to provide the clarity on various matters including meaning of owner for E Way Bill Penalty purpose, Chargebility on courses conducted by IIM, Reverse Charge on Confiscated goods, Clarity on Composition to Regular Scheme ..

Posted in GST  1 comments |   6081 Views

GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions- 1. Threshold limit for goods: Effective from April 1, 2019, the GST exemption threshold has been raised from Rs..

Posted in GST  8 comments |   5379 Views

Definition may be comparatively easy to understand when it is being defined in the GST Act. It will most critical to understand the term when not defined in the Act and then used in Form/Returns with an Expectation by Govt to report the correct data and submit correct Returns by the registered perso..

Posted in GST  10 comments |   5361 Views

Dear Friends, from the last few months we have been consistently witnessing the errors and flaws in the ICAI evaluation procedure, ICAI question papers, and their marking system etc. Also, there were ongoing demands for correcting these flaws. Some of the eminent faculties come forward and take a bo..

Posted in Students  4 comments |   4950 Views

Single Cash Ledger. • All cash ledgers of each tax head (i.e. CGST, IGST, SGST/UTGST) would be combined into a single cash ledger. Comment - The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. Single Authority for Refund. &b..

Posted in GST  3 comments |   4778 Views

All about Section 44ADA

  Himanshu Gandotra    28 December 2018 at 11:28

SECTION 44ADA Section 44AD is a well-known presumptive taxation scheme available to individuals, HUF and partnership firms (not including limited liability partnerships) for declaring their income on a presumptive basis which is not less than 8% of total turnover declared for the financial year. ..

Posted in Income Tax  24 comments |   4700 Views

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