Goods and Services Tax (GST) collections in December (for sales in November) rose 11.6 percent year-on-year to Rs. 1,15,174 crore, the highest level since the July 2017 rollout of the indirect tax regime. The Finance Ministry said this has been the highest growth in monthly revenues in the last 21 months. “This has been due to the … Read More →
ACCOUNTING & TAXATION: Capital Gains Tax & GST on sale of Gold, Jewellery, Sovereign Gold Bonds & Gold ETF Capital Gains Tax and GST on sale of Gold, Jewellery, Sovereign Gold Bonds and Gold Exchange Traded fund (ETT) Thinking of selling gold during Novel Coronavirus pandemic to meet day to day expenses? check Capital Gains … Read More →
ACCOUNTING & TAXATION: Charitable & Religious Trusts – GST Implications With the introduction of Goods & Services Tax Act (GST), the taxability of various transactions in different sectors of the Industry has got changed. In this article, we will discuss about the impact of GST on organizations which works without profit motive i.e. for Charitable … Read More →
ACCOUNTING & TAXATION Impact of COVID 19 on GST Indian government chose complete lockdown as an important measure to protect human life’s from the rapid spread of COVID 19 outbreak. Besides human life which is the most important, nationwide complete lockdown has had a worst impact on the economic activities resulted into huge revenue loss … Read More →
ACCOUNTING & TAXATION: Concept of Time of Supply under GST GST is payable on supply of goods or services. A supply consists of elements that can be separated in time, like purchase order / agreement, despatch (of goods), delivery (of goods) or provision or performance of service, entry in the records, payment, and entry of … Read More →
ACCOUNTING & TAXATION: GST on Freight Charges in Import & amp; Export Transactions This article Covers GST on Freight Charges in Import and Export transactions i.e. Ocean Freight and Air Freight. For our discussion Ocean freight is divided into two types based on destination of goods/Cargo namely: -Ocean freight in respect to Imports of goods … Read More →
ACCOUNTING & TAXATION GST – Denying Refund of ITC not reflected in GSTR-2A- is it valid? Introduction: The spread of Corona Virus (COVID-19) has caused immense loss to the lives of people and impacted the trade and industry very badly in unprecedent manner. Government has announced various relief measures relating to statutory and regulatory compliance … Read More →
ACCOUNTING & TAXATION Detailed Analysis of Implications of GST on Real Estate Sector Article explains Implications of GST on Real Estate Sector. It explains GST when Builder Purchases a Land and Constructs flats for the purpose of Sale, Joint Development Agreement, Supply of Constructed Flats by Promoter to Land Owner, Supply of constructed Flat by … Read More →
GST and Taxation for MSMEs: While not everything went according to plan, there is no doubt that GST ultimately is suitable for SMEs. The impact of GST on different sectors of the economy has become a never-ending debate. GST and Taxation for MSMEs: The Goods and Services Tax (GST) was rolled out on July 1, … Read More →
ACCOUNTING & TAXATION GST on Real Estate Transaction Post and Pre 01.04.2019 GST on transactions under Real Estate Sector Outright Purchase of Land/Plots without tenants: – Situation where the promoter/builder purchase the plot/land on which they wish to construct their schemes, but this situation is very rare as this involves lot of working capital blocked … Read More →