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 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 – 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 GST on Individual Advocates including Senior Advocates and Firm of Advocates Advocates has privilege of not to pay GST on their output supply, while the taxes on their supplies has to be paid by recipient under Reverse Charge Mechanism (RCM). In this write up, I made a try to answer the questions … Read More →
ACCOUNTING & TAXATION Relief for Compliance Related to GST in Tax Audit Report The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST) in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope … 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 →
ACCOUNTING & TXATION When GST Refund not available for Exporters Under section 16 of IGST Act 2017, exports are considered as zero rated supplies. Zero rated supplies mean where the GST burden on both inputs and outputs is zero. This is mainly to make Indian Goods and Services competitive in the international market. GST Act … Read More →
IMPORTANT POINTS ON 39TH GST COUNCIL MEETING HELD ON 14TH MARCH 2020 Important points on 39th GST Council Meeting explains decisions related to Interest on delayed payments, Deferment of the new GST return system and e-invoicing, Changes in the GST rates, Deadline of GSTR-9 and 9C, Know your supplier, Waiver and Extension of due … Read More →