All posts by: Arti Agarwal

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What is the Threshold Limit Under GST?

As we know, that for taking the benefit of GST and for charging GST, it is compulsory to take registration under GST. GST was introduced and implemented from 01st July’17, since than there have been several changes in the threshold limit under GST. Due to continuous amendments in the law, a lot of confusion has […]

by in GST Update

How to Calculate Aggregate Turnover in GST?

Do we require to get registered under GST? This is the question which came into the mind whenever you start or run any business or profession. So, the basic criteria for registration under GST are threshold limit. A business whose aggregate turnover exceeds Rs. 40 Lacs has to mandatorily register under GST. This limit is […]

by in GST Update, Input Tax Credit

ITC Rules for Common Credit under GST

Many of the businesses use same services and goods commonly for business and personal purpose, simultaneously same inputs are commonly used for providing taxable as well as non-taxable goods. But ITC is only available on those inputs which are used for business purpose and for taxable supply. Let’s understand with the help of following example: […]

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Non filing of GSTR1 – Restriction on ITC claim upto 20% with Example

In some cases, it came to the notice of department that some of the assesses were taking wrong input tax credit without any proper documentation and declaration, simultaneously invoices corresponding to that ITC were not reflected in GSTR2A due to non filing of GSTR-1 by seller. For curtailing this wrong practice, government introduced a new […]

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What is the difference between Circular and Notification

  What is a Notification? A notification is a public notification in the Official Gazette and is issued in exercise of certain power derived from a legislative enactment or provision. It may relate to applicability of the legislation or any other variables. In several enactments, we see phrases such as “as may be prescribed”. These […]

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Computation of Short Term & Long Term Capital Gain on sale of property

    Any gain or loss arises on sale of a capital assets is termed as Capital Gain. Since, real estate is a capital assets, hence, If we sale any real state property, capital gain arises. It may be long term capital gain or short term capital gain under Income Tax. Classification of the capital […]

by in Inventory Management

Inventory Management using Bar Code Scanner

If you are searching for this article than definitely you are looking for implementation of Bar code printing and scanning system in your business. Keeping a track of your inventory while it passes through different stages of supply chain is very crucial for running your business seamlessly. In this article we will discuss in detail […]

by in GST Update

Tax Deducted on Source (TDS) Under GST @2% (With Examples)

TDS @ 2% is required to be deducted on payment made to the supplier of goods and services where contracted value exceeds Rs. 2.5 Lakh. TDS Provisions are effective from 01st Oct, 2018 via Notification No. 50/2018-Central Tax dated 13th Sep 2018. Section 51 of CGST Act, 2017 provides the provision of Tax deducted at […]

by in GST Update, Uncategorized

Pure Agent Under GST/GST on Reimbusement- Valuation of Supply Rule Under GST In Case of Pure Agent

  For creating an understanding of Pure Agent first we need to understand who is Agent? The GST Act defines an “Agent” as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt […]

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Issues under GST regarding Principal- Agent Relationship

Schedule I of CGST Act, 2017 specify that supply of goods made by principal to his agent and vice versa will be treated as supply even if it is made without consideration. So for understanding the above provision of GST first we will understand the criteria as per which transactions between principal and agent will […]