Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse charge means the liability to pay tax is on the recipient of supply of […]
What is GSTR 3B? GSTR-3B is a simple form prescribed by government which needs to be file by every registered person from July’17 to Mar’18. Hence an every registered person is mandatorily file GSTR 3B before its respective due date. Data in GSTR-3B has to be provided in a consolidated manner i.e. the consolidated amount […]
All about Composition Scheme 1. What is Composition Scheme? 2. What is the specified rate of composition levy? 3. Who are the persons not eligible for composition scheme? 4. Return to be filed by Composition Dealer 5. Forms regarding registration and withdrawals for the composition dealer 6. Can Tax Invoice be issued by a […]
GST e-way bill is an electronic bill which will be required for the movement of goods in case the value of the goods is above 50 thousand rupees. The bill can be generated from the GSTN portal and every registered taxpayer must require this e-way bill along with the goods transferred. GST E-Way bill […]
GUIDE FOR TDS UNDER GST Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier. It is similar to “pay […]
The GST Council in its 23rd meeting in Guwahati has decided to increase the threshold for composition scheme once again to Rs 1.5 crore and also decided to amend the law to increase the statutory threshold to Rs.2 crore. Amendment will be made in the law accordingly. “There has been an increase in the threshold […]
In a major impetus to promoting sports in the country, the GST Council in its 23rd meeting held at Guwahati on 10th November, 2017, has exempted the import of specific sports goods by sports persons of outstanding eminence from the ambit of Integrated Goods and Services Tax (IGST). Expressing his gratitude, Minister of State (I/C) […]
Goods and Services Tax, or GST! This seems to be the word everyone is treating with complete trepidation. There is still a lot of uncertainty and wariness in what the next will bring, and what all changes need to be made. Here is a look regarding changes made in GST rates with respect to restaurants: […]
The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has recommended the following facilitative measures for taxpayers: Return Filing a)The return filing process is to be further simplified in the following manner: All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, […]
The GST Council has decided that all restaurants will not attract GST at a rate of five per cent and will not be extended any input tax credit. Effectively, it will be a universal composition scheme in the restaurant sector, said Finance Minister Arun Jaitley during a press meet after the Council meet today. The […]