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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Who is Principal? Who is Agent? Taxability under GST Agent of the principal is one who carries on the business of supply or receipt of goods or services or both on behalf of another person, being the principal. The agent functions as an extended arm of the principal and therefore, supplies (inward and outward) effected […]
On September 20, 2019, the Ministry of Finance (MoF) conducted the 37th GST Council Meeting in Goa. The meeting primarily focused on recommendations to law and procedure, GST rates on goods, GST rate on services and corporate taxes for domestic companies. It also focused on changes to GST rates, ITC eligibility criteria, exemptions and clarifications. […]
To determine the residential status of an individual, the first step is to ascertain whether he is resident or non-resident. If he turns to be a resident, then the next step is to ascertain whether he is resident and ordinarily resident or is a resident but not ordinarily resident. The taxability of an individual in […]