Articles

PROCESS TO FILE GSTR 2

October 22, 2017

*STEPS TO FILE GSTR 2* 1. Log in to the GST portal with valid credentials (User Id, Password). 2. Navigate to the GSTR 2 home page through >Return Dashboard> Select Financial Year(2017-18) and Return Filing Period and click on Search button> Click on PREPARE ONLINE option on GSTR 2 tab. 3. You will find 12 tiles […]

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Cases Where Input Tax Credits Not allowed

June 3, 2017

Input Tax Credits Not allowed in Following Eleven Circumstances as per Section 17(5)- 1. Motor Vehicles and other Conveyances except when such Vehicle used for – (a) Sale of Such Vehicles or conveyance; (Like Car Dealers) (b) Transportation of passengers; or (c) Imparting training on driving, flying, navigating such vehicles or conveyance; (d) Transportation of […]

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Rules on E-way Bills

May 26, 2017

E-Way Bills as Per New GST Rules 1) E-Way Bill will be required for movement of all goods, whether *within the state or across states*. E-way bills is even required for transport of *goods outside the GST ambit*, for example *exempt goods like agricultural products*. 2) *Entire process requires participation by* Supplier, Transporter and Recipient. […]

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LOOK AT NEW FILING STATEMENT OF FINANCIAL TRANSACTIONS

May 23, 2017

*STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It’s applicable on Professionals & all assesses liable to Tax Audit also* 1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of Financial Transactions (SFT). 2) The DUE DATE for filing first such SFT is 31.5.2017. 3) By May 31, business establishments, […]

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GST Rates for Pharmaceutical Products

May 19, 2017

GST Rates for Pharmaceutical Products : 1. NIL for Human Blood and its components 2. NiL for All types of contraceptives 3. 5% for Animal or Human Blood Vaccines 4. 5% for Diagnostic kits for detection of all types of hepatitis 5. 5% for Desferrioxamine injection or deferiprone 6. 5% for Cyclosporin 7. 5% for […]

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GST RATES ON SOME IMPORTANT GOODS AND SERVICES

May 19, 2017

The GST (Goods and Services Tax) Council on Friday finalised tax rates for services. Education and healthcare have been exempted from the GST regime India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under a new sales tax which should be rolled out on July 1,” Finance […]

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FIRST OUTCOME OVER GST RATES

May 18, 2017

GST RATES Clearing air over the GST rate slabs, Revenue Secratery Hasmukh Adhia said: “Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be taxed above 18 per cent.” Sugar, Tea, Coffee (except Instant) and edible oil to fall […]

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Important aspect to understand Place Of Supply of Goods – GST

May 15, 2017

Understand Place Of Supply of Goods 1) Place of Supply is very important to determine – whether a transaction is a intra-state sale or inter-state sale. And accordingly SGST, CGST & IGST will be determined. 2) Situation for determining Place Of Supply of Good- A) Where the supply involves movement of goods – Place of […]

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GST Impact On Home Buyers

May 10, 2017

1) *Present Taxation Law*- – For Property less than 1 Crore- 75% abatement, therefore effective service tax rate is 3.75% – For Property more than 1 Crore- 70% abatement, therefore effective service tax rate is 4.50% – VAT is also charged by some states like Haryana and Delhi which varies from 1% to 5% – […]

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GST REQUIRES MANAGEMENT TO REVIEW PROCESSES

December 16, 2016

gst-update Is management aware what to do on GST? The Government of India’s has a stand to implement GST w.e.f. April 1, 2017. GST –being a composition of various taxes intended to simplify the taxation structure, will require deep understanding issues and consequent explanation to all stakeholders. Management should have answers on the few important […]

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