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  • New GST Return Filing Scheme-2021

    Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.

    Monthly GST returns of businesses giving summary of all transactions in the

  • Upcoming Amendments in GST- Full Version

    Recent notifications from CBIC dated 10th November 2020 tend to implement several amendments pertaining to returns to be filed by the registered persons. Being most of the taxpayers are choked with GST – annual returns, ITR filing, day-to-day business chores, etc. This article summarizes the amendments notified in a lucid way.

    For the better purpose of understanding, we have discussed the amendments one by one pertaining

  • Articles on RCM Expenses List Under GST

    Reverse Charge under GST is a very important topic. There are certain goods & services which attract reverse charge. However, this is not all.

    As per Sec 9(4) of CGST Act, if a registered person purchases goods/services from an unregistered dealer (URD) then the

  • Article on GST Provisions & Applicability to Professionals in the Legal Sector

    1. Legal service
    It means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. Examples of legal services may include representation before court, provide law advice, carrying out litigation and so on.

    Exemptions and other provisions in respect of Legal Services are used only in the context of

  • Article on GST Impact on Healthcare Industry in India

    Goods and service tax is a major factor which has a potential to cover the economic base of the country along with its sidelines also India is not just one of the biggest performing nations for generics, however additionally encountering a blast in remedial tourism which creates extra returns for the Healthcare Industry. India’s Pharmaceutical

  • FAQs on FORM GST ITC-04 Offline Utility

    1. What are the features of FORM GST ITC-04 Offline Utility?
    The Key Features of FORM GST ITC-04 Offline Utility are:
     The ITC-04 details can be prepared offline with no connection to Internet.
     Most of the data entry and business validations are in-built in the offline tool reducing
    errors upon upload of file on the GST

  • GST on Tour Operative Services

    Definition of Travel agents and Tour operators
    “Travel agents” or “Tour operator” are the person who is engaged in the business of planning, organizing, scheduling or arranging tours that also includes the accommodation along with the mode of transportation. Tour Operators are defined based on the entry No. 23 of notification No. 11/2017-Central Tax (Rate).

    Tour Package is the total booking mainly done by modern tour operator

  • GSTR-4: Return Filing, Format, Eligibility & Rules


  • Article on Reversal of ITC after legal availment under GST

    While paying taxes to the Government, businesses can use the credit of GST paid on the purchases like raw materials/services used for manufacturing or selling products. It is known as an Input tax credit (ITC). If the input tax credit is wrongly claimed, then it should be reversed by making payment to that extent next month.

    FAQ On Valuation in GST

    Q 1. What is the value of taxable supply to be
    adopted for the levy of GST?
    Ans. The value of taxable supply of goods and services shall
    ordinarily be ‘the transaction value’ which is the price paid
    or payable, when the parties are not related and price is the
    sole consideration. Section 15 of the CGST/SGST Act

  • GST, Income Tax, DGFT, FEMA, Customs Updates


  • Tips for extra edge in examination- Nov CA Final 2018

    For practical papers practice more sums. Do not simply do audit of the sums. Ensure practice of the sums maximum no of times. The key is the adjustment is to be given due importance. After doing sums fully till understanding, again and again adjustment, assumption alone is to be practiced. In practical subjects also theory is important and very easy to score providing by taking steps. With regard to accounting focus on accounting

  • Article on Impact of GST on Textile Industry

    The Indian textile industry provides employment to a large number of skilled and unskilled workers in the country. It contributes about 10% of the total annual export, and this value is likely to increase under GST. GST would affect the cotton value chain of the textile industry including all garments for men and women like shirts, trousers, saree, apparels, shoes

  • GST Compliance Relief Measures and Clarifications- Guide & FAQs

    Circular No: 141/11/2020 dated 24 June 2020

    The clarifications given in this circular pertain to CGST notifications 51/2020 and 52/2020, as follows:

    GST rate for over 1,800 goods and services


    Electrical machinery and equipment and parts thereof; sound recorders and re-producers, television image and sound recorders and reproducers, and parts and accessories of such articles

  • Details on HSN Code of Medical Supplies used in Corona virus Treatment

    With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have  increased drastically. Even everyone in the finance field like

  • Handbook on GSTR-10

    1. What is GSTR-10?

    A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called as final return.

  • Article on E-Commerce under GST

    Meaning of Electronic commerce-means the supply of goods or services or both including digital products over digital or electronic network.

    Electronic commerce operator means- any person who owns, operates or manages digital or electronic facility or platform for electronic

  • Article on GST Impact on Hotels & Restuarant

    After the implementation of GST, the GST Council announced the GST on hotels and GST on Restaurants. The GST Council determines the GST Rates for all the goods and services is determined by the GST Council in India. GST Council consists of members from the Central Government and State Government to regulate all aspects of GST implementation and administration in India. With GST set to be implemented in India from 1st July 2017, GST

  • Guidelines For Common Errors made while Filing GST Returns & How to avoid them!

    1. Errors while uploading data invoice-wise in GSTR-1
    GSTR-1 requires that invoice-wise data be uploaded of all outward supplies such as invoice date, invoice number, place of supply, rate of tax, etc. Due to the vast amount of data to be submitted, taxpayers sometimes make