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  • Inter-State supplies under Model IGST Law – Treatment of FOR & Ex-works supplies

    One of the many disputes that have continued to exist in the present regime of taxation of sale of goods
    are the disputes pertaining to determination of the nature of transaction as inter-State sale subject to Central
    Sales Tax or local sale subject to VAT. Such disputes especially arise when assessee in a State sells goods to a
    buyer located in a different State.

  • Simple Guide to GSTR 9 (Revised) with Easy Online Return Filing Process

    The GSTR 9 is an annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. Here, SAG Infotech briefs all the details and rules and regulations for GSTR 9 online filing along with step-by-step compliance procedure.

    Get to know all the related information of GST return 9 annual filing procedure, format, eligibility &

  • Gist of Recent GST Notifications dated 4th & 10th September 2018

    A. Gist of Notifications dated September 4th, 2018 issued under Central Goods & Services Tax Act, 2017-

    CBIC issued Notification No. Notification No. 39/2018 – Central Tax to Notification No. 42/2018 – Central Tax and notified Annual GST Return 9 for all eligible Taxpayers and 9A for Composition Dealers. In addition to that it extended due date for filing of ITC-04, Waived Late Fees for GSTR-3B,

  • How to make Payment of Form GST FORM DRC 03

    How can I make payment against the liability (tax, interest, penalty and others) based on self-ascertainment of tax before issuance of SCN or within 30 days of SCN under determination of tax?
    To make payment against the liability (tax, interest & penalty) based on self-ascertainment of tax before issuance of SCN or within 30 days of SCN under determination of tax, perform following steps:

    1. Access the www.gst.gov.in URL.

  • Question & Answers of Goods and Services Tax (GST)

    Q 1. What is Goods and Services Tax
    Ans. It is a destination based tax on consumption of goods
    and services. It is proposed to be levied at all stages right
    from manufacture up to final consumption with credit of
    taxes paid at previous stages available as setoff. In a
    nutshell, only value addition

  • FAQ on Levy of and Exemption from Tax- GST

    Q 1. Where is the power to levy GST derived from?
    Ans. Article 246A of the Constitution, which was
    introduced by the Constitution (101st Amendment) Act,
    2016 confers concurrent powers to both, Parliament and
    State Legislatures to make laws with respect to GST i. e.
    central tax (CGST) and state tax (SGST) or union territory

  • FAQ on GST Payment of Tax

    Q 1. What are the Payments to be made in GST
    Ans. In the GST regime, for any intra-state supply, taxes to
    be paid are the Central GST (CGST), going into the account
    of the Central Government) and the State/UT GST (SGST,
    going into the account of the concerned State Government).
    For any

  • FAQ on Electronic Commerce

    Q 1. What is Electronic Commerce?
    Ans. Electronic Commerce has been defined to mean the
    supply o f goods or services or both, including digital
    products over digital or electronic network.

    Q 2. Who is an e-commerce operator?
    Ans. Electronic Commerce Operator has been defined to
    mean any person

  • FAQ on Returns Process and matching of Input Tax Credit

    Q 1. What is the purpose of returns?
    a) Mode for transfer of information to tax administration;
    b) Compliance verification program of tax
    c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period;

  • FAQ on Refunds in GST

    Q 1. What is refund?
    Ans. Refund has been discussed in section 54 of the CGST/SGST Act.
    “Refund” includes
    (a) any balance amount in the electronic cash ledger so claimed in the returns,
    (b) any unutilized input tax credit in respect of (i) zero rated supplies made without payment of tax or, (ii) where the credit has accumulated on account of rate

  • GSTR 9C : Reconciliation Statement & Certification- Filing, Format & Rules

    The Central Board of Indirect Taxes and Customs, vide notification no. 49/2018 – Central Tax dated 13th September, 2018, has provided the format of FORM GSTR – 9C.

    As per section 35 (5) of the Central Goods and Service Tax Act, 2017, read with rule 80 (3) of the Central Goods and Service Tax Rules, 2017, FORM GSTR – 9C is required to be filed by every registered person whose aggregate turnover during a

  • Guidelines for Deductions and Deposits of TDS by the DDO under GST

    Section 51 of the CGST Act 2017 provides for deduction of tax by the
    Government Agencies (Deductor) or any other person to be notified in this
    regard, from the payment made or credited to the supplier (Deductee) of taxable
    goods or services or both, where the total value of such supply, under a contract,
    exceeds two lakh and fifty thousand rupees.

  • FAQ on Appeals, Review and Revision in GST

    Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal?
    Ans. Yes. Any person aggrieved by any order or decision passed under the GST Act(s) has the right to appeal under Section 107. It must be an order or decision passed by an “adjudicating authority”.
    However, some decisions or orders (as provided for in
    Section 121) are

  • FAQ on Advance Ruling

    Q 1. What is the meaning of Advance Ruling?
    Ans. As per section 95 of CGST/SGST Law and section 12 of UTGST law, ‘advance ruling’ means a decision provided by the authority or the Appellate Authority to an applicant on matters or on questions specified in section 97(2) or 100(1) of CGST/SGST Act as the case may be, in relation to the supply of goods and/or services proposed to be undertaken or being undertaken

  • Enhancements in E-Way Bill Form- 01-10-2018

    Following are the enhancements done in the E-Way Bill generation Form:
    1. Display of only relevant document types in the “Document Type” drop-down list based on the selected Transaction “Supply Type” and “Sub Type” by the taxpayers.
    2. Auto-population of state name based on the pin code entered at consignor and consignee addresses.
    3. Standard rates for the tax are

  • Overview on proposed new GST Return filing system under GST Regulations

    The Goods and Services Tax (‘GST’) Regulations have been introduced from July 2017, in India. Since the inception, the compliance under the said law has been a turbulent roller-coaster ride. One of the major challenges in implementation of the existing GST compliance framework lied in its complex

  • All About All about Rule 86B under GST: Restriction on ITC Utilisation in Electronic Credit Ledger

    GST rule 86B, 99% ITC restricted, 1% of Output liability to be paid in cash

    As per GST Notification number 94/2020-Central Tax dated 22nd Dec 2020, GST rule 86B has been introduced which has imposed 99% restricted on ITC (Input Tax Credit) available in electronic credit

  • Residential Status and Equalisation Levy in Income Tax Act

    Equalisation Levy in Income Tax Act

    As per sec 165 of Finance Act 2016 any Resident Person carrying Business or Profession or Non - Resident having Permanent Establishment in India have to deduct 6 % of Payment made for Online Advertisement or any provision of digital Advertisement space or any other facility or services for Online Advertisement purpose. Deduction of

  • Charitable Trusts and NGO – Income Tax Benefits

    1. Charitable Trusts – A brief Introduction

    “The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC). It is a voluntary help either in money/kind to the needy. Collective efforts are always more fruitful and hence there are various Non-Governmental

  • List of Goods and Services Not Eligible for Input Tax Credit

    Input tax credit is considered very significant for every business unit which is always in the need to invest in the business in the manner of capital. The need of capital is required each and every time a business gets ready for its next project. This time in GST, a business unit will be eligible for input tax credit, only if certain cases are met with the transactions.

    Invoice matching of both the parties