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  • 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

  • Article on Compensation Cess on Coal under GST- Issues

    India witnessed the "tryst with destiny" twice in last 74 years. First, on August 15th, 1947, when the country got freedom from the British colonial rule. Second, on July 1st (June 30th) 2017 when at the “stroke of midnight” the overhang of colonial era indirect tax system was overhauled and Goods and Service Tax (GST) was introduced. GST was expected to be the answer to all questions related to the

  • All About GST on AMC

    AMC stands for Annual Maintenance Contract. AMC provides security on the on all the components let that be the large manufacturing machine of the company or the basic components like the printer or the computer. It gives the benefit of repair and maintenance to such products and the time period of the contract might vary from 1 year to 3 years according to the need.
    This time period can also be

  • 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

  • Article on ITC cannot be availed on goods lost, stolen or written off

    Input tax credit (‘ITC’) under Indirect Tax Laws has always been one of the subject matters which invites
    close attention by taxpayers, revenue and professionals. There are numerous matters relating to ITC under

    Article on GST rate and classification on supply of LPG for Domestic Use

    GST rate and classification on supply of LPG for Domestic Use

    CBIC has issued Circular No. 80/54 /2018-GST clarifying GST rates & classification of LPG as under:

    Applicability of

  • Guide on Composition Scheme Under GST

    On daily basis all of us come across shops in our localities which would not issue proper bills or use simple paper to issue bills in case some one asks for it and transact business mostly on cash. They don’t carry any account books or detailed records in respect of their stocks and sale. Does that mean that they are tax exempt? The answer is NO as the threshold

  • Process For Opt-out From GST Composition Scheme


    1. Who can opt for Composition Scheme
    A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.

    Article on Cross Charge Under GST

    To recapitulate, different units of the same entity functioning in different States are treated as “distinct persons” under the GST law and supply of goods or services or both between such “distinct persons”, even if made without consideration are treated as supply, as per Schedule I of the CGST Act. This deeming fiction was created, so that the Input Tax Credit

  • Article on GST on Sale or leasing of land

    The taxable event in GST is  “supply” of goods or services or both. So a transaction to become taxable it must covers within the meaning & scope of “supply”.

    As per Sec 7 of the CGST Act, 2017, the

  • Impact of GST on Insurance and Banking- FAQs


    With a hike in post-GST rates to 18% from the current 15%, both the insurance sector and banking sector are poised to get more expensive after July 1. Impact of gst on insurance and banking will increase the premiums especially for families that pay for health, life and a car insurance.

  • Article on Intermediary Services Under GST

    In simple terms ‘intermediary’ means someone who acts to arrange an agreement between people who are unwilling/unable to communicate directly. Simplifying further, Intermediary can be explained as a firm or a person (such as a broker or a consultant) who acts as a moderator or a link between the parties to a business deal, investment decision, etc. In this article,

  • Article on Value Of Supply – GST On Tool Cost Amortization


    Determination of value of supply is one of the key considerations while levying Goods and Services Tax (GST) on any supply of Goods or Services. The value of supply under GST Act is governed by Section 15 of CGST Act, 2017 and Rule 27 to 35 of Central Goods and

  • All About Account and Records under GST

    Maintenance of Accounts by Registered Persons
    (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true

  • All About GST RCM on Renting of Vehicle

    The indirect tax implication on renting of motor vehicles service has always driven the attraction because of its complicated abatement/ exemption treatment in the erstwhile law. In recent years, renting of motor vehicle service (also more popularly known as rent-a-cab service) has increased in leaps and bounds. Now, even a common man is aware and are frequently using the cab service.

    Under the current article, we would understand

  • Article on No GST on membership fees collected by clubs

    GST is applicable for the supply of goods or services in the course of business, and the definition of business includes any provision of benefits provided by a club, association of person, society, or any such body to its members. However, considering the principle of mutuality, there is a lot of controversy over the levy of GST on supplies by clubs to its

  • Note on GST on Activity or Transaction between BOI/AOP

    GST on Activity or Transaction between Body of Individual (BOI)/Association of Person (AOP) and its Member and Vice Versa proposed vide finance bill 2021

    Original Section 7 of CGST Act 2017 effective from 01.07.2017 was as under:

    All About GST on ocean freight and scope of delegated legislation


    In a landmark judgment in the case of Mohit Mineral Pvt. Ltd. v. UOI [Special Civil Application No. 726/2018 decided on January 23, 2020], the Hon’ble Gujarat HC has declared levy of Integrated Goods and Services Tax (“IGST”) on ocean freight & corresponding