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Revision in Composition Scheme by GST Council

Revision in Composition Scheme has been recommended by GST council in 22nd meeting held at New Delhi under the chairmanship of Mr. Arun Jaitley. Small and medium business houses are confused, annoying due to complexity of GST compliance and they need some help from Government. Some...

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Relief Package for Exporter recommended by GST council

22nd meeting of GST council bring great relief package for exporter, who were facing situation of working capital crunch. Exporters were facing difficulties post-GST leading to a decline in export performance and export competitiveness. After interacting with all related stakeholders the Committee approved the following relief...

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Analysis : GST on recovery by employer from employee


Employer and Employee relationship in GST regime: New Goods and Services Tax Law is trying to create new perception of taxing principals and eliminating the limitations of existing laws, with the help of robust Information Technology system. There are different point of view about the services...

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Concerns of Textile Sector over GST Implementation

Textile Sector

India’s largest employment generator, textile sector is concern over GST implementation The textiles and garment sector is one of the biggest and the largest sector in the India. Textile sector is also big employment generator. Before GST this big sector was out of taxes network....

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Teething problems while filing GSTR-3B, GSTR-1, TRANS-1


CBEC has fixed and extended Return filing deadline for the month of July, 2017. Last dates for filing returns (GSTR-3B, GSTR-1 and Trans-1, GSTR-2 & GSTR-3), also fixed dates making tax payments for July, 2017. But taxpayers are facing teething problems while filing GSTR-3B, GSTR-1...

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Suggestions : Some mistakes in GST by traders


After roll out of GST from 1st July,2017, business & traders communities are very confused about GST related matters that how to generate Bill of Supply, what to do if advance payment received,  tax rate, HSN/SAC code, GST or CGST or SGST or IGST  etc....

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TCS under GST : E-Commerce Operator

Every electronic commerce operator (e-commerce operator), not being an agent, is required to collect an amount calculated at the rate of one percent (1%) of the net value of taxable supplies made through it where the consideration with respect to such supplies is to be...

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Accounting Treatment of GST on Advance Payment


Present Government is keen to roll out GST from of 1st July, 2017, GST council has finalised most of the acts, rules, returns and formats related to GST, CGST, IGST, UGST. Out of few complicated provisions one proviso is GST on advance payment received by...

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What needs to be included in GST invoice?

Effective July 1, 2017, the Indian government is moving towards the Goods and Services Tax (GST) regime, which would substantially transform the current Indirect Tax landscape. GST is the single biggest tax reform in the country and a lot of progress has been made in...

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Will GST disturb your Cash Flow ?

While preparing cash flow, keep following points in Mind: 1. IT Cost: All Accounting Software Companies are going to charge you. Tally in the form of annual licence fee to update tax masters of GST. SAP is going to charge Rs. 15000+ per user. Since...

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