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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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GST related Clarifications by CBEC on Twitter

CBEC on Twitter Implementation of GST is knocking the door on 1st July, 2017, every Business houses, Traders, Retailer, Aam Admi, Tax Professionals etc,are chating about it and checking that to what extent GST is affecting to their business activity. The Government, Professionals and Business...

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Will GST increase your Hotels and Restaurants bills?

Hotels and Restaurants

While the  four tier GST rates recommended by the GST council  results in steep increases  of the   restaurant bills, while the hotel industry providing short time accommodation services  remain not much affected.This was evidently seen in the recent strike announced by the hoteliers in...

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Implication of GST laws on SEZs


Supplies made to SEZ units and SEZ developers were exempted from payment of duty under the earlier law as deemed exports. Day by day the number of SEZ units and SEZ developers are increasing. So also the domestic business sector supplying goods and service to...

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Related Parties Transactions in GST Regime

The uneven distribution of economic resources across the world and limited local markets are the key drivers for expansion of international trade. Noticeably most international transactions are arranged between related parties. The concept of ‘related parties’ is defined under the tax statutes to include certain...

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Place of Supply of goods under IGST Act, 2017

1.FUNDAMENTAL ISSUES 1.1.Dual nature of GST GST is destination tax has two components one is Central Tax and other is State Tax. In the course of Intra-State Supply (Intra-UT Supply), CGST and SGST shall be payable, these two components shall be collected and segregate by...

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Reverse Charge under the GST Law


This discussion deals with the Reverse Charge under the GST Law. The GST Council in its meeting on 19 May, 2017 approved certain services to be covered under reverse charge category. Normally service provider is liable to collect tax from the service recipient and pay...

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Separate Registration for SEZ units : GST law

More clarity required over the requirement of separate registration for SEZ units under the GST law. SEZ units have always been in the most advantageous position in obtaining concessions and exemption from Government under various legal provisions relating to conduct of business including the taxation...

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