Understanding the apportionment of Input Tax Credit

Views: 371 Some GST tax payers are facing difficulty is understanding the apportionment of Input Tax Credit (ITC). Given below is the method to understand it. 1. Method of Apportionment of Input Tax Credit in case of goods or services or both (other than capital...

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Clarification on filing of form GSTR-4 : Composition Dealer

Views: 396 Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4 Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction...

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How GST effect you on day to day life?

Views: 159 You need be a tax expert to know basics of GST. In fact you are duty bound as business owners, executives, accountants etc. to know the basics of GST because GST affect you on a day to day basis. Some highlights of those...

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Is Standard Deduction eligible from Pension Income?

Views: 231   Earlier, there was a confusion among the pensioners whose source of income is pension that whether a taxpayer, who receives pension from his former employer, shall be eligible to claim Standard deduction. That confusion has been removed by the Central Board of...

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New ITR Form 1 to 7 for Assessment year 2018-19 notifies by CBDT

Views: 482 For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19,The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR...

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Resent Changes in NPS norms made by Gov

Views: 181 National Pension Scheme (NPS), a government-sponsored pension scheme, was launched in January 2004 for government employees. It was opened to all sections in 2009. A subscriber can contribute regularly in a pension account during her working life, withdraw a part of the corpus...

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A brief extract of 26th Meeting of GST Council held at New Delhi

Views: 737 26th Meeting of GST Council headed by Finance Minister Mr. Arun Jaitley being held on 10th of March, 2018 at New Delhi. The GST council has decided following main points during the meeting. Reverse Charge Mechanism: In the 26th Meeting of GST, Council...

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Amendment in section 139A of the IT Act relating to PAN?

Views: 1,085 In Finance Bill 2018, following amendment is proposed relating to PAN is compulsory in certain cases: Clause 42 of the Bill seeks to amend section 139A of the Income-tax Act relating to permanent account number. Sub-section (1) of the said section, inter alia,...

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Certain Services covered under GST : CBEC Clarification

New Development in CGST

Views: 231 Clarifications issued by CBEC regarding whether GST is application or not on certain services Whether activity of bus body building, is a supply of goods or services? CBEC Clarification: In the case of bus body building there is supply of goods and services....

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Arrest under GST Law : Two Mumbai base businessmen

Views: 278 First arrest under GST law by Commissioner (CGST) : Two Businessmen arrested by Officers of CGST in Mumbai for  availing ineligible credit on fictitious tax invoices Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The...

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