Composition Levy Scheme and Small GST Taxpayers

Views: 266 An Important notification issued by Govt. notification no. 1/2018, it is related with Composition Levy Scheme. This notification came on January 1st, 2018, by virtue of this notification the tax liability for manufacturer under the composition levy scheme, reduced from 2% to 1%,...

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Bombay High Court on Goods and Service Tax Tran-1 blockage

Views: 484 Bombay High Court on Goods and Service Tax Tran-1 blockage Abicor and Binzel Technoweld Pvt Ltd v Union of India [Writ Petition (L) No 2230 of 2018] ✍ Bombay High Court has taken serious notice of the fact that GST Network (GSTN) is...

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Clarification on Long Term Capital Gains by CBDT after Budget 2018

Views: 278 Clarification issues by CBDT through Frequently Asked Questions regarding taxation of long-term capital gains proposed in Finance Bill, 2018 – (Ref File No. 370149/20/2018-TPL DT: 04-February-2018) Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity...

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Trade Discount related Guide in GST Regime

Views: 1,391 In Indian context giving trade discounts and price reductions during negotiations after supply of goods and services is very common in business. However, if such post supply discounts were not anticipated at the time of supply, it is not allowed to be deducted...

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Snippet of Union Budget 2018 presented by Mr. FM

Views: 261 Kishan, Common Man, Business and Development friendly Budget 2018 has been present by Finance Minister Mr. Arun Jaitley before Parliament today. Here we are presenting key highlights of the Union Budget 2018. DIRECT TAX No changes in personal income tax rates. Standard deduction...

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Wrong Input Tax Credit claim in GSTR-3B

Views: 7,482 Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized...

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Key points of 25th Meeting of GST Council at New Delhi

Views: 184 Key Points of 25th Meeting of GST council :The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of GST Council in New Delhi today. The Council has recommended policy changes and  certain changes in GST/IGST rate and clarifications in respect of...

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GST on Charitable and Religious Activities

Views: 486 Charitable and religious activities were not chargeable under Service tax vide various notifications, the rationale behind this exemption was to encourage charitable activities and not burden these activities with tax burden. The similar provisions are also incorporated under Goods and Service Tax, most...

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Updates in Life Insurance Products, PMSBY and PMVVY Scheme

Views: 197 Life Insurance Products  Insurance Regulatory and Development Authority of India (IRDAI) has informed that in order to give an added fillip in providing easy access to Life Insurance Products to people at large and to enhance insurance penetration and density, Guidelines on Point...

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When Excess/Short/Wrong GST tax liability reported in GSTR-3B

Views: 2,626 After various presentations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made while filing their GSTR-3B return, We summarised Excess/Short/Wrong GST tax liability reported in GSTR-3B and its solutions as below: Situation 1: GST tax liability was...

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