Trade Discount related Guide in GST Regime

Views: 716 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: 208 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: 2,302 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: 145 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: 290 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: 136 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: 953 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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GST on accommodation,betting and gambling,horse racing,cinema etc.

Views: 140 Clarification on certain issues regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, homestays, printing, legal services etc. 1. Will GST be charged on actual tariff or declared tariff for accommodation services? Clarification: Declared or...

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CBEC Notifies New Dates of filing GSTR-1

Views: 303 Today, CBEC notifies new updates regarding an extension of due date of filing GSTR-1, Maximum limit of Late fees for filing GSTR-4 and appoints date from which E-way Bill rules shall come into force. 1.GSTR-1 (Turnover up to 1.50 Cr): Central Government, on...

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Input Tax Credit on Failure to pay Value of supply

Views: 211 When tax payer failure to pay Value of supply to Vendor within a period of 6 month: The Second proviso to Section 16(2) read with Rule 37 of the GST Act, says that where a recipient fails to pay to the supplier of...

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