Daily Archives: June 22, 2017

GST Refunds – Analysis

GST Refunds Introduction Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. The provisions pertaining to refund contained in the GST law aim to streamline and standardise the refund procedures under GST regime. Thus, under the GST… Read More »

GST Recovery of Tax – Analysis

GST Recovery of Tax Introduction 1. Tax administration occasionally comes across situations where the tax dues are not paid correctly by the tax payers, most of the times inadvertently and sometimes deliberately. To minimise the inadvertent short payment of taxes, the concept of ‘Matching’ details of ‘Outward supplies’ of supplier with the details of ‘Inward… Read More »

GST TCS Mechanism – Analysis

GST TCS Mechanism Introduction Tax Collection at Source (TCS) has similarities with TDS, as well as a few distinctive features. TDS refers to the tax which is deducted when the recipient of goods or services makes some payments under a contract etc. while TCS refers to the tax which is collected by the electronic commerce… Read More »

New Housing Scheme of EPF & MP Act 1952

EPFO signs MoU with HUDCO under new Housing Scheme of EPF & MP Act-1952 Dr. V.P. Joy, Central Provident Fund Commissioner and Dr. M. Ravi Kanth, CMD HUDCO signed a Memorandum of Understanding (MoU) in the august presence of Union Minister of Urban Development, Housing & Urban Poverty Alleviation, Shri M. Venkaiah Naidu and the… Read More »

GST – Govt expresses Gratitude to State CMs & others

Cabinet expresses Gratitude to State CMs and others for their cooperation in introduction of GST The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has passed a resolution expressing gratitude to Chief Ministers of States and others for their cooperation in introduction of GST. “GST is the biggest tax reform in independent India.… Read More »

GST Registration as Tax Deductor or collector – FAQ’s

GST Registration as Tax Deductor or collector Who needs to register under GST as a TDS ? TDS stands for Tax Deducted at Source (TDS). All Governments, Government undertakings, Local Authorities and other notified entities making contractual payments in excess of INR 2.5 Lakhs to suppliers need to register as a TDS under GST. In… Read More »

Category: GST

GST Practitioner FAQ’s

GST Practitioner Who is a GST Practitioner? GST Practitioner is a tax professional who can prepare returns and perform other activities on the basis of the information furnished to him by a taxable person. However, the legal responsibility of such filings remains with the Taxpayer. For this purpose, GST Practitioners (GSTP) are required to be… Read More »

How to Register DSC for GST – Steps with Screenshots

Register DSC for GST Here we have explained steps to register DSC for GST with Screenshots Register DSC for GST Access GST Portal through www.gst.gov.in. Correcting Issue of DSC – emsigner Correcting Issue of DSC –emsigner (trust key issue) To troubleshoot the DSC issue, you first need to check if the trust key tool version is… Read More »

GST Application submission through DSC , EVC and E Sign – Process

GST Application submission through EVC Verification & Submission of Application Access GST Portal through www.gst.gov.in. GST Application Submission with DSC Do GST Registration and fill all relevant details  . Read How to Apply for GST New Registration – Explained with Screenshots & Examples After completion of all the details, applicant has to verify application based on: DSC… Read More »

GST Rates

GST Rates GST Rates Schedule – Notifications GST Rates for Goods ( India ) Chapter Wise GST Rates Services ( With Exemption List ) GST Compensation Cess Rates Services Under Reverse Charge as Approved By GST Council Service Accounting Code with Services Classification under GST IGST Exemptions/Concessions under GST Related Topic on GST Topic Click… Read More »

GST Inspection , Search , Seizure and Arrest – Analysis

GST Inspection , Search , Seizure and Arrest 1. In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the Tax evaders, by evading the tax, get an unfair advantage over the genuine tax payers) and as a deterrent for tax evasion.… Read More »

Category: GST

GST Notifications

GST Act Notifications Central Tax (CGST Act 2017 ) Notifications  Central Tax (Rate) Notifications Integrated Tax (IGST Act 2017 ) Notifications Integrated Tax (Rate) Notifications Union Territory Tax ( UTGST Act 2017) Notifications Union Territory Tax (Rate) Notifications Compensation Cess Act Notifications Compensation Cess (Rate) Notifications States GST Acts Notifications   Related Topic on GST  … Read More »

Job Work under GST – Analysis

Job Work under GST Introduction Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer… Read More »

Certain Sections of UTGST Act 2017 comes into force w.e.f 22.06.2017 – Notification No. 1/2017–UNION TERRITORY TAX , Dtd 21st June, 2017

NOTIFICATION No. 1/2017–UNION TERRITORY TAX Summary -By Notification No. 1/2017–UNION TERRITORY TAX Dated 21.06.2017 given below , ministry of finance has notified the following Sections of UTGST Act 2017 w.e.f  22nd day of June, 2017 Section 1. Short title, extent and commencement. Section 2. Definitions. Section 3. Officers under this Act. Section 4. Authorisation of officers.… Read More »