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Blog

Businesses are complex mechanisms and their success is determined not just through proper operations but by also how they navigate around the economic atmosphere that surrounds them.

WHAT ARE THE PROVISIONS RELATED TO GTA SERVICES UNDER GST?

Goods Transport Agency has not been defined in GST Act. However, notifications related to provisions regarding GTA services have been issued by Central Tax 2017 on various dates. An attempt has been made to compile these notifications in one place & simplify the provisions   of GTA services in GST regime. GTA (GOODS TRANSPORT AGENCY) …

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WHAT IS COMPOSITION SCHEME UNDER GST?

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate on turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore. Who can opt for Composition Scheme A taxpayer whose …

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TIME OF SUPPLY IN CASE OF SUPPLY OF GOODS—GST

Relevance of Time of supply: Liable to pay tax shall arise on time of supply. Time of supply in case of goods shall be the earlier of the following dates: i) Date of issue of invoice or the last date on which invoice is required to be issued as per sec 31(1) with respect to supply. …

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DETERMINATION OF NATURE OF SUPPLY IN GST

Relevance of Nature of Supply: To determine whether to charge CGST, SGST, or IGST based on the nature of supply. Type of supply: 1) Intrastate Supply: CGST and SGST to be charged on same tax base. 2) Interstate supply: IGST to be charged. Intrastate supply:  Supply to be treated as Intra state supply, if the …

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REFUND UNDER GST AS PER SECTION 54

What can be claimed as Refund: ANY balance amount in electronic ledger so claimed in returns, ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED) Tax paid by any specified agency (Like UN, Red Cross, Embassies) What procedures …

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WHAT ARE THE PROS AND CONS OF GST?

GST (Goods and Services Tax) was introduced on 1st July 2017 as an indirect tax to replace all other forms of taxes that were previously applicable. As promising as this new taxation system may seem to be, it also has its shortcomings. Let us have a look at the pros and cons of GST, starting …

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WHAT INCOME TAX LAWS NRIS SHOULD BE AWARE OF?

So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. Here are some income …

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CHARTERED ACCOUNTANTS IN BANGALORE

It’s not business as usual anymore… The city of Bangalore grew rapidly over the last 20 years and earned the name as India’s Silicon Valley. With the IT industry making a firm footing, Bangalore now has a very robust business environment. The city is home to large corporations, both Indian and multinational, and a vibrant …

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TDS RATE CHART FOR FY 2017-2018

A lot of people have a lot of questions regarding TDS. To help you all understand here is the table of TDS rate chart for the financial year 2017-2018: And, it continues… Finally, here it ends. Well, that was long but not too tough. We hope you found this article to be useful. If you have more …

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ALL ABOUT THE GST E-WAY BILL

GST E-Way Bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above fifty thousand rupees. The bill can be generated from the GSTN portal. There are various rules and regulations issued by the CBEC for the handling of e-way bill. Central Board …

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TDS ON IMMOVABLE PROPERTY

As per section 194IA, the buyer of the immovable property (i.e. a building or part of a building or any land other than agricultural land) will be liable to have TDS deducted on any sum paid or payable under consideration to the seller at the rate of 1% on the date of payment/ credit whichever …

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PROVISIONS RELATED TO ADVANCE TAX

Before we get started with the provisions let us first talk a little about advance tax. Advance tax is the income tax payable if your tax liability exceeds INR 10,000 in a financial year. Advance tax should be paid in the year in which the income is received. Hence, it is also known as the ‘pay-as-you-earn’ scheme. Advance tax is applicable when an individual has sources of …

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CIRCUMSTANCES UNDER WHICH EPF CAN BE WITHDRAWN

There are always times when you may have thought about withdrawing your EPF. However, do you know about the circumstances under which EPF can be withdrawn? If your answer is no then we will help you with it. So, let’s get started. EPF can be completely withdrawn under any of the following circumstances: a)       When …

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EXPORTS OF GOODS & SERVICES UNDER GST

Indian government has initiated to increase the exports from India as portrayed by the “Make in India” policy, and the many tax benefits provided to the exporters. GST rolled out on July 1 and yet there is still some ambiguity among the exporters on the possible impact of the new regime on this industry. On …

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HOW TO RENT A CAB UNDER GST

The market has been witnessing robust growth over the last few years as customers are increasingly shifting from traditional taxis to radio taxis. Nowadays, we call a cab to our doorsteps thanks to applications like Uber and Ola. But, do you know how to rent a cab under GST? Let’s find out. GST clearly defines …

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HOW ARE EPF AND ESI APPLICABLE

EPF (Employees’ Provident Fund) and ESI (Employees’ State Insurance) are some of the most frequently queried topics. However, how much do we know about their applicability? In this article, we will talk about their applicability, starting with EPF. EMPLOYEES’ PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT ‘1952: The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 …

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