Valuation of Supplies under GST Significance of value under GST: As per sec 8 of the GST act all supplies within the state are liable to be taxed at the notified rate on the value determined in accordance with the [Read More]
Feb 022017
Feb 012017
Take Home of Budget F.Y. 2017-2018 Income tax rates: The long awaited expectation of lowering tax bill for honest tax payer comes to true. With the announcement of budget, the income of financial year 2017-18 (being taxed in assessment year [Read More]
Jan 302017
ESIC Limit increase from Rs 15000 to Rs 21000 w.e.f from 1st Jan 2017 ESIC limit has been increased from 1st Jan 2017 from Rs 15000 to Rs 21000Draft rules were published on 6th October 2016 and whereas, objections and suggestions [Read More]
Jan 302017
Business Vertical under GST Meaning of business vertical? As per sec 2(18) of the revised model GST act, “business vertical” means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group [Read More]
Jan 252017
Taxable person in GST Who is taxable supplier under GST? As per Sec 2(98) of model GST ACT – “taxable person’’ shall have the meaning as assigned to it in section 10; As per sec 10(1) A person who is [Read More]
Jan 242017
INPUT TAX CREDIT UNDER GST What is input tax credit? Sec 2(56) “input tax credit” means credit of ‘input tax’ as defined in sub-section (55); Sec 2(55) “input tax” in relation to a taxable person, means the IGST, including that [Read More]
Jan 202017
Casual Taxable Person under GST Who is casual taxable person? As per sec 2(20) of revised model GST law – A casual taxable person means a person who occasionally undertakes transactions involving supply of goods and/or services in the course [Read More]
Jan 192017
Taxation of Dividend What is dividend? Dividend, as understood generally, means the amount paid to or received by a shareholder in proportion to his shareholding in a company, out of the total sum so distributed. Income tax act provides an [Read More]
Jan 182017
Refunds of Tax paid under GST What is refund under GST? As per explanation 1 to section 48 of the revised GST model law- “refund” includes refund of tax on goods and/or services: Exported out of India or On inputs [Read More]
Jan 162017
TDS Procedure under GST Act GST Payment regime: In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into [Read More]