Goods and Service Tax

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GST Audit Mechanism

Reading Time: 3 minutes GST AUDIT | Goods and Services Tax Audit Mechanism GST is a mutual trust based taxation system in which the taxable person is required to self-assess his returns and determine tax liability without any intervention by the GST official.Therefore a tax system that relies on self-assessment has to put in place a robust ” Audit Mechanism
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GSTR

Reading Time: 1 minute Notification no. 29/2017 – Central Tax regarding extension of filing dates of GST Returns  1/2/3 for the month of July & August, 2017 Rectification of Omissions,Errors during filing of GST Return

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Reading Time: 1 minute Government of India Ministry of Finance 17-August-2017   On Clarification regarding availability of Transitional Credit for GST As per the rules, the GST for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised
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Input Tax Credit Mechanism in GST

Reading Time: 7 minutes Input Tax Credit Mechanism in GST Input tax credit or “ITC” is the key features of Goods and Services Tax. its an Uninterrupted and seamless chain, ITC mechanism is prepared to avoid cascading effects of taxes. cascading effects of taxes, means, ‘Tax on Tax’. in the earlier system of taxation, the Input credit of Central
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E commerce in gst

Reading Time: 4 minutes E Commerce in GST E Commerce & E commerce Operator Meaning 1. What is E Commerce (Electronic Commerce ) Section 2(44) of CGST Act, 2017  defines E Commerce as supply of goods or services over the electronic network. In ordinary words , ” Purchasing and selling of Goods and services by Business and consumers through
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Reading Time: 1 minute The GST would replace the following taxes: (i) taxes currently levied and collected by the Centre: a. Central Excise Duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties of Excise (Textiles and Textile Products) e. Additional Duties of Customs (commonly known as CVD)
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Reading Time: 2 minutes The concept of destination based tax on consumption Exactly the concept of “Destination Based Tax” on “Consumption” is that the tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply For Example, If Mr A in Punjab produces the goods and sells the
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