Recent GST Articles

June 23, 2017
1 min read

The following are our GST Articles recently published elsewhere.

What is GST?

GST, an acronym for Goods & Services Tax, is an indirect tax. An indirect tax is a tax levied on goods and services as opposed to direct tax which is levied on income or profits (Income Tax).

….read more

How is Indian GST different?

Theoretically, concept of GST is nothing but a `Value Added Tax System’. There is a single Indirect Tax for goods & services. Minimum tax rates/slabs. Minimum exemptions. Seamless input tax credit. Simple.

…read more

GST Transition Provisions – CENVAT Credit on `input services’ c/f in Return

As per the current CENVAT Credit Rules, taxable manufacturers and service providers can avail CENVAT credit of eligible `input service’ on receipt of invoice even before payment is made to the service provider. However, if such invoice remains outstanding for over 3 months, the credit taken earlier is required to be reversed. Once the invoice is paid (including service tax thereon), the credit can be retaken.

…read more

GST charged on individual members by clubs, associations ineligible for ITC

A lot of people take individual membership in clubs, hotels, etc. with a dual purpose of private and business use. Similarly, memberships in trade associations, chambers of commerce, etc. is also largely taken in the individual name and not in the business name.

…read more

Over 15 documents prescribed by GST. Is your Accounting Software ready?

GST has stipulated different types of documents to be generated by each business depending upon the nature of transaction. Unless you generate these documents, you may not be able to file your Returns correctly. Have you checked whether your accounting software will be able to catch up?

…read more

Previous Story

Gujarat VAT Dealers will now have to file stock details in 201C every month

Next Story

Refund of IGST paid on export of goods

Latest from Blog

Income Tax deduction for procurements from MSMEs only upon actual payment

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting.

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

How Cryptocurrencies Are Taxed In India

[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking,

Higher rate of TDS in certain situations from 1st July 2021

[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new section 206AB effective from 1-Jul-2021 wherein a payer/buyer is responsible to deduct TDS at higher rate (i.e. twice the rate as specified under the relevant provision of the Income Tax Act or twice the rate/ rates in force;
GoUp

Don't Miss

Income Tax deduction for procurements from MSMEs only upon actual payment

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase