QRMP Sir, the scheme appears quite good in view of its following features: Tax liability in cash for the 1st and 2nd month of the Quarter to be determined taking into account the ITC (input tax credit) available. Tax liability ibid (1st and 2nd month) can be paid by deposit in Electronic Cash Ledger (ECL)…
Briefly, the Section governing the Annual Return has undergone changes quite a few times till date. Latest one prevails since 1.08.2021 therefore the status till 31.07.2021 is relevant too. Presently (w.e.f. 1.08.2021, all registered persons are required to submit an Annual Return, but without any audited Annual Statement. However, where annual aggregate turnover exceeds Rs.5…
GENERAL: Any dispute with a Taxpayer/ Assessee involving difference in perception as to his rights cannot be decided unless the principles of natural justice are followed. These involve soliciting and entertaining a reply by way of issuing a Show Cause Notice and also granting a personal hearing before considering an adverse decision. This process is…
What’s the scope of MSME Act? Do the Board and the Advisory Committee constituted under MSME Act enjoy any legal influence on financial or commercial statutes including GST? Whether the GST Council has any permanent Members from the MSME Board or the Advisory Committee? What special place/ facilities the MSMEs enjoy under GST law? MSMEs…
GST is a tax on supply. Normally the Government charges it from the supplier of goods or services. However the supplier collects the amount so paid from the customer by charging it on his invoice and the burden falls on the recipient. If the recipient has received the supply of goods or services for use…
Ha! Ha! What do Screenshots of our Smart phones or PC/ Laptops have to do with GST? A Lot! Actually. These actually are essential in the current scenario. Friends, we all keep hearing about technical glitches faced while doing work on the GST application (GST App) viz. “gst.gov.in”. The TRAN-1/ TRAN-2 imbroglio is well known.…
Is there GST on the renting of Residential accommodation? In one word, the Answer is a ‘No’! But, there is more to it. There is no GST on the renting of Residential Property for use as a Residential Accommodation. But if the same is to be used for Commercial purpose, the GST is applicable. But,…
GST on Legal advice E-commerce is on the rise by the day! And we get to witness a variety of e-business models adopted by e-commerce operators (ECO, in GST). Broadly these are 3: as an Agent, i.e. the ECO provides his e-commerce platform to the suppliers on a commission basis as a %age of Value…
Yes you heard it Right! GST is leviable on “Legal and Accounting Services”. The applicable rate is 18%. Legal Service, in GST, means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. EXEMPTIONs: But there are…
GST is a very modern piece of Tax law and procedures. No wonder it comes with very modern, hitherto unforeseen, difficulties. But there are clear solutions. First of all we should know that the Departments have established so many ‘GST Seva Kendras’ where one can call or visit to know about his any day-to-day…
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