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GST on Job-works and provisions applicable to job-works

Goods and Service Tax (GST) is a tax levied on goods and services supplied. Job-work and job-worker is defined by section 2(68) as, any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accord... Click to read full article

Pulkit Sharma 29/04/2017 under CGST-Act , GST-Guide , GST-Jobworks , GST-Basics

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Whether GST is payable on reimbursements of expenses incurred by service provider?

Goods and Services Tax or GST is made simple compared to earlier indirect tax laws. The confusion which we had earlier is very specifically articulated by government regarding reimbursements of expenses incurred at the time of provision of services. Expenses incurred by service provider acting... Click to read full article

Pulkit Sharma 29/04/2017 under GST-Basics , GST-Valuation , GST-Rules

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Valuation rules under GST to calculate valuation when not possible under section 15 of CGST Act, 2017

Valuation rules were notified by government to determine the value of supply of goods or services or both. These rules are notified to provide valuation methods in case valuation is not possible under section 15 of CGST Act, 2017. These rules provides the methods to value the supplies where: ... Click to read full article

Pulkit Sharma 29/04/2017 under CGST-Act , GST-Valuation , GST-Rules , GST-Basics

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How to calculate the taxable value for a Tax Invoice under GST?

Calculating the taxable value has always been the crucial and most important step in arriving at the tax liability. As a tax payer, you must have questions such as: How to calculate taxable value, gross value or net value to calculate taxes such as SGST, CGST or IGSCT? Trade discount form... Click to read full article

Pulkit Sharma 27/04/2017 under CGST-Act , GST-Guide , GST-Valuation , GST-Basics

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Scope for Chartered Accountants, Cost Accountants and Tax consultants under Goods and Service Tax ( GST )

As a chartered accountant, the first question that comes to my mind is how beneficial the GST will be for my practice. Its not just me but every CA, CWA or tax consultant has same state of mind. Whether GST will have a positive or negative impact on constants earnings? Before going to provi... Click to read full article

Pulkit Sharma 26/04/2017 under GST-Guide , GST-News , GST-Experts , GST-Practice

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Accounts, records and audit under GST

Every registered person is required to keep accounting books up to 72 months the due date of filing annual return for a particular year. For example, for the financial year 2017-18, accounting records must be kept up to December, 2024. Reason being 72 months from due date of filing the annual ... Click to read full article

Pulkit Sharma 26/04/2017 under GST-Accounting , GST-Guide , GST-Records , GST-Audit

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Guide on Tax invoices, Debit and Credit notes under GST

This guide will take you through Tax invoice requirements along with Debit Note and Credit notes as required to be furnished under CGST Act, 2017. Tax invoice is a document that every registered person should generate at the the time as prescribed under the act. This guide contains the following... Click to read full article

Pulkit Sharma 25/04/2017 under GST-Guide , GST-Tax , GST-Invoice , GST , GST-Basics

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A guide on returns to be filed under GST

Under GST tax payers are required to file Monthly, quarterly as well as annual returns. Chapter IX of CGST Act, 2017 contains the provisions related to returns to be filed by tax payers. As per this chapter tax payers are supposed to file the following returns/information with department, each r... Click to read full article

Pulkit Sharma 24/04/2017 under GST-Portal , GST-Guide , GST-Basics , GST-Software , GST-Returns

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Procedure to apply and become a GSTN Suvidha Providers (GSP) and list of GSP

Under GST, tax payers will be required to generate E-Way bill (similar to E-Sugam in Karnataka), upload sales and purchase invoices, match the difference in data uploaded by suppliers. Tax payers will also be able to view their tax ledger online, this is a big step in transparency and smooth adm... Click to read full article

Pulkit Sharma 23/04/2017 under GST-Software , GST-Guide , GST-News

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Meaning of important terms as definined under CGST ACT,2017

When you read an act, the first step should be to understand different words used in Act. You cannot consider dictionary meaning of words which are explicitly defined in the act. In this article let us understand the meaning of different words as defined under CGST Act, 2017. You can read full C... Click to read full article

Pulkit Sharma 22/04/2017 under CGST-Act , GST-Definition

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Composition scheme or normal tax rates, a thought on GST impact on small business

Goods and Services Tax (GST) to be rolled out from July 2017, will have major impact on business practices as well as economy. Big companies have hired top consultants for smooth transition. Small business owners, however will face many issues. First issue for small businesses will be to diges... Click to read full article

GST Payer 21/04/2017 under GST-Composition , GST-Guide , GST-Impact , GST-News , CGST-Act

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A guide on registration under GST

Section 22 of CGST Act, 2017 contains the provisions on liability to register under the act. As per section 22, following persons are liable to get registered: Every supplier who make a taxable supplies for more than Rs. 20 Lakhs in a financial year, however for the person making supply from s... Click to read full article

Pulkit Sharma 20/04/2017 under GST-Registration , CGST-Act