Goods and Service Tax

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Reading Time: 3 minutesGST 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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Reading Time: < 1 minuteNotification 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

Reading Time: < 1 minuteSelling of space for advertisement in print media is leviable to GST @ 5%.If the advertisement agency works on principal to principal basis, that is, buys space from the newspaper and sells such space for advertisement to clients on its own account, that is, as a principal, it would be liable to pay GST @5%
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Reading Time: < 1 minuteGovernment 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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Reading Time: 7 minutesInput 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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Reading Time: < 1 minuteSection 1 CGST Act- CHAPTER I – PRELIMINARY Section 1 – Short title, extent and commencement (1) This Act may be called the Central Goods and Services Tax Act, 2017. (2) It extends to the whole of India 1 except the State of Jammu and Kashmir. (3) It shall come into force on such date as
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Reading Time: 4 minutesE 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 minuteCentral Government has clarified on Tuesday that GST will be implemented by the scheduled time which is 1st July .preparations for the same is going on at war front . Government has appealed to avoid the rumors of postponement of GST some days . as some part of industry is urging the government to postpone
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