Reading Time: 2 minutesGST Rate & HSN Code for Plaiting Materials, Basketwork as mentioned in the chapter 46. GST Rates & HSN Codes for Plaits & Plaiting Materials, Basketwork, Wickerwork, Articles of Loofah of Vegetable materials. the GST Council has released GST E-Book which Contains GST Rates on various goods with HSN Code, here we have provided the
Read More

Reading Time: < 1 minuteTamilnadu Intra State E WayBill, The  Government of Tamilnadu has notified the Tamilnadu Intra State E WayBill w.e.f. 02-06-2018 vide notification No.9_2018 stating that “In exercise of the powers conferred by clause (d) of sub-rule 14 of Rule 138 of the Tamil Nadu Goods and Services Tax Rules, 2017, Commissioner of State Tax, Tamil Nadu, hereby
Read More

Reading Time: 2 minutesSpecial Refund Fortnight will be organised from May 31 to June 14 in which Centre and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018,” the government tweeted from the official handle for GST-related matters. Special Refund Fortnight, the Central Board of Indirect Taxes & Customs 
Read More

Reading Time: 2 minutesAuthority for Conducting exams for GST Practitioners, The Central Board of Indirect Taxes and Customs (“CBIC”) vide Notification No. 24 /2018 – Central Tax dated May 28, 2018, has  decided that the National Academy of Customs, Indirect Taxes and Narcotics, Department of Revenue, Ministry of Finance, Government of India, as the authority to conduct the examination for GST Practitioners as
Read More

Reading Time: 2 minutesGST on Farmers, The Central Board of Indirect Taxes & Customs has given Clarification on the GST implication related to farmers on 28th May 2018, according to the press release issued by CBIC “It has been reported in the certain section of the Press that certain changes have been made in GST law relating to farmers, which
Read More

Reading Time: 5 minutesProvisional Assessment in GST, In case, the supplier is unable to determine value/rate of tax on goods/services or both applicable he can request Asst. /Dy. Commissioner of Central Tax, giving reasons for payment of tax on the provisional basis. Provisional Assessment in GST Introduction A supplier will come to know the extent of his tax liability which
Read More

Reading Time: 12 minutesSFT Reporting 1. What is the legal framework for reporting Statement of Financial Transactions (SFT)? Section 285BA of the Income Tax requires specified reporting persons to furnish the statement of the financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of the financial transaction required to be furnished under sub-section (1)
Read More

Reading Time: 2 minutesSpecified Financial Transaction, As per rule 114E of the IT rules 1962, a Reporting Entity is required to file the statement of financial transaction in form 61A. A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st of
Read More

Reading Time: 3 minutesIncorporation of Partnership Firm Incorporation of Partnership Firm, The Partnership firms are the most famous business entities in India which are governed by the Partnership Act, 1932. The Section 4 of the Partnership Act  1932 defines Partnership as – “An agreement between persons who have agreed to share profits of the business carried on by all
Read More

Reading Time: 10 minutesTreatment of Information Technology Information Technology enabled Services IT ITES under GST Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or
Read More