Reading Time: 3 minutes GST 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 minute Notification 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 minute Selling 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 minute The government has Revised the Rate of Rent a Cab, Goods Transport Agency (GTA), Government Work contract vide Notification No. 20/2017–Central Tax (Rate) dated 22.08.17. Below are the Summary of the Notification. Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified specified supplies of Works Contract Services, job work for textile & textile products, printing
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Reading Time: < 1 minute ,Notification No. 11/2017–Central TaxCGSTNotification No. 11/2017–Central Tax dated 28.06.17 Seeks to amend Notification no 6/2017-Central Tax dt 19.06.2017 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs … Notification11-CGST
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Reading Time: < 1 minute Government 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 minutes Input 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 minute Section 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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