Under the newly introduced GST regime, the GST Assessee having turnover less than Rs. 75 Lakhs can opt for paying GST under Composition Scheme. There are confusions about whether to go for composition scheme or Regular ITC method in GST. The tool below will help you in taking a decision as to whether to opt […]
GST – Tool to compare Composition Scheme & regular ITC scheme Read More »
The Central Government has notified Central GST (Fourth amendment) Rules 2017. As per the above amendment, the following are the latest amendments in GST Earlier, the last date for migration of the persons registered under existing law (VAT/Service Tax/Excise) was 30 days from the roll out of GST. This date has been extended upto 30th
Latest amendments in GST – Migration date extended Read More »
Under the present VAT Regime, different states follow different rules and forms for movement of goods within the respective states and also for Inter state movement of goods. The compliance requirements under the present VAT regime has many restrictions and different procedural formalities to be completed for movement of goods. The movement of goods under
Movement of goods under GST Read More »
As you are aware, GST is going to be introduced very shortly and it is imperative to know various aspects of the new enactment. One among the important aspects is Invoicing. Invoice is going to play a vital role in GST Input tax credit (ITC) Mechanism. Hence it is very important to know about the
ALL ABOUT INVOICING UNDER GST Read More »
Every taxpayer under GST will be allotted a State wise PAN based 15 digit Goods and Services Tax Payer Unique Identification Number (GSTIN). The various digits in the GSTN will denote the following: How to read your GST Number ? The First two digits represents the State in the Country where the registration is done.
Know the format of your GST Number Read More »
Composition scheme under GST GST Composition Scheme is a simple and hassle free scheme available for Small businesses who are running short of resources for carrying out compliance activities and also for business looking at easier compliance with less paper work and filing procedures. Among the various options available, the Composition Scheme stands out for
Composition scheme under GST – A Comprehensive Guide for Businesses 2024 Read More »
The Income-tax Department had recently made linking of Aadhaar & PAN madatory for assessees. A facility for the same was also introduced in the income tax efiling website www.incometaxindiaefiling.gov.in. Now the Income-tax Department vide its Notification No S O 1513(E) dtd 11th May 2017 has exempted the following assessees :- Persons residing in the States of
Exemption from Aaadhaar – PAN Linking Read More »
The Government of India had recently announced that the PAN numbers shall be linked to the Aadhaar mandatorily. Accordingly, the Income tax department had provided a facility in online efiling account , a facility to link aadhar card to the PAN. In most of the cases, as the Name of the Assessee as per PAN
HOW TO LINK AADHAAR TO PAN Read More »
The TNVAT (5th Amendment)Act 2013 – Act No 28 of 2013 requires reversal of Input tax credit @ 3% with regard to Inter-state Sales (CST Sales) . This was applicable from 11th Nov 2013 to 31st March 2015. There was an ambiguity whether this reversal provision is applicable to manufacturers also or applicable only to
TNVAT – Important Judgement on ITC Reversal for Inter-state Sales Read More »
If you have habit of making high value cash purchases (including jewellery/bullion) its time to shell out more money for your purchases. As per the recent Finance Bill 2017 (which is yet to be passed by the Parliament), you may have to pay TCS (Tax Collected at Source) @ 1% on your Cash purchases exceeding
ARE U MAKING CASH PURCHASES (INCLUDING JEWELLERY) EXCEEDING RS. 2 LAKHS? Read More »
As you are aware, the last date for filing the Form WW (TNVAT Audit Report) for the year 2015-16 is 31st December 2016. In view of the representations made by the dealers, the last date for the Assessees having their principal place of business (or) additional place of business in the Revenue Districts of Chennai,
Last date for filing Form WW (TNVAT Audit Report) extended Read More »
As you are aware , the last date for filing the TNVAT Audit Report in Form WW is 31st December every year. For the year 2015-16, the last date for filing the same is 31st December 2016. Recently, the TNVAT department has introduced a new Form WW for filing the VAT Audit Report. There was
TNVAT Audit Report- Format for the year 2015-16 Read More »
As you are aware, India is on path for a new tax reform – Goods & Service Tax (GST) which is proposed to be introduced w.e.f. 01st April 2017. All the existing assessees will be migrated to the new GST Portal for trasacting with the GST portal. The new GST portal www.gst.gov.in has been launched
Enrolment of existing tax payers under New GST portal Read More »
Know Your Customer Guidelines (Updated up to September 02, 2016) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines.) Q1. What is KYC? Why is it required? Response: KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address
Updated Know Your Customer (KYC) guidelines issued by RBI Read More »
The following are the various statotory obligations for the month of September 2016 :- [table id=14 /]
Statutory Obligations for the month of September 2016 Read More »
