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Compliance India
Clarification – No TDS on GST (Tax Amount)

Central Board of Direct Taxes (CBDT) has clarified about deduction of TDS on tax amount charged under GST. Earlier, under the Service Tax regime, it was clarified vide Cicular No 1/2014 dated 13.01.2014 that “wherever Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the …  [Read More]

Compliance India
GST Notifications issued on 28th June 2017

GST Notifications issued on 28th June 2017 • Central Tax -5 • Central Tax (Rate) -10 • Integrated Tax -4 • Integrated Tax (Rate) -7 • Union Territory Tax -0 • Union Territory Tax (Rate) -7 • Compensation Cess (Rate)-1   Central Tax Notifications Seeks to bring into force certain sections of the CGST Act, 2017 w.e.f 01.07.2017 http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-9-central-tax-english.pdf Seeks …  [Read More]

Compliance India
Due date for service tax return for April’17 to June’17

Service tax return to be filed for the period 01.04.2017 to 30.06.2017 Generally the due dates for filing the service tax returns are  25th October for the first half of the year (i.e. from 1st April to 30th September) and  25th April for the second half of the year (i.e. from 1st October to 31st March). But as this year the GST …  [Read More]

Compliance India
GST Registration

GST Registration Read here to know about the GST registration applicability on your business and the process thereof.   What is GST Registration? Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal …  [Read More]

Compliance India
Transition to GST

Overview Every business is waiting to make the transition to the new laws under GST as we get closer to the appointed day. Taxpayers already registered under VAT/Service tax also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis. This certificate issued would be valid for …  [Read More]

Compliance India
Invoice for Supply of Services Under GST

The government has clarified rules of invoicing under GST along with a template of invoice (GST INV-01) covering particulars like supplier’s details, GST tax rates etc. As per the rules, the invoice has to be issued within 30 days of rendering the service and in case of banks and NBFCs, it has to be issued within 45 days. Let us understand …  [Read More]

Compliance India
Invoice for Supply of Goods Under GST

Invoicing forms a crucial function when it comes to the execution of a transaction. The invoice becomes a basic document for recording the sale/purchase in books of accounts. The government has notified rules of invoicing under GST along with a template of invoice(GST INV-01) covering the elements such as supplier’s details, GST tax rates etc that need to be presented. Let …  [Read More]

Compliance India
GST Invoices

All About Invoicing Under GST Invoicing forms a crucial function when it comes to the execution of a transaction. On every sale/purchase an invoice is issued by the supplier i.e person making the sale. The invoice contains S.No, details of product such as product name, description, quantity, etc along with details of supplier, purchaser, tax charged and other particulars such …  [Read More]

Compliance India
GST Return

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person …  [Read More]

Compliance India
Changes in IEC with the introduction of GST

-COPY OF- DGFT TRADE NOTICE No. 09 Dated 12th June, 2017 To All IEC holders/applicants All EPCs / All Chambers of Trade and Industries FIEO/ASSOCHAM/CII All RA’s of DGFT All field formations of Customs Changes in IEC with the introduction of GST. The Foreign Trade (Development & Regulation) Act, 1992 provides that no person shall make any import or export except …  [Read More]

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