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Interest Payable on Gross GST Liability, as Declared in GSTR-3B

Interesting fact about GST is that the interest under GST is calculated on gross liability. The provision of interest on late payment of GST liability is prescribed in section 50(1) of CGST Act, 2017. The provision is reproduced hereunder for convenient reading. Section 50(1) states that Every person who is liable to pay tax as per the provisions of this Act or the rules made thereunder, but fails to pay… Read More »Interest Payable on Gross GST Liability, as Declared in GSTR-3B

MSME SAMADHAAN – How to Recover Pending Dues From Customers by MSME Vendors

MSME Samadhaan Portal was established to entitle all the micro and small-scale enterprises of India. It enables micro & small business owner to directly register their cases related to delayed payments. MSMED (Micro, Small and Medium Enterprise Development) Act, 2006 covers the provisions to deal with delayed payment cases to Micro and Small Enterprises (MSEs). According to the provisions, the buyer is responsible to pay compound interest with monthly rests… Read More »MSME SAMADHAAN – How to Recover Pending Dues From Customers by MSME Vendors

All about the additional place of business in GST

APOB aka Additional Place of business is the place of business where taxpayer accomplish business related activities within the State, in addition to the PPOB (Principal Place of Business). A supplier needs to register in each state from which he is supplying goods or services. In other terms, if a supplier has their business branches in different states – he/she would be required to take separate registration for each of… Read More »All about the additional place of business in GST

GST On Various Programmes Being Conducted By The IIMs

Students of 1 year MBA for Executives & other programs leading to a management degree at the Indian Institutes of Management (IIMs) will get benefit from the tax exemption given by the GST Council as IIM Bangalore has secured exemption from Goods and Services Tax (GST) for all programs which are of long duration including the one year full-time MBA (EPGP). IIMB has been given an exemption from GST for… Read More »GST On Various Programmes Being Conducted By The IIMs

Taxation of Director Remuneration under GST

Directors’ remuneration termed as the compensation the company gives to its directors for the services rendered. This can be done via fees, salary or by use of a company’s assets. The remuneration paid to Directors is issued only on getting approval from shareholders and the Board of Directors.  A director can be:- Executive Director non-executive Director Managing Director (MD) Independent Director Small Shareholder Director  Women Director Additional Director  Alternate Director … Read More »Taxation of Director Remuneration under GST

Benefit Of Filing The Income Tax Return

An Income Tax Return is a tax filling form, where a taxpayer reveals the details of his/her income, claims applicable deductions and exemptions and taxes that are payable on the taxable income. As a responsible citizen of India, everyone who has an income should file an ITR, because in this way we are declaring all sources of income whether taxable or non-taxable. The Income Tax Department make it essential everyone… Read More »Benefit Of Filing The Income Tax Return

GST on Tour & Travel Services

GST comes under the category of indirect tax which is levied on the supply of goods & services of different kinds. The travel agent or travel agency service provider are also under the GST ambit.  A travel agent offers services related to planning, booking, and managing tours to their customers. The services include-booking air/rail accommodation, cab hire, accommodation, sightseeing etc. provided by a travel company. A tour operator or agent… Read More »GST on Tour & Travel Services

All About E-Way Bill

E-Way Bill aka Electronic waybill is a unique document or bill that is electronically generated for the specific consignment of goods from one to another place, inter-state or intra-state. E-way bill is generated at the time of the transport of goods by every registered person if the value of the consignment exceeds INR 50,000. The e-way bill has been made essential: – For inter-state supplies – from April 1, 2018… Read More »All About E-Way Bill

Normal Tax Payer VS Composite Dealer under GST

Composite Dealer An Assessee who comes under the Composition Scheme and is needed to comply with all the conditions mentioned therewith, is termed as a Composition dealer. Composite dealer is required to adhere with the rules & regulations created by the GST Council for Composition Scheme. Composition Scheme is referred as simple & easy scheme under GST for taxpayers. Small taxpayers can get relive of endless GST formalities & pay… Read More »Normal Tax Payer VS Composite Dealer under GST