With the implementation of GST, tax applicable on sale of old and used vehicles was the same as on new vehicles – 28% + Applicable cess at the rate of 15% – this resulted in a rate of up to 43% being charged on the sale of old vehicles. The used car market was heavily affected with this high rate of tax being charged causing a burden on trade and… Read More »GST on Sale of Used Car
The government has blocked fraudulent Goods and Services Tax (GST) refund claims worth Rs 1,875 crore, involving 1,377 exporters- according to finance ministry official said. The CBIC (Central Board of Indirect Taxes and Customs) has already instructed officials to verify the correct availment of input tax credit (ITC) by such risky exporters based on pre-defined risk parameters, the official said. The Directorate General of GST Intelligence also known as DGGI… Read More »Fake ITC Claims: GST Departments Has Started Blocking Fake Claims
Circular No. 78/52/2018-GST was issued to clarify the issue on 31st December,2018. 1. Where a service exporter located in India is supplying certain services to a recipient located outside India, either fully or partly through any other supplier of services located outside India, the two supplies are taking place which are mention below: – For the full contract value, supply of services from the exporter of services present in India… Read More »GST Treatment on Export Of Services Partly Rendered By Third Parties Outside India
There is a doubt raise by two self-contradictory notifications which are Notification No. 11/2017-Central Tax (Rate) and Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 Sl. No 66. This doubt is regarding the GST on Supply of Food & Beverage service by the Educational Institution to its students and the same is clarified in the current circular. A doubt comes that whether supply of food and beverages services by educational… Read More »GST Rate on Supply of Food and Beverage Service by the Educational Institution
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
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
When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned. What is Section 115BBA? This section provides a special tax rate at the rate of 20% (plus EC and SHEC), Plus Surcharge as… Read More »GST and Income Tax Implication on Non-Resident Sportsmen Coming to India
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
Tax audit leads to the verification of the books of accounts maintained by a taxpayer. Its purpose is to validate the income tax computation made by the taxpayer in the ITR (income tax return) and to ensure compliance with the laws of Income Tax. Auditing of books of accounts need to be carried out by a certified Chartered Accountant. Who Required a Tax Audit? A tax audit is essential for… Read More »Who Is Required to Get Tax Audit?