Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017, is going to require a collective effort of the all the stakeholders: central and state governments, Central Board of Excise and Custom (CBEC) and state tax departments, taxpayers along with their tax and software consultants, Reserve Bank of India (RBI) […]

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While ‘post Occupancy CertificateSale’ byitself is not covered under the ambit of GST, sale of under construction flat shall attract GST. Attention is drawn to Section 7(1) (d) read with Item 5(b) of Schedule II to the CGST Act, 2017/SGST Act, 2017 which deals with taxability of under construction flats   The above-mentioned item of […]

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Based on the category of registered person such as monthly return is to be filed by Regular, Foreign Non Residents, ISD and Casual Tax Payers whereas Compounding/Composite tax payers has to file quarterly returns: GST Returns Others Every registered person who is required to get his accounts audited shall furnish, electronically, the annual return (FORM […]

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Presently, the tax structure of India is very complex. Looking to the global developments and tax structure of developed countries, GST is the need of the hour. The need of GST can further be explained in the following points:-   There are various definitional issues related to manufacturing, sale, service, valuation etc. arises. These needs […]

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Apart from six different conceptual aspects of the proposed GST, discussed above, another important area is compliances. Compliances under GST is the area whereby any tax payer is under obligation to make payment of taxes an file different returns and statements . In GST regime normally a tax payer is required to file minimum three […]

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Migration or Transition to GST is a process of existing tax payers’ transition into GST regime from the existing indirect taxation regime. Among many, two most important aspects of transition are Input Tax Credit and GST Registration:   Carry forward of complete and eligible Input tax credits paid on goods, input services and capital goods. […]

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Once it is settled that tax(GST) is to be paid, and what time it is to paid and which tax (IGST or CGST/SGST) is to be paid the next question that arises is at which value the tax is to be paid. Normally GST is to be paid on the ‘Transaction Value’ that is the […]

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The term ‘Time of Supply’ signifies the point of time when liability to pay any tax arises. It will be altogether a new concept for existing dealers of goods i.e. paying VAT on their sales. In the present sales tax law, the time of supply is sale of goods i.e. directly linked to taxable event. […]

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