Written on Jun, 18, 2017 by in

Q. I have grocery shop in Delhi and my gross turnover is Rs.15 lakh. Am I required to be registered under GST law?. Ans. No, you are not required to be registered under GST law since your gross turnover is less than Rs.20 lakh. It is presumed that your turnover does not include any sale out of Delhi. Q. I …

Written on Jun, 18, 2017 by in

TRANSITION OF REGISTRATION Any dealer who is registered under State VAT, Central Excise, Service Tax etc. having a valid PAN shall be given provisional registration. Dealers who have been given provisional registration would be given final registration on submission of prescribed documents. TRANSITION OF CREDIT OF CENTRAL TAXES PAID ON GOODS IN STOCK A manufacturer having an existing registration can …

Written on Jun, 18, 2017 by in

81% OF ITEMS COME UNDER 18% OR LESS GST SLABS. Following GST rates are decided by GST Council:- Few important items have been mentioned by us for general idea. EXEMPTED GOODS OR 0% GST MILK , CURD, UNPACKED FOOD GRAINS, FRESH CHIKEN, GUR, BUTTER MILK, LASSI, FRESH MEAT, EGG, FRESH VEGITABLE, UNPACKED PANEER, FRESH FRUITS, MILK BUTTER, UNBRANDED ,NATURAL HONEY, …

Written on Jun, 17, 2017 by in

What is Reverse Charge Under GST?  Under this mechanism the recipient is responsible to pay the GST tax. It means when the buyer purchases any taxable goods covered under GST from a unregistered supplier, the buyer is supposed to pay tax. Since the seller is not registered and he is selling the goods which is not exempted from GST then …

Written on Jun, 11, 2017 by in

The return is document which is filed by the dealer with concern tax authorities. According to GST law a normal tax payer is supposed to file 3 returns quarterly and one return annually.  Following returns are to filed under GST law:-   RETURN FORM DETAILS TO BE FURNISHED DUE DATE GSTR-1 Details of outward supplies of taxable goods 10th of …

Written on Jun, 11, 2017 by in

To give the relief to small dealers, composition scheme has been introduced under GST law. All registered dealer under GST whose gross turnover was less than Rs.50 lakh in preceding financial year can choose this scheme. In case, the dealer has started his business during current financial year and expecting gross turnover less than Rs. 50 lakh. The composition scheme …

Written on Jun, 10, 2017 by in

GST identification number or GSTIN will be provided to every businessman by tax authorities. At present the person who is registered under state VAT law has got an unique TIN number from state tax authorities and the person who provides the services, is being allotted the unique service tax registration number by Central Board of Excise and Customs. To bring …

Written on May, 28, 2017 by in

Illustration: Mr. A who is 46 years old, has the following details for financial year 2017-18:- Income from business                                               Rs.3,50,000/= Deposited in PPF account                                         Rs.60000/= Calculate the amount of income tax payable by him. Solution: Income from business                                                           Rs.350000/= Less: Deduction under Chapter VI-A Deposit in PPF Account                                                         Rs.60000/= Net taxable Income                                                                 Rs.290000/= Income Tax on above                …

Written on May, 27, 2017 by in

  INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2017-18 (ASSESSMENT YEAR 2018-19) For Male Individuals below 60 years (Resident of India) INCOME UP TO 250000 0 250001 TO 300000 5% 300001 TO 500000 5% 500001 to 1000000 20%  EXCEEDING 1000000             30% Notes: Add: Education Cess @ 2% on Income Tax Payable Add: Secondary & …

Written on May, 27, 2017 by in

Input tax means:- when a business man pays SGST, IGST, CGST or UTGST at the time of purchase of goods or services for the purpose of resale. Input tax paid on purchase of capital goods which are purchased by registered person during the course of running of business and also activities which would further the interest of business. Thus, the …