Written on Feb, 04, 2018 by in

No change in Income Tax Slabs in respect of individuals. Standard Deductions shall be allowed in case of salaried persons for Rs.40000/= in place of the medical reimburse allowance and conveyance allowance. Health & Education Cess @ 4% on Income tax including surcharge is introduced in place of existing Education Cess and Higher Education Cess @ 3%. No change in …

Written on Jan, 16, 2018 by in

E-Way Bill is required by transporters to carry the goods under GST for the goods of more than Rs.50000/= from one place to other place. The E-Way Bill is generated on the GST portal. E-Way Bill is also allowed to be generated through SMS. E-Way Bill can be cancelled through SMS also. The purpose of the E-Way Bill is to …

Written on Jun, 30, 2017 by in

The registered dealers are required to maintain their account and keep the records under GST Law as under:- Compliance verification in GST will be done through examination of accounts and records maintained, only if required. One tax, one type of record:- No need to maintain separate records for different type of taxes as in the era of VAT, Excise and …

Written on Jun, 30, 2017 by in

We are giving the brief idea in case of GST in respect of import and export of goods as under:- IMPORT AND INPUT TAX CREDIT All the Importers/Exporters have to mandatorily declare GST Registration number (GSTIN) along with Import Export Code (IEC) in the bills of entry, Shipping bills and Courier forms. Provisional IDs issued by GSTIN can be declared …

Written on Jun, 30, 2017 by in

Important Facts About Tax Invoice Under GST All registered dealers registered under GST Act should keep the following points in mind while raising tax invoice under GST Act:- All GST taxpayers are free to design their own invoice format. GST Law only requires that certain fields must mandatorily be in the invoice. The time period prescribed for issuing invoice is …

Written on Jun, 18, 2017 by in

Q. I deal in stationery items and stationery is a taxable item under GST Law. I am based in Delhi. My gross turnover is Rs.16 Lakhs. Should I get registered myself under GST law?. Ans. No, if you have a turnover less than 20 Lakhs then you need not to be registered under GST law. Please note that you should …

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 …