TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

GST Transitional Provisions to Switch from Existing Law

July 1, 2017July 24, 2017 TaxIndiaUpdates In0 comments4819 views

After introduction of GST, various Central and State Level taxes have been subsumed in GST. There are no. of on going transaction which continue on or after appointed day (i.e. 01-07-2017) and they have already charged to tax under earlier taxation law. The GST Transitional … Continue Reading →

Goods and Service Tax

Payment of Taxes under Goods and Service Tax Law

July 1, 2017July 18, 2017 TaxIndiaUpdates In0 comments5555 views

Payment of Taxes under Goods and Service Tax Law: Ease in making payment towards tax and other dues is very important in a country like India. Challenge before the PM Modi Government is to usher in a mechanism of payment which is user friendly and … Continue Reading →

Goods and Service Tax

Place of Supply in Goods and Service Tax

July 1, 2017July 23, 2017 TaxIndiaUpdates In0 comments5200 views

Place of Supply of Goods or Services or Both: The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines … Continue Reading →

Goods and Service Tax

Input Tax Credit Mechanism in GST Law

July 1, 2017September 21, 2021 TaxIndiaUpdates In0 comments6545 views

One of the key features of Goods and Service Tax (GST) in India is its uninterrupted and continuous chain of input tax credit (ITC). In the earlier indirect taxation system, cascading of tax is significant due to non-availability of ITC at various stages. For example … Continue Reading →

Goods and Service Tax

Input Service Distributor (ISD) in GST

July 1, 2017July 20, 2017 TaxIndiaUpdates In0 comments9567 views

In the existing law of Input Service Distributor, an office of manufacturer or service provider who procures services which are used by or intended to be used by the different factories/offices (collectively called ‘units’) of the said manufacturer/service provider can distribute the respective input credit on such services … Continue Reading →

Goods and Service Tax

Returns Process and Matching of Input Tax Credit in GST

July 1, 2017July 21, 2017 TaxIndiaUpdates In0 comments5996 views

Returns Process and Matching of Input Tax Credit in GST: In every Taxation law, Returns provide a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable … Continue Reading →

Goods and Service Tax

GST E-Way Rules 2017 | Chapter XVI

June 30, 2017September 2, 2021 TaxIndiaUpdates In0 comments3901 views

GST E-Way Rules 2017 Chapter XVI E-Way Rules RULE 138. Information to be furnished prior to commencement of movement of goods and generation of e-way bill. — (1) Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees – (i) in … Continue Reading →

Goods and Service Tax

GST Assessment and Audit Rules 2017 | Chapter XI

June 30, 2017July 16, 2021 TaxIndiaUpdates In0 comments3852 views

GST Assessment and Audit Rules 2017 Chapter XI Assessment and Audit RULE 98. Provisional Assessment. — (1) Every registered person requesting for payment of tax on a provisional basis in accordance with the provisions of sub-section (1) of section 60 shall furnish an application along with … Continue Reading →

Goods and Service Tax

GST in India: A Journey of Economic Reforms

June 30, 2017June 30, 2017 TaxIndiaUpdates In1 comments8445 views

GST in India: A Journey of Economic Reforms After 17 years of continuous efforts the present Goods and Services Tax law has come into effect. The journey of GST in India was not simple unlike to other laws. There are many factors which includes political interfere, … Continue Reading →

Goods and Service Tax

GST Accounts and Records Rules 2017

June 30, 2017July 16, 2021 TaxIndiaUpdates In0 comments3120 views

GST Accounts and Records Rules 2017 Chapter VII Accounts and Records RULE 56. Maintenance of accounts by registered persons. — (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of … Continue Reading →