Tag - gst

Treatment of Reverse charge under GST

Hello Everyone coming with another article in this new year on Reverse Charge under GST, Reverse charge is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier.Now What is Reverse Charge ?Under Normal Scenario, tax is paid by a supplier who makes supply of goods or services or both. However, under Reverse Charge Mechanism, liability to pay tax would not be on the supplier of goods or services or both but on the [...]

GST DUNIYA. (Part – 10)

GST on Restaurant servicesHope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part8 Part 9 Today we will discuss about GST on Restaurant servicesGST on restaurant services: We all know that most of us are very much fond of eating in restaurants. So now under GST Regime as tax rates are changed,It is important for us to understand the rates levy on restaurants. May be [...]

GST DUNIYA. (Part – 9)

Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8Today we will discuss about the Amendments in GST. As we all know GST has been rolled out from july 1,2017. So for its better implementation, various meetings had taken place and some important decisions which were taken in these meetings are explained below:Update About Composition Scheme :Composition Levy (SECTION 10)In terms of section 10(1), [...]

GST DUNIYA. (Part – 8)

we are extremely sorry for the delay. There were some technical problems due to which we couldn't post the updates but now we are back in action. Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Part 3Part 4Part 5Part 6Part 7Today we will discuss about Penalties and Prosecutions  in GST  Various Penalties and Prosecutions under GST regime are explained below: First of all there is a need to understand,why penalty imposes on [...]

GST DUNIYA. (Part- 3)

Hello Readers,Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Today we will discuss about the Registration procedure and exempted goods & services.Let’s start:Registration:Every person carrying out a taxable supply of goods or services whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. GST Registration is important because mainly it will enable to avail benefit [...]

GST Duniya. (Part – 2)

Hello Readers,Hope you had read the 1st part of the GST Duniya series, if not, then read it from here:Part 1: BasicsToday we will discuss about the Reverse Charge under GST and some other concepts.Let's start:REVERSE CHARGENormally, the supplier pays the tax on supply. In certain cases, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed which is why it is called reverse charge.The concept of reverse charge mechanism is already present in service tax. In GST [...]

IMPACT OF GST ON HOTEL/ RESTAURANT SECTOR

As we all know The Goods and Service Tax (GST) bill was passed in the Upper House of the Indian Parliament – The Rajya Sabha. To be implemented from 01st July 2017, A “one nation one tax” slogan which will replace the plethora of taxes levied under different names like service tax, value added tax (VAT), entertainment tax, cess etc. These various forms of charges will be combined to form a single tax i.e. GSTGST will have a [...]

IMPERFECTIONS IN GST BILL

There are many imperfection in the bill and several provision require amendments over the coming two years or so, according to our former finance minister P Chidambaram. Let us discuss some of the imperfection in the bill.One, the multiplicity of rates two, the compliance provisions three, lack of clarity in some provisions , let us discuss with an example. Variation in turnover, what happens if the turnover goes above Rs 1.5 crore in one year and then falls [...]

UNION CABINET APPROVES 4 GST BILL

The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll out of the GST, the one-nation-one-tax system that merges central taxes like excise duty and service tax and state levies like VAT.What is GST bill?  Goods and [...]