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 [...]

Base Erosion & Profit Shifting – A Global Challenge

Base Erosion & Profit Shifting – A Global ChallengeMeaning:“Recently more and more enterprises organised abroad by American firms have arranged their corporate structures aided by artificial arrangements between parent and subsidiary regarding intercompany pricing, the transfer of patent licensing rights, the shifting of management fees, and similar practices in order to reduce sharply or eliminate completely their tax liabilities both at home and abroad.”So, Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and [...]


 BACKGROUNDI would like to Owe to all the readers for providing good response& Appreciation to my article “GEAR UP FOR THE FIRST GST RETURN(GSTR-3B)”.Various registered persons under GST Act have input credit balance of OLD LAWS (Excise, Servicetax, Value Added tax, Entry Tax (In some cases)) which they want to be carried forward in GST. Hence government has come up with transitional provisions to entertain such credit to be carried forward.However, over the period of two months we have [...]

Memorandum, Articles & Incorporation of Comapny

Today’s topic is Memorandum, Articles & Incorporation of the company, section 4, 5 & 7 of the companies act. Section 4, Memorandum of Company Meaning:"Memorandum" means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act;Memorandum defines the charter of the company and shall state the following:The name of the company with the last word “Limited” in the case of a public [...]

STOCK GYAN. (Part – 9)

Hello Readers,Till the previous parts, we had discussed completely about Long Term Debt Asset Class Instruments and started with Short Term Debt Asset class instruments under which we had discussed:Bonds Loans Bond Futures & Options on Bond Futures Interest Rate Swaps Interest Rate Caps & Floors, Interest Rate options, Exotic Derivatives Bills and Commercial Papers DepositsAlso, refer the 1st part of the stock gyan series for having better understanding of the sequence and types, sub types etc.Let’s come to the [...]

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 Presentation – 1 (Overview)

"GST -  A New Awareness" by Kanika Aggarwal -  A series of powerpoint presentations on GST. For Detail study you can also refer GST Duniya series on is the Link of our 1st presentation that deals with overview of GST.Click here to Download

GST DUNIYA. (Part – 7)

Hello Readers,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 6Today we will discuss about Concept of supply  in GSTLet’s start:Meaning and Scope of supply (Section 7)Supply includes all forms of supply of goods and /or services such as sale, transfer, barter, exchange, license, rental, lease or disposal for consideration. Consideration can be either in form of monetary consideration or non-monetary consideration.It means consideration can be [...]