With the introduction of Goods and Service Tax, businesses are required to do new business compliances. However to lower the burden of compliance for small businesses, a composition scheme in GST has been introduced. Every person who crosses the threshold limit of turnover are required to take registration under GST. People get confused between regular […]
Read moreWhat is HSN Code? HSN codes or “Harmonized System of Nomenclature” is the Harmonized Commodity Description and Coding System. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988. It contains a six-digit uniform code, arranged in a legal and logical structure, which classifies […]
Read moreWhat is Electronic Commerce (E-Com) and Electronic Commerce (ECO)? Electronic commerce operator means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce. Electronic commerce means supply of goods or services over digital or electronic network. In simpler terms, electronic commerce is an electronic or digital platform. Ex:- Flipkart, Amazon, Paytm, Uber, Ola, […]
Read moreThe 32nd GST Council Meeting was held on 10th January 2019 at New Delhi. The meeting started at the Vigyan Bhawan, Delhi. Meeting was chaired by the Union finance minister Arun Jaitley and state wise finance ministers. The Council took major decisions and made many changes that would be effective from 1st April 2019. Committee […]
Read moreMany questions and queries people were having about the filing of Annual Return GSTR 9 whose last date has been extended to 30th june 2019. Indirect Tax Team of ICAI Releases FAQ on GST Annual Return. These FAQ’s have been drafted by CA Hiren Pathak and reviewed by CA Subham Khaitan. Q1. What is Legal […]
Read moreGenerally, the businesses registered under Goods and Service Tax (GST) are required to issue Tax invoices and mention the GST rate charged on it. But when businesses are not liable to charge GST they have to issue bill of supply. A Bill of Supply is a document issued by businesses Registered under GST opting for composition scheme or dealing […]
Read moreThe 33rd GST Council Meeting was held on 20th February 2019 through video conferencing under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri. Arun Jaitley. Check the GST calendar On 20th February 2019, the Government decided to extend the due date for filing January 2019 GSTR-3B return by 2 days to 22nd […]
Read moreFree of cost dilemma solved: We all love free stuff. I mean who doesn’t want. For instance, a shoe at Rs.250, or selling a shoe of worth Rs.500 at 50% discount i.e. at Rs.250. Most of the People will buy the (2). But the question arises at what we have to pay GST at Rs. […]
Read moreBy: Babatax / 2 Comments
Composition scheme: Any taxable person whose aggregate turnover in the preceding financial year is less than Rs. 1.5 Crores from April 1, 2019 (less than Rs. 75 lakhs for North Eastern States) can opt for a simplified GST composition scheme. In composition scheme under GST, tax will be payable at a concessional rate on the […]
Read morePermanent Account Number (PAN) card, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes (CBDT). The main objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent […]
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