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What are the steps to calculate Resale Price Method under Transfer Pricing Provisions???

The resale price method is one of the traditional transaction methods that can be used to apply the arm's length principle.
The resale price method focuses on the related sales company which performs marketing and selling functions as the tested party in the transfer pricing analysis.
What is the rate of GST in case a company is selling custom made Apparels to its customers?

The rate of GST is as under: 1. All goods of sale value not exceeding Rs. 1000 per piece - 5% 2. All goods of sale value exceeding Rs. 1000 per piece - 12%.
What is the difference between exempted sales & zero rated sales??
Zero Rated Sale/Supply
Under zero rated supply, the output supplies as well as the inputs or input services used in supplying the supplies would be free from GST. Following are the important points under zero rated supply:
- The taxes paid on the supplies which are zero rated are refunded;
- The credit of inputs and input services are allowed;
- Wherever the supplies are exempted, or the supplies are made without payment of tax, the taxes paid on the inputs and / or input services will be refunded (i.e. unutilized input tax credit would be refunded).
Exempted Sale/Supply
Exempted supply means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11 of CGST Act or under section 6 of the IGST Act, and includes non-taxable supply.
Following points are to be noted for exempted supply:
- There is no GST applicable on outward exempted supplies;
- Input tax credit of inputs and / or input services used in providing exempted supply is not available i.e. no input tax credit on exempted supplies;
- A registered person supplying exempted goods or services or both shall issue ‘bill of supply’ instead of tax invoice.
What happens if I don't file my returns?

In case you were supposed to file your income tax return and do not file. -There is always a risk that you may receive a notice from income tax department or -you WILL not be able to get back your deducted tax amount (i.e. TDS refund) Either way, you will be the one getting into trouble, may it be through the means of penalties and late fees or forfeiture of your TDS. It is strongly recommended to file your returns. Lucky for you, the last date has been extended to 31st August, 2018. I hope you make good use of it :)
How to Implement E-com in your business?
Feb. 27, 2018
eCommerce is here to stay, and it's time to take advantage. As the global market becomes more connected, we are more likely to see an increased demand for convenient, mobile-friendly shopping solutions. Provided yours is a business model suited to this kind of addition, it is definitely the time to get ahead of your competitors and make sure your customers can get what they want when they want. In closing, think of it like this – are you willing ...
What are Hybrid Debt Capital instruments in case of Banking companies?

Hybrid Debt Capital instruments are included in Tier II capital. Tier 2 capital is the secondary component of bank capital, in addition to Tier 1 capital, that makes up a bank's required reserves. Tier 2 capital is designated as supplementary capital, and is composed of items such as revaluation reserves, undisclosed reserves, hybrid instruments and subordinated term debt. Those instruments which have close similarities to equity, in particular when they are able to support losses on an ongoing basis without triggering liquidation, may be included in Tier II capital. At present the following instruments have been recognized and placed under this category: i. Debt capital instruments eligible for inclusion as Upper Tier II capital ; and ii. Perpetual Cumulative Preference Shares (PCPS) / Redeemable Non-Cumulative Preference Shares (RNCPS) / Redeemable Cumulative Preference Shares (RCPS) as part of Upper Tier II Capital. Hope I answered your queries. Best Wishes!! Chiranjibi Chapagain.
Who is a non resident taxable person under the GST regime?

Non-resident Taxable Person means any person who occasionally undertakes transactions which involve the supply of goods and/or services. He can enter into those transactions on the capacity of a principal or agent, but he should have no place of residence in India.
Please explain the Accounting System aspect of Financial administration of a local body.

Feb. 12, 2018
We have paid GST under reverse charge in the previous month, (June 2018). Can we utilize this previous month payment as ITC and discharge the tax liability for the current month?

For the payment of taxes under reverse charge, ITC cannot be claimed. Thus, reverse charge liability is required to be deposited through electronic cash ledger only. Further, the amount of taxes paid under reverse charge can be utilized to pay the output tax liability of the next month under normal charge.
Whose Books of Accounts can the Comptroller and Auditor General Inspect?

The C&AG has the power to inspect any office of accounts which are under the control of the Union or a State Government. This includes those offices too which are responsible for the creation of the initial or subsidiary accounts.

Further, he has the power to order the office of accounts which are under the control of the Union or a State Government tp send their accounts, books, papers and other documents which deal with or are otherwise relevant to the transactions under audit, to specified places