Do you think that the tax news in simple language are better? Can you write them in simple language? and then broadcast? Then Write them at shocks n mocks.
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Here are the steps... 2 limpid and simple steps... implement them... and give your GST implementation mission a great head start... You are right... this article is a crash course... or a helping hand on GST collection from payments made to the employees... simplified to the most... But if you fall in step 1 (ii) then you may have a dickens of a time... a hard time... implementing... but that's OK, at least you would know what to do....
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Do you know, there is a particular song that radio disc jockeys and TV news reporters, post offices in the US, play in the days very close to April 15? Its a song composed by George Harrison of the famous band "Beatles". Why do they play it? Because it talks of taxman... and... April 15 is the last date of filing tax returns by US individuals... You would be amused to hear the lyrics... they are there in the article...
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GST follows a principle... and earlier laws also followed a very similar principle... But GST has introduced a special mechanism... called as Reverse Charge Mechanism (RCM)... through its sections 9(3) and 9(4) of CGST Act 2016... to fill the GST leakage. This RCM... looks like second hand of GST maker ... collecting GST from both of its hands...
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Are you a unit holder of FPI??? Or a novice in the arena of Foreign Portfolio Investment?? Income tax laws treat the unit-holders of FPI and FPI itself as separate entities...Since they are separate entities, tax treatment will not be alike for both of them… In this write up, an attempt has been made to understand in simple lucid language, the taxability of both, the investor of FPI and FPI..
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We live in a free society and can be as gullible as we want. Plus, the pain of wasting money on bad advice can be a good learning experience. Dear exporters, if you want to skip that pain, then check out below... and remember 5 simple steps... and nothing more... and do simple export... which is your business. And stop rubbing your head in accounting... which was never your business...
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Honourable Supreme Court of India (SC) reversed the order of the High Court (HC). SC held that assessing officer should mention reasons before rejecting assessee's claim. Assessee claimed that it didn't incur (spend) any expense to earn dividend income. But AO disallowed some expense using section 14A. 14A describes manner to calculate expense in cases where assessee's income includes exempt income. Earlier HC, ITAT had rejected its appeal.
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In the US, buyers consciously prefer buying online...why? because ecom operators have been left off the tax hook... which saves sales tax to them... But Indian Govt has consciously chosen to not toe the American line... and taxed the ECOs... and more or less brought them in line with brick and mortar sellers. So, online sellers (ECOs) you have no reason to open the bubbly... but the 5 aphorisms... marked below...should help you in GST compliance.
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I came across a strange case today wherein a company ‘mistakenly’ exported some goods to India. Does that make any sense? How can someone ‘mistakenly’ export goods? I mean that’s a long process isn’t it.. How can a mistake sustain a long process such as export? Let us find out
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"Clients do not come first. Employees come first. If you take care of your employees, your employees will take care of your clients”... Maverick entrepreneur Richard Branson has subtly put. Over many moons, organisations have been consciously developing various ways to reward their employees... and still, they do... But do you know... in this era of GST... all you need is a mere understanding of this single line of CGST 2016 Sch III clause 1...
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In our previous articles, we explained how small sector handicraft artisans and manufacturers are bearing the brunt of GST. But decisions taken by GST council for Kashmiri traders shows government is taking steps towards solving problems of small business traders who are engaged in traditional jobs.
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If I ask you... my dear sharp minded friend, to tell me about the most important term or backbone of GST... then what would you answer? supply, goods, services, tax, invoice... bill...or may be something else? Yep... you may have many answers... but... this item... invoice or tax invoice... defined u/s 2(66) of the CGST Act... should definitely find some place... I feel so... you may not feel so... Anyhow, here are some basic facts on invoices...
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The most famous, respected, sought-after and one of the most intelligent breed of professionals, the Lawyers hold a high position in society. Lawyers can be found in any field be it politics, corporate, social or any other. The role played by lawyers is indispensable and cannot be substituted by any other. Let us see what GST holds for these gentlemen.
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We all know GST is technologically driven. From migration, registrations, returns and form filing, everything under GST has to be done online. In order to keep things systematic, a unique code has been allocated to very taxpayer to facilitate better record keeping and tracking information. This code is GSTIN.
Apart from the historical and religious significance, another reason why people eagerly wait for Diwali is that it brings a season of sale and discounts. Consumption is at its peak during this time. Manufacturers, retailers, wholesalers, and consumers everyone makes the most of it. But this year, the story might be different.
Do you remember the famous movie Munnabhai MBBS, where Sanjay Dutt plays Munna, the lead character and Arshad Warsi plays Circuit, his right arm man. A pure agent is to his client, what circuit was to Munna. Still don’t get it? Read on
Somewhere in some obituary, I read ... "Honesty is not only the best policy, it is rare enough nowadays to make you pleasantly conspicuous." So... true... this is. And clearly, enough... through the doctrine of "unjust enrichment" ... given in section 54(5) of the CGST Act, our assiduous government... has rightfully sown the seed of honesty into the new GST law...
Many a times, when a supplier supplies goods or services, the receiver is not happy with the product or service that he receives. He may find product defective, quality poor or service deficient. So he decides to return the product, or asks for a refund. In such a case, what should be the accounting policy?
We all know what MRP is. MRP (Maximum Retail Price) is the maximum amount of money that can be charged by a seller from a buyer. After the implementation of GST, prices of many products changed. Does this have an effect on the MRP rules also ?
Case Law,Sep. 14, 2017
Generally, people take loan when they don’t have enough cash for the intended use. But what’s the benefit if more cash is flowing out of your packet while availing loans? GST was aimed at benefitting the common man, but instead it will force you to shell out more money when you are already in distress.
With passage of time and increase in prosperity, most people recognise the importance of work life balance. Nowadays, people take vacations sooner than ever, be it local or foreign.. everyone loves to explore. Such a trend has given rise to tour and travel operators. People who make sure you enjoy without any problem. Let us see what GST has for these agents.
With the introduction of GST, a strange phenomenon has come into play, that of bills without GST component and bills with GST. I know many of you would be aware of what I am talking about, and some might not be knowing... but anyways.. read on...
