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No GST on Annual subscription/fees charged as lodging/boarding charges by educational institutions from its students for hostel accommodation

Services provided by an educational institution to students, faculty and staff are fully exempt. Educational institution has been defined as an institution imparting (i) pre-school education and education up to higher secondary school or equivalent; (ii) education as a part of a curriculum for obtaining a qualification recognized by any law for the time being in force; (iii) education as a part of an approved vocational education course. Thus,Read more

Tax in reverse charge on gold ornaments

Section 9(4) of the CGST Act, 2017 mandates that tax on supply of taxable goods by an unregistered supplier to a registered person will be paid by the registered person under reverse charge mechanism. This provision, however, must be read in conjunction with section 2(105) read with section 7 of the CGST Act, 2017. Section 2 (105) defines supplier as a person supplying the goods or services. Section 7Read more

Password for Provisional ID not received

The issue faced here relates to Provisional ID being received by an assessee but requisite password for future use was not received. The issue was forwarded to CBEC Mitra Helpdesk wherein it was clarified that in case the password to the Provision ID has not been issued it might be a case where Registration Certificate had been cancelled. If the Provisional ID was cancelled, or assessee has been unableRead more

Applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular

Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017 provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value ofRead more

Position regarding applicability of GST on Legal Services provided by individual Advocates including Senior Advocates and a Firm of Advocates

There are points being raised about the applicability of GST on legal services provided by advocates – whether it is in forward charge or reverse charge. It may be mentioned that there is no change made in taxation of legal services in the GST era. In this context, it is further clarified that legal service has been defined to mean any service provided in relation to advice, consultancy orRead more

Provisions related to registration under GST regime

As per the GST laws, one is required to take registration on or before 30th July 2017. All traders are requested to register now without waiting for the last date. If one is carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakh (Rs. 10 lakh in Special Category States), you need to register in all the States/Union Territories from whereRead more

Debit Notes and Credit Notes Under New GST Regime

What Are Debit Notes and Credit Notes Under New GST Regime Credit notes and debit notes There comes a time when humans mistake in generating  an entry or a transaction. These cases often lead to exception and a further reconciliation is required credit note and debit note  between the interacting parties to make correct, such generates. This can happen due to a machine crash as well. Such a wrongRead more

simplications and complications of indian GST

Simplications of in indian GST:   Simplication of More competing business environment: It will shift the burden of taxes from the manufactures in India where the tax system is unfairly change towards the consumers. Manufacturers will pay lesser taxes and there will be an environment of greater competitiveness and more flexibility  in business. Simplication of Systematic  tax rates across states: Would you not decrease your rates to attract moreRead more

GST will impacts on FMCG firms

GST will impacts on FMCG firms, The new Goods and Services Tax (GST) regime will bring several benefits of the economy, and could particularly valise (FMCG) the fast-moving consumer goods industry  Apart from driving supply chain inefficiencies, bringing untaxed players into the tax net—a large section of the industry still operates in the unorganized segment— will level the playing field for the larger, established players in the industry.   TheRead more

GST make homes expensive after 1 july 2017

GST make homes expensive after 1 July 2017 under-construction projects will attract a goods and services tax (GST) rate of 12%. Amid all the hullabaloo over the unified tax regime in the country, speculation is the ride on would it be lead to a hike in property prices?   Taxes are being rationalized which will lead to the increased transparency. There will be more clarity post and GST in termsRead more

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