Major Amendments in GST w.e.f 1st February 2019
Some of the major amendments which has come into effect are summarised below: Place of business: The concept of business verticals for separate registrations has been done away with. Now, assessees will be able to obtain multiple registrations in the same State for separate places of business, which was previously possible only for separate business verticals. The registration for each
Cases Where Input Tax Credit under GST Cannot Be Availed
Specific cases are mentioned under GST where no input tax credit shall be available to the applicant. We are going to discuss the ineligibility of input tax credit in the article with examples. 1. Motor vehicles & conveyances ITC is not available for motor vehicles and conveyances. For example, XYZ & Co. buys a car
Who can be an Authorised Representative in GST ?
Authorized representative means a person who is authorized by a person to appear on his behalf. Section 2(15) of GST Act, 2017, provides that ‘authorized representative’ means the representative as referred to in section 116. As per section 116(1) of the GST Act, 2017, any person who is entitled or required to appear before a GST
10 dos and don’ts to ensure your claim of HRA tax exemption against rent paid is not rejected
In April 2017, an income tax tribunal ruling on rent receipts grabbed many eyeballs. This is because it rejected the HRA exemption claimed by a salaried individual for the rent paid to her mother. The tribunal rejected the claim on the grounds that there is no proof to substantiate that payment of rent has actually
Notification No. 78 /2018 – Central Tax
Extension of time limit for furnishing the declaration in FORM GST ITC-04.
Notification No. 77/2018 – Central Tax
“Provided further the amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December,
Notification No. 76/2018 – Central Tax
Provided further that the amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd
Notification No. 75/2018 – Central Tax
Provided further that the amount of late fee payable under section 47 of the said Act shall stand waived for the registered persons who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarters from July, 2017 to September, 2018 by the due date but furnishes the said details in FORM
Penalty for Late Filing of Income Tax Return – AY 2018 -19
The last date to file your ITR for the FY 2017-18 was 31 August 2018. Not filing your ITR on time can lead to a penalty, but there are also other consequences and inconveniences attached to the delay. Let us understand these in detail below. 1. Penalty for Late Filing u/s 234F As per the
All About E-Commerce & TCS Compliance under GST Regime
As we all know, TCS (Tax Collected at Source) under Section-52 of CGST Act, 2017 came into force starting from 01 Oct 2018. I know, it is confusing for many of us & even for our Tax Consultants. When we speak about TCS (Tax Collected at Source), TDS (Tax Deducted at Source) etc, people often tag it to Income Tax,