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GST CMP-08 Due Date Due Date for Filing FORM GST CMP-08 Extended (7/19/2019) by Editor@HostBooks- The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification for the extension of due date for filing the returns by composition dealers in Form CMP-08. As per the Notification, “Provided that the due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter April 2019 to June 2019, or part thereof, shall be the 31st day of July 2019.” The composition taxpayers shall furnish a… Read More...
GST Fraud Detected ₹ 45,682.83 Crore Fraud Detected Since The Rollout of GST (7/17/2019) by Editor@HostBooks- Since the implementation of Goods and Services Tax, a total of 9385 cases of tax fraud involving the amount of ₹ 45,682.83 crores has been detected by the tax authorities. Out of these, 1,593 cases involving an amount of ₹ 6520.40 crores have been detected in April-June at the beginning of this year. When asked about the tax frauds under GST, Minister of State for Finance Anurag Thakur said tax fraud worth ₹ 37,946.41 crores was detected in 7368 cases… Read More...
GST Collection Finance Minister Says GST Collection of States has Risen to ₹ 5.18 Trillion in FY19 (7/16/2019) by Editor@HostBooks- Finance Minister Nirmala Sitharaman on Monday said that GST collection of states and union territories (UTs) has increased to ₹ 5.18 trillion in FY 2018-19, up from ₹ 2.91 trillion collected in nine months of 2017-18. In addition, Centre has released ₹ 81,177 crore compensation to states during 2018-19, as against ₹ 48,178 crores during July-March period of 2017-18 fiscal. In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve… Read More...
GST Refund Fraud Rs 50 Crore IGST Refund Fraud – 2 Traders Arrested (7/15/2019) by Editor@HostBooks- Two traders were arrested by Belapur Central GST Commissionerate for allegedly floating over 50 shell companies to fraudulently avail IGST refunds. Ajay Gopinath Mishra and Ramesh Chandra Bhatt availed IGST refund by showing export of textile goods over Rs 350 crore and collected IGST refund of over Rs 50 crore between January and May. The said amount was refunded by the customs to these exporters at the port of export. One of the officials said, “The IGST was paid using… Read More...
GST Mismatch Declare your Mismatch in GST Returns, Outward Supplies in Annual Returns (7/12/2019) by Editor@HostBooks- The Ministry of Finance has now declared that any mismatch in the GST monthly sales return and outward supply details should be reported in the annual return form and due taxes should be paid. In a clarification on annual returns and statement for reconciliation, the ministry said it has received various queries from businesses asking whether the primary source of data for filing the annual return and the statement for reconciliation should be GSTR-1, GSTR-3B or just the books of… Read More...
GST Invoices 1,800 Cases Booked For Issuing Fake GST Invoices (7/11/2019) by Editor@HostBooks- The Govt. has booked nearly 1,800 cases for issuing fake GST invoices since 2017-18. The highest number of cases - 1,220 cases involving an amount of nearly Rs 9,500 crore have been reported in the last financial year. The government informed the Rajya Sabha that 1,796 cases have been booked in three years for claiming the Input Tax Credit (ITC) available under the GST. GST was implemented across the country in July 2017. It subsumed a host of taxes on… Read More...
ITC Refund SGST Good News for Exporters as Centre to Pay ITC Refund for SGST (7/10/2019) by Editor@HostBooks- With a broader view of providing a major relief to exporters, the Centre will now pay the Input Tax Credit refunds of state taxes, thereby minimizing transaction time and costs, and manual interface in claim processing. As per reports of various industries across the nation, there is a big difference in the amount claimed, State Goods and Services Tax (SGST) sanction amount received from Central Tax authority and the amount actually disbursed. According to the 2019-20 budget “The central government… Read More...
GST Incentives Earned By Dealers Shall Now Be Taxed Under GST (7/9/2019) by Editor@HostBooks- The government in clarification has declared that Advertisements or special promotion drives undertaken by the dealer of a company will be now considered as a service, and would be taxed. As per this clarification, Companies that offer additional discounts to their dealers as incentives and ask them to conduct advertising campaigns to promote their brand/products. These incentives given to dealers shall now be taxed. Dealers will charge GST on the service they provide to companies, for which companies will be… Read More...
Takeaways for Startups and MSMEs 10 Important Takeaways for Startups and MSMEs (7/8/2019) by Editor@HostBooks- The Union Finance Minister, Nirmala Sitharaman, on July 5th, 2019 presented the Annual Budget for the Financial Year 2019-20 in Parliament. This budget is being said to be futuristic and will have a great impact on Indian Economy in the long run. However, after the Economic Survey 2018-19 pointed toward the need to incentivize newly established firms to boost job creation, the Finance Minister announced various measures that will help bolster the startup and MSME ecosystem in India. Below are… Read More...
Input Tax Credit No Input Tax Credit for Expenses Incurred on Promotional Schemes (7/5/2019) by Editor@HostBooks- According to the order issued by Maharashtra Authority for Advance Ruling (AAR), Input Tax Credit will not be available on GST paid on expenses incurred towards promotional schemes. Although AAR rulings are applicable for the applicant and the jurisdictional tax officer in a particular matter, the same can be used as an influential tool in similar matters. Accordingly, tax experts feel that the ruling can be significant for automobile or FMCG companies which give gifts as a part of promotional… Read More...
GST Invoices GST Department Takes Strict Action Against Fake GST Invoices (7/4/2019) by Editor@HostBooks- The government, on Monday, warned businesses against generating fake invoices to evade GST, saying tax officers will take strict action against such cases. Speaking on the second anniversary of the implementation of the GST, Minister of State for Finance Mr. Anurag Thakur said “the menace of the fake invoice needs to be checked to ensure that honest taxpayers do not suffer and the government does not lose revenues. The government will take adequate action against those involved in generating fake… Read More...
Budget 2019 Expecting Broad-Mindedness from Budget 2019 (7/3/2019) by Editor@HostBooks- Fresh off winning a clear mandate in the national election in May 2019, Modi 2.0 is almost ready to bring out the first Union Budget of its second term. It is expected that this budget will be decisive in shaping the tone for administration and conveying the seriousness of the Government to revitalize business, which is reeling under the twin shock of a changing global trade scenario, as well as a reducing domestic economy. Interestingly, this budget will coincide with… Read More...
ITR Rules 5 Basic Rules to Keep in Mind While Filing ITR On Time (7/2/2019) by Editor@HostBooks- The July 31st, 2019 deadline is reaching nearer for filing Income Tax Return of Fiscal Year 2018-19. The Income Tax Department has already opened the window for filing various ITR forms, such as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. ITR allows a taxpayer to carry-forward of loss and claims a refund from the income tax department. Not only has that but by filing ITR you also reduced the burden of tax payments. Every year, a taxpayer must communicate… Read More...
GST Return Filing New GST Return Filing System & Refund Mechanism From Today (7/1/2019) by Editor@HostBooks- The Goods and Services Tax has completed 2 years. On this occasion, the finance ministry has come up with some further reforms - the introduction of a new return system, rationalization of cash ledger system and a single refund-disbursing mechanism, among others. Minister of State for Finance and Corporate Affairs Anurag Thakur will preside over the event alongside key secretaries and officials of various departments, the finance ministry said in a release on Sunday. The introduction of GST has been… Read More...
GST Audit Desk-based GST Audit for Small Assessees (6/28/2019) by Editor@HostBooks- According to the Audit Plan for 2019-20, prepared by the Directorate-General of Audit (Indirect Taxes) under the Central Board of Indirect Taxes & Customs (CBIC), small taxpayers mean assessees with turnover below 7.5-10 crore and medium category include taxpayers with turnover between 7.5-10 crore and 30-40 crore. Beyond this, assessees will fall under the category of large taxpayers. The turnover includes total taxable, exempt and zero-rated clearances of goods and services, but excludes supplies during the year. The last date… Read More...
GST National Anti Profiteering Authority National Anti Profiteering Authority’s Term Extended by 2 Years (6/27/2019) by Editor@HostBooks- Fears that the GST would disturb India’s litigation problem seem to be coming true as far as anti-profiteering is concerned. Recently, the GST Council extended the tenure of the National Anti-Profiteering Authority (NAA) by two years. On considering the number of pending cases and increasing tussle between NAA and numerous companies, this decision was largely anticipated. A slew of firms has been accused of failing to pass on the rate-reduction benefits commensurately to the last consumers. These include blue-chips like… Read More...
GST Services GST to be Based on Services Provided by the HO to its Branch in Another State (6/26/2019) by Editor@HostBooks- The Finance Ministry has framed a draft circular clarifying the taxability of services provided by head office, located in one State, to the branch office/offices located in another state/states. In technical terms, it is known as cross charges and the issue is how tax can be calculated in such cases. According to the draft, which was circulated during the GST Council Meeting on June 21st, the Ministry said that it has received various representations seeking clarification on the taxability of… Read More...
Inter-state gst Inter-state Office Services Should Come Under GST Net (6/25/2019) by Editor@HostBooks- The government is ready to make it clear that services provided by an office of an organization in one state to another office in another state will face Goods and Services Tax. According to a Govt. official, a circular to this effect, endorsed by the GST Council, will be shortly issued. This is in line with the view taken by Karnataka Authority for Advance Rulings (AAR) that in-house functions such as human resources and payrolls if carried out from a… Read More...
GST Commistioner GST Commissioners are Continuously Watching and Monitoring Your Business (6/24/2019) by Editor@HostBooks- The National Anti-profiteering Authority (NAA) has proposed a Standard Operating Procedure (SOP) for all Central and State GST officers to keep an eye on top 20 suppliers in their jurisdictions, who are deeply indulged in making mock purchases and taking other measures. As per Rule 128 of the CGST Rules 2017, a complaint can be filed by an interested party or directly by a commissioner or any other person. A commissioner is considered to be the most competent authority, in… Read More...
Hignlights of 35 GST council meet Highlights of the 35th GST Council Meet (6/22/2019) by Editor@HostBooks- After swearing in of the Modi led new Government, the 35th GST Council Meeting was the first meeting of the Council that took place under the chairmanship of the new Finance Minister Nirmala Sitharaman on 21st June 2019 (Friday) in New Delhi. The Council began with passing a resolution acknowledging the crucial role played by the former Chairperson of GST Council Shri Arun Jaitley and expressed its gratitude for the extraordinary contribution made by him in making the GST Council a shining example… Read More...
ITR Filing Know All About ITR: Last Date, Penalties & Other Details (6/21/2019) by Editor@HostBooks- Due Date and Eligibility The last to file your ITR for FY 2018-19 is approaching – July 31st 2019. Individuals and the Hindu Undivided Family (HUFs) having income more than Rs 2.5 lakhs, Rs 3 lakh for senior citizens of age 60 years to 80 years and Rs 5 lakh for super senior citizens of age 80 years or above, are required to file Income Tax Returns (ITR). All companies, Limited liability Partnership (LLPs), trusts, association, political parties whose income… Read More...
e way bill generate No E-Way Bill from 21st June 2019 if the GST Return has not been Filed for the Last 2 Months (6/20/2019) by Editor@HostBooks- Government has come up with new provisions pertaining to E-Way Bill to be implemented from 21st June 2019. Vide Notification No. 74/2018 dated 13.12.2018 a new rule 138E was already inserted by the Govt., which contains the following salient features – The original script of the relevant provisions has been incorporated below for your reference. “138E. Restriction on furnishing of information in PART A of FORM GST EWB-01. – Notwithstanding anything contained in sub-rule (1) of rule 138, no person… Read More...
Electric vehicles gst rate Electric Vehicles May be Brought Under 5% GST Rate Slab (6/20/2019) by Editor@HostBooks- India may cut the Goods and Services Tax on electric vehicles to 5% from 12% to boost the sector that’s a high priority for the new government. The GST Council is set to take up the proposal at its June 20 meeting, said a senior government official aware of the development. “There is a proposal to cut tax rates on EVs among other issues”. Lower duties are expected to encourage global manufacturers to invest in India’s planned shift to electric… Read More...
GST Issues The 8 Issues Fixed By GSTN To Ease The Burden On The Taxpayers (6/19/2019) by Editor@HostBooks- Although the Goods and Services Tax (GST) is all set to complete 2 years of implementation, the issues or defects are still in existence. These issues have become a cause for concern and have been hindering the process of filing returns since long. In every council meeting that takes place, the GST Council comes up with recommendations to make GST easy and hassle-free. Here’s a list of 8 issues that the Goods and Services Tax Network has fixed recently. Issue#1.… Read More...
gst complience How is the Government Improving GST Compliance? (6/18/2019) by Editor@HostBooks- India is now set to complete two years of the GST regime, the biggest tax reform since independence. The authorities are constantly working on improving the compliance structure in order to boost up the tax receipts. Here are some of the proposals that the GST Council is going to discuss in the upcoming GST Council Meet. 1) What’s the course of GST in the near future? The new and simpler tax return filing forms will make tax evasion harder as… Read More...
GSTR9 Mismatch How Can You Avoid The Credit Mismatches While Filing GSTR-9? (6/17/2019) by Editor@HostBooks- Taxpayers are preparing themselves to file their annual returns in form GSTR-9 this month. The annual return includes the data filled in by the taxpayer in all his monthly and quarterly returns. And, the taxpayer must ensure that this data matches with the annual return that is being filed by him. The data must also match with his books of accounts. If a mismatch exists, the taxpayer with turnover exceeding Rs 2 crores needs to report the same in the… Read More...
GST Rates GST Rate on Footwear Might be Lowered to Promote Growth & Exports (6/14/2019) by Editor@HostBooks- With a view to promoting growth and exports, the leather exporters have urged the finance ministry to lower the rate GST on footwear. P R Aqeel Ahmed, Chairman, Council for Leather Exports (CLE) raised this issue at a pre-Budget meeting chaired by Finance Minister Nirmala Sitharaman on June 11, 2019. He said that the domestic footwear sector holds the massive potential to create jobs and earn foreign exchange. He further stated that "Reduction of GST on footwear would help promote… Read More...
GST Slab More Items are Likely to be Phased out from the Highest GST Slab (6/13/2019) by Editor@HostBooks- India could review the GST structure to reduce the number of items in the highest slab of 28% as it attempts to stop the decrease in demand. Some states who favored the idea of tax-rate reduction worried that the slowdown may get entrenched, and have brought their concerns to the Centre. The 35th GST Council is supposed to meet on June 20th, ahead of the budget presentation on July 5th, and all such topics could figure in the discussions. This… Read More...
GST Return Government Introduces New GST Return System for Taxpayers (6/12/2019) by Editor@HostBooks- The Govt. has introduced a transition plan for taxpayers under the Goods and Services Tax to switch to new simpler return forms. With a view to ease the transition process, between July-September the new form would be available on a trial basis just for familiarization. The GST Council in its 31st meeting, on 22nd December 2018, had decided that a new GST return system will be brought for the ease of taxpayers. According to an Official Statement Made on Tuesday: The Goods… Read More...
GST Turn Over Threshold for e-Invoice GST Turnover Threshold for e-Invoice may be Fixed at ₹ 50 Cr in the Next Meet (6/10/2019) by Editor@HostBooks- The GST council would next meet on June 20, 2019, and is likely to propose ₹ 50 cr as the t/o threshold for entities to generate e-invoice on a centralized government portal for business-to-business (B2B) sales. The GST Council will take a final decision on the same after consulting with the states. Analysis of return filing shows that as many as 68,041 businesses have reported a turnover of over ₹ 50 cr and accounted for 66.6% of total GST paid in… Read More...
Last-Date-GSTR-Filing-30-June-Blog The Last Date to File GST Annual Return will Continue as June 30 (6/7/2019) by Editor@HostBooks- The Union Finance Ministry, on Tuesday, issued a detailed clarification on the GST annual return filing. The last date to file returns will remain June 30. The GST assessees must keep in mind the following important points while filing the return: 1. Information contained in FORM GSTR-2A as on May 1, 2019, shall be auto-populated in Table 8A of FORM GSTR-9. 2. Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of FORM GSTR-9. 3.… Read More...
Form-16-Date-Extended-Blog Last Date for Employers to Issue Form 16 Extended by CBDT (6/6/2019) by Editor@HostBooks- The Central Board of Direct Taxes has extended the last date for the employers to issue Form 16 to July 10, 2019 (earlier June 15). Consequently, the last for filing an ITR (July 31 of each year) may get extended. Furthermore, it has also extended the last date for filing of Form 24Q (May 31) by the tax deductors till June 30 for FY 2018-19. In the month of May, an important change was made in the Form 24Q, which is… Read More...
Govt-begins-Identifying-and-Investigating-shell firms-BLOG Govt. Investigates Income Tax Returns and GST Claims Discrepancy: Identifies Thousands of shell Firms (6/4/2019) by Editor@HostBooks- The Govt. is now fully prepared to take adequate action against tax and money laundering with the help of data analysis to detect overstated Goods and Services Tax claims that do not match up with Income Tax Returns. The action against these entities is being launched through notices. This clean-up operation is followed by the past exercise where potential shell firms were identified and their Managers/Directors were found fake. As per a report by TOI, most of these firms were… Read More...
GST-rate-cut-may-reduce-blog Companies Pitch for GST Rate Cut as the New Govt. Takes Charge Second Time (6/3/2019) by Editor@HostBooks- Companies across sectors like durables, automobiles and real estate have been lobbying hard for a Goods and Services Tax cut as the Narendra Modi-led NDA Govt. prepares for the second term. Modi and his council of ministers were sworn in on Thursday in the presence of over 8,000 people at the Rashtrapati Bhawan. Durable firms said the issue of rationalizing the tax rate of products, like, ACs and larger television sets, which falls currently under the 28% tax bracket, has… Read More...
From TDS, TCS to Filing ITR 5 Important Dates – From TDS, TCS to Filing ITR (5/31/2019) by Editor@HostBooks- An individual or company is required to share their incomes and gains in a statement to the department. The rules and norms of Income Tax are systematic and are needed to be exercised by citizens on scheduled due dates specified by the Income Tax Department. Paying taxes and filing for Income Tax Returns properly are the two most important practices for taxpayers notified by the Income Tax Department. Every salaried individual is liable to pay his/her taxes depending upon their… Read More...
GST Changes Five GST Fixes that Modi Government Needs to Implement (5/30/2019) by Editor@HostBooks- On July 1st, 2019, the Goods and Services Tax (GST) shall be completing its two years of getting implemented. Inspired by the idea of ‘One Nation – One Tax – One Market’, GST replaced 17 different types of indirect taxes and cesses with just 5 tax rate slabs, starting from 0% to 28%. It was geared towards making the entire nation a common market and two years later, it appears to have succeeded outstandingly. GST collection in March 2019 rose… Read More...
GST Return New Form GST Council Implements New Return Forms In a Phased Manner (5/29/2019) by Editor@HostBooks- Big businesses will have to start filing GST Returns in the new form before others, with the authorities planning a gradual approach for all future changes to the indirect tax system to avoid disruption at the time of low economic growth. GST authorities were expected to adopt strict enforcement measures to boost revenue receipts, especially with the two-year transition period for GST ending in June 2019. However, the GST Council has now fully decided to bring changes in the tax… Read More...
GST Compensation Finance Commission Does Not Intend To Extend GST Compensation (5/28/2019) by Editor@HostBooks- The 15th Finance Commission does not have any plan to heed the request of state governments to extend the period for the Goods and Services Tax compensation beyond the initial 5 years, holding that tax buoyancy will take adequate care of the current shortfall in revenue in some states. According to the chairman of the 15th Finance Commission, Mr. N.K. Singh “As GST is a consumption-based tax, the real problem with states is that the guaranteed compensation will end in two… Read More...
GST Returns new form Phase-wise Implementation of GST New Return Forms (5/27/2019) by Editor@HostBooks- As per the planning of GST council, in the first phase, only large businesses are required to start filing GST Returns in the new form before others, with the authorities planning a gradual approach for all future developments in the indirect tax system to stop disruption when economic growth has slowed down. The authorities were expected to apply tough enforcement measures to fortify revenue receipts, especially with the two-year transition period for GST going to end in June 2019. However,… Read More...
QR Code The QR Code Would Become Mandatory For All Shops (5/25/2019) by Editor@HostBooks- With a clear view to promoting Digital payments as the most preferred option, the government is planning to mandate a QR code-based payment option using UPI at all shops and establishments with consumers opting for this method of payment eligible for GST benefits along with shopkeepers. The basic intention behind this measure is to bring more transparency in transactions and records. A Govt. official of the concerning Department said, “We are looking at incentives for both, the shopkeepers or the… Read More...
GST Council May Consider A National Bench of Appellate Authority May Be Considered Next Month by the GST Council (5/24/2019) by Editor@HostBooks- The Goods and Service Tax Council is supposed to consider a proposal for the establishment of a national bench of the Appellate Authority for Advance Ruling next month to reconcile the contradictory orders on similar issues passed by Authorities for Advance Ruling in different states, a step aimed at providing certainty to taxpayers. The revenue department is contemplating on the idea of setting up a national bench of Appellate Authority for Advance Ruling. Since it has been felt that the… Read More...
GST Return Form Draft of the New GST Return Form Goes Live On the GST Common Portal (5/23/2019) by Editor@HostBooks- GST authority has come out with a draft of a simplified new version of the return form. This new return form is expected to be formally come into effect from July 2019. Through this exercise, brought publically on Wednesday, the authority aims to receive maximum feedbacks on the user interface and its functionalities. Here, taxpayers can fill the template and mail the same. This new GST Return will have Form GST RET-1 (Normal), Form GST RET-2 (Sahaj) and Form GST… Read More...
GST Reformation The Ground Running on The Reformation of GST Would Be Hit by The New Government (5/22/2019) by Editor@HostBooks- In the current scenario, lots of items, are outside of the GST circumference. And, the new Govt. must improve its coverage. GST will require adequate attention from the next new government. First, GST must improve its ambit. Presently, real estate and electricity are outside of its circle. While the Centre and states have decided to delay bringing petroleum formally under GST, they have agreed to continue levying excise and value-added tax (VAT) duty as levied earlier on it. There is… Read More...
late filing Penalties Against Late Filing of Income Tax Returns (5/21/2019) by Editor@HostBooks- The last date for filing Income Tax Returns is July 31st, 2019. This time the Income Tax department may not extend the deadline as strict compliance rules are in force. For taxpayers, this is the right time to sit up and start putting all necessary documents in place required in filing ITR. Before starting the tax filing process, a large number of taxpayers waits till they get Form-16 and then start collecting requisite documents that play pivotal role in filing… Read More...
GST Return GST Filing Format Becomes Simpler From July 2019 (5/20/2019) by Editor@HostBooks- The new simplified GST Returns filing format, approved by the GST Council last July, is now ready to be introduced after being deferred twice. In this new format, taxpayers shall be required to file just a single return every month, except small taxpayers and a few exceptions. Those with no purchases, no output tax liability and no ITC in any quarter of the Financial Year will have to file only one 'NIL' return for the entire quarter, while taxpayers having… Read More...
Input Tax Credit in GSTR-9 Rules for Reversal of Input Tax Credit in GSTR – 9 (Annual Return) (5/20/2019) by Editor@HostBooks- Reversals explained in Detail are as Follows: (1) Rule 37 (2) – 180 Days Non – Payment (2) Rule 39 (1) – Credit Note issued to ISD (3) Rule 42 (1) – ITC on Input supplies partly used for business and partly for exempt supplies or Personal use (4) Rule 43 (1) – ITC on Capital Goods partly used for business and partly for exempt supplies or Personal use (5) Others 1. Rule 37 (2) – 180 Days – Non-Payment… Read More...
TDS Certificate Format TDS Certificate Format Issued by Employers Revised by The IT Department (5/17/2019) by Editor@HostBooks- The format for Form 16 has been revised by the Income Tax department. It added various details, including income from house property and remuneration received from other employers to check tax evasion. The revised format will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources. Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at… Read More...
GST and GAAR Taxpayers Need Not Mention GST & GAAR Details In Tax Audit Report Till March 2020 (5/16/2019) by Editor@HostBooks- The inclusion of GST and GAAR (General Anti-Avoidance Rules) details in the tax audit report has been kept in abeyance till March 31, 2020, by the Income Tax department. This has happened for the second time. The move is applicable to business entities having a turnover of more than Rs 1 crore (or Rs 2 crores if they have opted for presumptive taxation) and professionals with gross receipts of more than Rs 50 lakhs. The due date for the filing… Read More...
paying tax outside Paying Taxes Outside The Country? Indian Residents Can Now Claim a Credit (5/15/2019) by Editor@HostBooks- If you are working in India for foreign companies, then you are allowed to accept compensation or remuneration in India. Those who are resident in India for tax purposes have to report their global income in India. Hence, this compensation must be included in your tax return filed in India. Your employer may deduct some taxes at source or you may have to file a local tax return in that country. If that case, you will be allowed to take… Read More...
GST-refund-autometd-for-exporters GST Refunds Likely to Get Automated for Exporters From June (5/14/2019) by Editor@HostBooks- GST refunds are likely to be processed automatically for exporters of goods and services and suppliers to SEZ units from the month of June. The revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said. Every person making a claim of refund on account of 'zero-rated' supplies has two options. He can export without payment of integrated tax under Bond/ LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may… Read More...
GST for Under Construction House All You Want to Know About GST on an Under Construction House (5/13/2019) by Editor@HostBooks- If you are a real estate stakeholder and are confused regarding GST, then this list of FAQs by FinMin will help you. In case you bought an apartment from a real estate developer in June 2018 and paid almost 40 percent of the value by March 31, 2019, what should be the rate of GST applicable on the remaining portion of your flat value? You are a beneficiary of the PMAY-CLSS scheme and the carpet area of your house under… Read More...
realty firms Realty Firms Can Opt for The Old GST Rate Till May 20 (5/10/2019) by Editor@HostBooks- The GST Council extended the deadline by 10 days till May 20, allowing realty firms to opt for the old GST rate. This would also include an input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had earlier allowed real estate players to shift to 5% GST rate for residential units and 1% for affordable housing without the benefit of input tax credit… Read More...
ITR form-16 What is Form 16 and What is Its Role in ITR Filing? (5/9/2019) by Editor@HostBooks- The Central Board of Direct Taxes (CBDT) issued a circular on May 6, 2019, in which it has asked employers or ‘deductors’ to download Part B of Form 16 from TDS Reconciliation Analysis and Correction Enabling System (TRACES) portal and issue the same to the ‘deductees’ or their employees. What do you mean by Form 16? Form 16 is a proof of tax deducted at source (TDS) that the employer deducts every month from the employee’s salary. It also has… Read More...
Annual Maintenance Are You Paying a Higher GST on Annual Maintenance Bills? (5/9/2019) by Editor@HostBooks- Conflicting rulings from tax authorities of advance rulings have resulted in confusion in different states on the applicability of GST on annual maintenance contracts. The various Authorities of Advance Rulings (AARs) have pegged GST on annual maintenance contracts (AMCs) that companies offer to customers of various products and equipment at 12%, or 18%, or even 28%, industry experts said. The appellate authority for Advance Rulings in Rajasthan upheld AAR’s decision that taxability of services provided on customer's equipment under comprehensive… Read More...
AAR AAR: Concessional Rate of 12% GST for ‘Affordable Housing Scheme’, Not Restricted to Developer (5/7/2019) by Editor@HostBooks- [TS-294-AAR-2019-NT] Maharashtra AAR held a contractor (applicant) eligible for concessional rate of 12% [CGST+SGST] under ‘Affordable Housing’ project (AHP) as per Sr. No. 3(v)(da) of Notification 01/2018-Central Tax (Rate) dated January 25, 2018, covered under Heading 9954 as ‘Construction services’, for residential units of up to 60 sq. mtrs. and not for commercial units. It noted that the applicant proposed to enter into a housing project with Puranik Builders (Developer) for construction of a residential project having 322505 sq. mtrs.… Read More...
B2B Invoices B2B Invoices to be Generated on the Govt. Portal by September (5/6/2019) by Editor@HostBooks- Govt. has now come up with another move aimed at curbing the act of generating fake invoices and GST evasion. All invoices for B2B sales by entities beyond a specified turnover threshold will be generated on a centralized government portal by the month of September. The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers' committee has already been set up. In the words of an official, "E-invoice for B2B transactions will be… Read More...
GST Registration Error What Common Errors Should be Avoided after GST Registration? (5/6/2019) by Editor@HostBooks- Since July 2017 GST has successfully covered a long distance in India. It has made starting a business in India so easy that anyone can start and run his/her business smoothly with the help of an Accountant (Bookkeeper). Due to this, the number of new businesses has increased rapidly. However, due to a shortage of adequate knowledge taxpayers become a defaulter under the GST Law. It has been witnessed that some common mistakes are still made by many taxpayers, which… Read More...
ITR- GSTN Tax Dept to Share ITR Data with GSTN to Check Tax Evasion by Businesses (5/1/2019) by Editor@HostBooks- In order to check tax evasion, the Income Tax Department will be sharing ITR data of business persons with the Goods and Services Tax Network (GSTN) officer. The main objective behind this move is spotting income mismatches between their GST returns and Income Tax Return (ITR). It is important for the business persons to ensure that their income tax returns and GST returns correlate. Simply put, a business person whose income as per ITR reflects a difference between what is… Read More...
investor Investors Exiting Startups Likely to Get Capital Gains Tax Relief (4/30/2019) by Editor@HostBooks- With a view to attracting more funds into the sector, the government might exempt investors from tax on capital gains accrued when they exit a startup. The Department for Promotion of Industry and Internal Trade (DPIIT) is assessing two alternatives to deliver this incentive — (1) A blanket exemption (2) A conditional exemption based on funds redeployed. The latter would be on lines of the benefits offered to nascent firms in the UK. “We want to recommend that they should… Read More...
E-invoicing Under GST Govt. Might Introduce E-invoicing Under GST (4/29/2019) by Editor@HostBooks- To make the GST regime more transparent, the Govt. is now looking at the possibility of introducing the concept of electronic invoicing. This would enable the taxpayers to issue invoices or bills directly via the GST Network and the data will be available to the authorities immediately. Since the invoices will be issued directly from GSTN, the information is not required to be updated separately. The GST Council has called up a meeting to discuss the feasibility of e-invoicing. Furthermore,… Read More...
gst council More Flexibility on the use of ITC says GST Council (4/26/2019) by Editor@HostBooks- Goods and Services Tax (GST) Council has added flexibility into the way a company can utilize the available input tax credit. Any company would now be eligible to use the credit available against paid integrated GST (IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in any proportion and in any order. Previously, the order of using the IGST credit was kept flexible — it was the company’s choice to set off CGST or SGST… Read More...
Input Tax Credit HC Says Interest is Payable on Total Tax Liability, ITC included (4/25/2019) by Editor@HostBooks- Megha Engineering & Infrastructures Ltd. vs. The Commissioner of Central Tax [TS-248-HC-2019(TELandAP)-NT] Telangana HC (Hyderabad) dismissed the assessee’s writ and held that interest u/s 50 of CGST Act, 2017 is payable on total tax liability. This also includes a portion which is liable to be set-off against ITC where the returns were filed belatedly. It rejected the assessee’s reliance upon recommendations of GST Council made during its 31st meeting upon the contention that interest is to be calculated only on net… Read More...
GST Return Filing under Composition Scheme CBIC Prescribes Special Procedure for Payment & Return Filing under Composition Scheme (4/24/2019) by Editor@HostBooks- Govt. prescribed special procedure for furnishing return and payment of tax by persons registered under the GST composition scheme in terms of Section 10 of CGST Act, 2017 or Notification No. 02/2019 – Central Tax (Rate). A statement containing details of payment of self-assessed tax shall be submitted for every quarter in FORM GST CMP-08 till the 18th day of the month succeeding such quarter. Furthermore, the annual return in FORM GSTR-4 shall be furnished on or before the April… Read More...
GST Update NAA Upholds Profiteering Against ‘Snacks-Supplier’ for Charging GST Despite Foregoing ‘Brand-Name’ Rights (4/23/2019) by Editor@HostBooks- Director General Anti Profiteering vs. Dev Snacks [TS-246-NAA-2019-NT] National Anti-Profiteering Authority (NAA) upheld a case of profiteering u/s 171 of CGST Act, 2017 against supplier of snacks (i.e. namkeen, bhujia, mixture, etc.) for the period November 27, 2017 to December 31, 2017 while noting that GST was charged at 5% despite reduction in tax-rate to NIL vide Notification No. 34/2017-Central Tax (Rate) dated October 13, 2017. It noted that Respondent was charging GST at 12% in terms of Notification No.… Read More...
renewable-energy-certificate Delhi HC issues a notice regarding Circular levying GST on Renewable Energy Certificate Scrips (4/22/2019) by CA@HostBooks- Delhi HC issued a notice to Revenue in writ challenging Circular No. 46/20/2018-GST levying 12% GST on Renewable Energy Certificate (REC) scrips. It noted the Petitioner's argument saying that REC scrips are 'securities', excluded from both goods and services while listing for matter in July. The matter was heard by Justice S. Ravindra Bhat and Justice Prateek Jalan. And, the petition was filed by Mr. Abhishek A Rastogi. Writ Petition has been filed by a Power Company challenging Circular No. 34/8/2018-G8T,… Read More...
list-of-itr-forms List of Major Changes made in the ITR Forms (4/17/2019) by CA@HostBooks- Some major changes in the Income Tax Returns (ITRs) were notified by the Govt. The taxpayer will now have to provide additional details such as days of residency in India, holdings in unlisted shares and details of the buyer(s) of property in case of capital gains earned by a seller on the sale of immovable property. Let’s go through the major changes made in ITR forms. ITR-1 Form ITR-1 form is applicable to resident individuals, except for the director of… Read More...
gst compliance What Provisions Should You Follow for Smooth GST compliance? (4/17/2019) by Editor@HostBooks- Since the implementation of GST on 1st July 2017, frequent amendments have been going on in the GST law and provisions, which has kept the businesses, professionals, tax practitioners, and even the Government officials on their toes. It is essential for all of us to know the new terms of these changes and understand a few common provisions of GST to manage our businesses effectively. Here is the summary of some of the very crucial pointers which may be used… Read More...
vidhi-centre Vidhi Centre report recommends legislative changes to strengthen GST (4/15/2019) by CA@HostBooks- The launch of GST evoked an unprecedented range of emotions and eagerness about the legal and political schemes to transition to the GST regime. Given the paradigm shift that GST caused in the indirect tax framework, its implementation was expected to create turbulence. Nevertheless, there was a hope that it would provide a simpler, transparent and user-friendly tax regime. Vidhi Centre for Legal Policy (VCLP), in a series of reports, seeks to analyze how GST has managed on the scale… Read More...
the-election-result GST most likely to undergo a change irrespective of the election result (4/15/2019) by CA@HostBooks- The controversial Goods and Services Tax (GST) is all set for a refit regardless of who comes to power in the forthcoming elections. Top finance ministry officials said that more of goods currently in the 28 percent luxury bracket would be brought down to lower tax slabs. The GST median rate now at 18 percent could eventually be reduced. “There will be a continuation of GST reforms regardless of who forms the government. The aim is to slowly reduce rates… Read More...
GST Changes What are The Major Changes in GST w.e.f 1st April 2019? (4/12/2019) by Editor@HostBooks- With the beginning of the new Financial Year of 2019-20 CBIC (Central Board of Indirect-Taxes and Customs) has issued some important notifications to bring the GST recommendations into effect. These recommendations were made during the 32nd GST Council meeting, held on 10 January 2019. This main objective was to provide a sigh of relief to MSME sector like an increase in threshold limit for GST registration, concessional rate of tax for service providers which have been brought into effect from… Read More...
e-way-bill-reporting E-Way Bill Reporting Mechanism to be Improved [Report] (4/11/2019) by CA@HostBooks- Owing to the mismatches in e-way bill submissions, the Centre is scrutinizing GSTN data to see if it should consider withdrawing the facility of generating multiple e-way bills on a single invoice, an official source said on Monday. The Goods and Services Tax (GST) authorities are now sifting through GSTN data retrieved through return filings and e-way bills to match these with the summary reconciliation statements of estimated tax liability. Hence, the businesses will have to explain discrepancies like under-reporting… Read More...
bjp BJP Manifesto to continue with GST simplification ensuring stable tax regime (4/10/2019) by CA@HostBooks- The BJP economic policy aims at lowering the tax rate, improving compliance, and broadening the tax base. The improved compliance and increased tax base have resulted in a rise in the tax to GDP ratio. The same has reached 12%, which is the highest in the recent past (the ratio was 10.1% in 2013-14). BJP promises to continue with their policy in the same manner i.e. lowering of the tax rate, rewarding honest taxpayers, and improving compliance. GST has resulted… Read More...
gst return Roll-out of new GST return filing format delayed (4/5/2019) by CA@HostBooks- The roll-out of new GST return forms from April 1 has been delayed. The same would be made available once the software is ready. The GST Council had in July last year decided that the simplified GST return forms -- Sahaj and Sugam -- would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would begin from July. Under the new return filing format, taxpayers with no purchases, no output tax liability and… Read More...
AAR-8 Sun-cured tobacco leaves classifiable under HSN 2401 and taxable at 5% (4/4/2019) by CA@HostBooks- Kerala AAR held that sun-cured “Tobacco leaves” known as “Kannipukayila” only used for chewing is classifiable under HSN Code 2401 liable to 5% GST (2.5% CGST + 2.5% SGST) vide Notification No. 01/2017-Central Tax(Rate). Further referring to Rule 46 of SGST Kerala Rules, it held that tax invoice issued by a registered person shall contain the particulars of the amount of tax charged in respect of taxable goods and services. The AAR clarified that tax shall be collected on the… Read More...
AAR-7 AAR classifies polypropylene mats under Chapter 46 is taxable at 5% (4/3/2019) by CA@HostBooks- Kerala AAR held that polypropylene mats (plastic mats, commonly known as ‘satranji’) manufactured by plaiting together polypropylene mono-filament strips and the like of plastics fall under Chapter 46 of Customs Tariff Act, 1975. Some important facts: The AAR elucidated the process of manufacture of the plastic mat (satranji) where polypropylene is converted into tube form by applying heat and air on an extruder machine which is then cut into a specific size and used on weaving machines. It relied on… Read More...
Goods demand after GST No Consensus on ‘Why Consumer Goods Demand Increased After GST?’ (3/29/2019) by Editor@HostBooks- As the supply-chain emerged from the initial commotion caused by Goods and Services Tax, the number of consumer goods makers increased surprisingly. There is no consensus on ‘why did it happen so?’ Manufacturers of soaps to biscuits admit that the lower GST rates drove higher demand. But, distributors and retailers aren’t sure if that was the trigger and attribute it largely to a quick recovery after the twin disruptions of demonetization and GST. When distributors pared inventory ahead of the July… Read More...
e way bill changes What are The 4 Major Upcoming Changes in E-Way Bill System? (3/28/2019) by Editor@HostBooks- Still worried about the eWay Bill roadblocks hampering your business? You can now heave a sigh of relief! The Govt. has come up with some major changes in the e-way bill system to make it simpler. These arrangements will help businesses and transporters overcome the eWay Bill issues. Here's a List of the Upcoming eWay Bill Changes: 1. Auto-calculation of Distance based on Pin Code The e way bill system will calculate the distance between the source and destination. This… Read More...
GST Affecting India Is GST Affecting India’s Clean Energy Transition? (3/19/2019) by Editor@HostBooks- India is undergoing a clean energy transition. This transition must not only advance climate commitments but also development needs and economic priorities. However, as we tread this tightrope, the introduction of new macro-economic policies could add further complications. The emergence of Goods and Services Tax in July 2017, is one such example. GST removed tax exemptions offered previously to solar photovoltaic (PV) and added much uncertainty during the first year of its introduction. How has the GST impacted the cost… Read More...
Revolutionary Effects of GST Revolutionary Effects of GST in India: Pros V/s Cons (3/18/2019) by Editor@HostBooks- There were certain basic objectives behind the introduction of GST. One was to substantially reduce (if not eliminate), the cascading of taxes by providing a seamless flow of Input Tax Credit in the entire supply chain. The second aim was to cut short the compliance costs by clubbing together seventeen indirect taxes of Center and States. These two targets have been achieved substantially, except only five Petroleum products and Alcohol for human consumption could not be brought within GST. And… Read More...
GST Rate Reduction How the GST rate reduction will impact property prices? (3/6/2019) by CA@HostBooks- The 33rd Goods and Service Tax (GST) Council meeting was held on 24 February 2019, in which the council recommended rationalization of GST rates on real estate. The cut has been re-structured right in accordance with industry expectation. Once accepted and included in the official gazette, GST would be levied at an effective rate of 5% on the total value of non-affordable under-construction properties (property costing ₹ 45 lakh and above), which would be 7% lesser than the earlier effective rate of… Read More...
Highlights-of-33-GST-Council-meet Highlights of 33rd GST Council Meet (2/22/2019) by CA@HostBooks- Agenda: Real estate & Lottery issue The 33rd GST Council meeting was concluded on February 21, 2019 (Wednesday). However, Hon. Finance Minister termed the discussion as inconclusive and then the Hon. Chairman agreed to consider the views of state FMs in the next GST Council meet which has been proposed to be conducted on Sunday (24th Feb. 2019) in Delhi. In this GST council meet the Deadline for filing GSTR-3B has been announced to be extended by 2 days. Due to the… Read More...
6 Major changes in GST Portal to Help Small Businesses (2/18/2019) by CA@HostBooks- Some of the most significant updates have been made to the GST Portal in last week which contains various specific features. These advanced updates will bring great relief to taxpayers. The important updates made in the GST portal are as follows: 1. Option to choose a Bank while making Payment: Every time a particular bank option is selected while a taxpayer pays off his/her GST liabilities. But now, keeping in view at taxpayers’ ease it has been updated in the Preferred… Read More...
What is GSTR-2A and how to download it with HostBooks GST Software? (2/11/2019) by Editor@HostBooks- Birth and implementation of Goods and Services Tax in India is known to be the biggest post-independence indirect tax reform. It has played a crucial role in the removal of different socio-economic evils like bribery, tax evasion and cascading effects from the country which were on a rise in the old tax regime. Different sorts of online GST Return forms have been introduced which makes it necessary to go for the GST software that is capable enough to meet all… Read More...
GST Audit Procedure A Quick Guide on GST Audit Procedure, Assessment, Ruling & Recovery (2/5/2019) by Editor@HostBooks- Having been known as the most influential and the biggest tax reformation since independence, Goods and Services Tax has completely revolutionized the entire concept of tax and its other significant components too. Here in this blog, we shall go through all about the restructured headings pertaining to Audit Procedure, Assessment, Ruling and Recovery under GST. 1. GST Audit Procedure What is meant by an audit under GST? GST Audit is the thorough examination of taxpayer’s records to see if he complies… Read More...
32 gst council meet Key Highlights of 32nd GST Council Meet (1/11/2019) by CA@HostBooks- On 10th January 2019 (Thursday), under the chairmanship of Hon. Finance Minister Mr. Arun Jaitley, the 32nd GST Council Meet took place in New Delhi. Here are the Key Highlights of the 32nd GST Council Meet Increased Annual Turnover Limit for GST Registration Basic exemption limit for suppliers of goods shall be increased from ₹ 20 lakhs to ₹ 40 lakhs. However, the limit for suppliers of services shall remain ₹ 20 lakhs. While in special category states {i.e. North-Eastern… Read More...
gst-practitioner-exam A complete Guide on GST Practitioner Examination (1/11/2019) by Kapil RANA- After the implementation of GST in India, more than 1 crore enterprises have been registered under GST and are required to deal with various GST compliances. To make compliance easier for businesses, the Government has taken various commendable initiatives like introducing registered GST Practitioner Exams along with setting up of GST Facilitation Centers across the country. On 30th October 2018, the CBIC (Central Board of Indirect Taxes & Customs) issued the Notification No. 60/2018 – Central Tax, mentioning the provisions… Read More...
31st GST Council Meet Highlights of the 31st GST Council Meet (12/22/2018) by Editor@HostBooks- The 31st GST Council Meet concluded on December 22nd, 2018 at Vigyan Bhawan in New Delhi. It was chaired by Finance Minister, Sh. Arun Jaitley along with other finance ministers of all states. Here are some takeaways from the latest Council Meet. Jan-Dhan Account holders are completely exempted from Goods and Services Tax. Only 8 items (luxury and sin items) have now been left in the 28% slab. Business class Air tickets have been brought into the 12 % slab… Read More...
GST AAR Maharashtra Judgments by Maharashtra Authority for Advance Rulings (AAR) under GST (12/21/2018) by Editor@HostBooks- AAR: Rules in applicant’s favor, reimbursement of salary on behalf of a foreign entity, not liable to GST Maharashtra AAR held that the applicant engaged in recruitment of shipping personnel for Foreign Ship Owner (FSO) shall not be liable to pay GST on salary amount received and disbursed as such to the Crew. It further Referred to Rule 33 of CGST Rules and observed that Salary of Crew of FSO will be deposited in the account of the applicant in… Read More...
gst-council-28 The GST Council to Further Rationalize the Highest Tax Slab of 28% (12/17/2018) by Editor@HostBooks- As per the announcement made by India’s Finance Minister Mr. Arun Jaitley in the Budget 2017, ‘the Indian Government is highly focused on absolute development of world-class gigantic infrastructure, affordable housing and roads’. Regular GST council meetings have now eradicated a number of issues and the tax slab of various goods have been now decreased. At present, only 35 goods, including cement, automobile parts, tires, automobile equipment, motor vehicles, yachts, aircraft, aerated drinks, betting and demerit items like tobacco, cigarette and pan… Read More...
GST Annul Return Date Extension of GST Annual Return Due Date (12/8/2018) by Editor@HostBooks- Although GST has successfully covered a long walk in India, yet a large number of taxpayers across the nation feel it be difficult. Lack of awareness regarding GST and low literacy ratio with respect to online services, internet issues in remote areas, etc. are some of the factors that have become a roadblock in GST. Many times, the taxpayers miss out on the deadline of filing the GST returns. Thus, keeping in view the ease of the taxpayers of all… Read More...
GST invoice mismatches How to Avoid GST Return/Invoice Mismatches in 5 Easy Steps? (12/7/2018) by Editor@HostBooks- Reconciliation of GST Returns/Invoices is a recurring event and needs to be performed periodically to claim the maximum credit as well as to avoid mismatches on a larger scale. But as a fact, mismatch in GST Returns and/or invoices has always been one of the most tedious tasks in the GST regime. Most of the businesses usually talk about the problems faced in terms of this issue. Reconciliation under GST is all about matching the data filed by the supplier… Read More...
GST Due Dates Extension of GST Return Due Dates (11/30/2018) by Editor@HostBooks- The entire social and business life have got badly affected due to the catastrophic cyclone appeared recently in two Indian states i.e. Tamil Nadu and Andhra Pradesh. Thus, keeping in view the ease of taxpayers of both these states the government of India has extended the different due dates for various GST Returns. As per the announcement made by the Dept. of GST (Govt. of India) – The previous due date for GSTR-3B (for the month of September and October… Read More...
e way bill fastag E-Way Bills will now be linked with FASTag and LDB (11/27/2018) by Editor@HostBooks- With a strong view to making the E-way Bill mechanism more efficient and transparent, the Govt. of India is going to introduce new terms to E-Way Bills. This will check tax evasion by tracking the movement of goods and establishing direct linkage between what is declared and what is actually being moved. The Department of Goods and Services Tax (GST) is planning to integrate E –Way Bill with NHAI’s FASTag mechanism and DMICDC’s Logistics Data Bank (LDB) services. It is… Read More...
National Anti-Profiteering Authority Rulings National Anti-Profiteering Authority (NAA) Rulings (11/22/2018) by CA@HostBooks- NAA: Profiteering not established where base price reduction exceeds additional ITC available National Anti-Profiteering Authority (NAA) dismissed application alleging a violation of provisions of Section 171 of CGST Act, 2017 by Respondent, observed that Respondent reduced the base prices of products (“Bathing bar” and “Instant Drink Powder 50Gms”) to maintain the same MRP (Pre-GST MRP) inspite of increase in tax rate. It noted that actual pre-GST tax rate on the products was 14.5% (Nil Central Excise Duty+ 14.5% VAT) in… Read More...
Maharashtra AAR Judgments Maharashtra Authority for Advance Rulings (AAR) under GST (11/20/2018) by CA@HostBooks- Maharashtra AAR: Education/Training provided through co-operative training centres/district co-operative boards, not exempt Maharashtra AAR held that activity of applicant, a state level apex training institute, conducting education and training programs through its 13 co-operative training centres and 33 district co-operative boards as per statutory requirement of Maharashtra Co-operative Societies Act, 1960 is covered within the scope of services, therefore liable to GST. It observed that the applicant is neither providing any services to the Central Govt., State Govt., Union Territory… Read More...
GST HC Judgement Goods and Services Tax (GST) Judgments by Delhi HC, Allahabad HC & Kerala HC (11/16/2018) by CA@HostBooks- Delhi HC: Directs hand-over of premises sealed for over a month, sealing cannot assume ‘indefinite’ life Delhi HC directed removal of seal where premises of assessee was sealed on behalf of Delhi Goods and Services Tax (DGST), u/s 67 of CGST Act, 2017 for non-possession of books and accounts sought. The hon’ble HC noted assessee’s plea that DGST lacks statutory power and authorization to indefinitely seal the premises and that authorization does not name the ‘assessee’ but only lists the… Read More...
E-Way Bill Generation Enhancements Proposed by the Govt. in the Generation of E-Way Bill w.e.f. 16.11.2018 (11/16/2018) by CA@HostBooks- National Informatics Centre (NIC) proposed improvements in e-way bill generation, being released on 16.11.2018. The following improvements have been proposed: 1. Checking of Duplicate Generation of e-Way Bills Based on the Same Invoice Number The e-way bill system is enabled not to allow the consignor/supplier to generate duplicate e-way bills based on one document. Here, the system checks for duplicate e-way bills based on the consignor’s GSTIN, document type, and document number. Simply put, if the consignor has generated one… Read More...
Andhra Pradesh AAR under GST Andhra Pradesh Authority for Advance Ruling (AAR) under Goods and Services Tax (11/15/2018) by CA@HostBooks- AAR: Denies input tax credit on the civil structure for plant & machinery installation Andhra Pradesh AAR denies GST input tax credit (ITC) to applicant engaged in the manufacturing of steel and production of power; This is in respect of the goods and services used for installation of plant and machinery and for protection of plant and machinery by creating shades; On account of photographic evidence AP AAR rejected applicant's contention to treat civil structures as structural support to plant… Read More...
Resolve GST Queries of the MSMEs CBIC Sets up Help Desks to Resolve GST Queries of the MSMEs (11/15/2018) by CA@HostBooks- The Central Board of Indirect Taxes and Customs (CBIC) will monitor the grievances of the MSMEs relating to GST on a daily basis. This is being done on account of the GST issues that the MSMEs are coming across. The CBIC is all set to resolve these issues that are being faced by small businesses in the new indirect tax regime. The government has initiated a major support and outreach programme for MSMEs to ensure growth and expansion of the… Read More...
Issues Revolving Around GST Audit & Annual Return Issues and Challenges Revolving Around GST Audit & Annual Return and Precautions for Compliances (10/29/2018) by CA@HostBooks- GST Audit is mandatory for every registered person whose aggregate turnover in a financial year exceeds ₹ 2 Crores which should be computed for the company on PAN India basis and not individually for each State. GST Audit should be made either by a Chartered Accountant or a Cost Accountant and shall include a reconciliation between Audited Financial Statements and turnover declared in the annual return. However, the entire process for this reconciliation can be a time-consuming activity as there… Read More...
Maharashtra & Rajasthan AAR under GST Maharashtra & Rajasthan Authority of Advance Ruling under GST (10/29/2018) by CA@HostBooks- Maharashtra AAR: Electric Overload Travelling Grab Crane classifiable under HSN 84261100 taxable at 5% IGST Maharashtra AAR held that ‘Electric Overload Travelling Grab Crane (EOT Grab Crane)” to be supplied for use in the waste-to-energy project gets covered by Sl. No. 234 of Schedule I of Notification No. 1/ 2017 dated June 28, 2018 – Integrated Tax (Rate) as ‘Renewable energy devices and parts for the manufacture of waste to energy plants/ devices’, liable to 5% IGST. The AAR explained… Read More...
GST Authority for Advance Ruling Latest Judgments by GST Authority for Advance Ruling (10/23/2018) by CA@HostBooks- Punjab AAR: Forward contract settled by differential rate payment considering prevailing market rate constitutes ‘securities’, not liable to GST • Punjab AAR held that forward contract in cotton sales and cotton purchases, being settled by applicant with another party to contract by way of payment of differential of forward rate and prevailing market rate on settlement date, falls within purview of ‘securities’ defined u/s 2(101) of CGST Act, 2017, therefore not eligible to GST; • However, where settlement takes place… Read More...
Lottery an Actionable Claim ‘Lottery’ an Actionable Claim, Liable to GST, Upholds Levy of Differential Tax: Calcutta HC (10/23/2018) by CA@HostBooks- •  HC held that lottery can be taxed under Central CGST Act as well as West Bengal (WB) GST Act, 2017 while rejecting assessee’s plea that lottery is neither ‘goods’ or ‘service’ under said Acts; •  Relying upon SC ruling in Sunrise Associates wherein it was held that the distinction drawn in H. Anraj between the chance to win and right to participate in the draw was unwarranted, held that, “lottery is an ‘actionable claim’ and goods or moveable property”;… Read More...
GSTR-3B Filing Due Date GSTR-3B Filing Due Date Extended till October 25, 2018 (10/23/2018) by CA@HostBooks- The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days i.e. till October 25. The due date extension has benefitted the businesses that wish to claim Input Tax Credit (ITC) for July 2017-March 2018 period. The Central Board of Indirect Taxes and Customs (CBIC), under the Finance Ministry said that trade and industry had expressed apprehension relating to October 20 due date, for claiming ITC under GST for… Read More...
GSTR-4 Return Filing GSTR-4: Meaning, Eligibility, Due Date, Format, Process & Penalty (10/22/2018) by CA@HostBooks- Under the broad and crystal clear circumference of GST regime, every taxpayer needs to execute his/her liability seriously and on time. Keeping in view one’s, ease various kinds of GSTR forms have been brought by the Govt. GSTR-4 is like other GSTR Forms, which is subjected to dealers registered under composition scheme of GST and they have to furnish this GSTR-4 electronically by 18th of the month succeeding quarter. This blog post contains abundant information regarding your queries for- What… Read More...
GSTR 4 Update GSTR-4 Update: Composition Dealers not required to furnish ‘inward supply’ details in quarterly returns (10/18/2018) by CA@HostBooks- Finance Ministry issued a clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4; It explained that such taxpayers need not furnish the data in serial number 4A of Table 4 of FORM GSTR-4 i.e. Inward supplies received from a registered supplier (other than supplies attracting reverse charge); A clarification has been issued pursuant to doubts regarding the manner of filing such Quarterly Return in absence of auto-population of details of inward supplies (other than supplies attracting Reverse… Read More...
gst practitioner How to Become a Registered GST Practitioner? (10/16/2018) by CA@HostBooks- In accordance with the new GST rules, before one starts helping one’s clients, one mandatorily needs to register oneself as a GST Practitioner.  In the present arena, the process of GST migration has been on its full swing. Report says, around 60 to 70 percent (in lakhs) businesses are going to be registered on the GST portal (www.gst.gov.in) before the window closes. There are a number of businesses which are still oblivious regarding the appropriate procedure required for filing GST Returns… Read More...
GST Authority for Advance Ruling (AAR) GST Authority for Advance Ruling (AAR) (10/16/2018) by CA@HostBooks- Maharashtra AAR: Composite contract with Govt. Dept. for water supply from tube-well after excess iron removal, taxable at 12% Maharashtra AAR holds that turnkey contract entered with Public Health Engineering Dept. Govt. of Bihar for the supply of water from tube-well after removal of excess iron and lifting it to overhead tank, shall be taxable under Tariff Sub-Heading 9954 (Construction services). It observed that, in order to perform the contract entered with Public Health Engineering Dept., Bihar, the applicant has… Read More...
Annul-Return-GSTR-9-Filing Annual Return GSTR-9: Meaning, Eligibility, Due Date, Filing Format & Penalty (10/15/2018) by CA@HostBooks- The Goods and Services Tax regime came up with a number of returns to be filed by the taxpayers. One such important return that the taxpayer cannot miss out on is the Annual Return: GSTR-9. Majority of the traders or businesses registered under GST are supposed to file this return. Here in this blog post, we will discuss what GSTR-9 is all about along with the eligibility, due date, the format prescribed and the penalty that is to be paid… Read More...
GSTR-3B-Return Filing GSTR-3B Filing Process, Eligibility, Due Date & Penalty (10/13/2018) by CA@HostBooks- The implementation of GST created a hassle across the country. A lot of returns were introduced and needless to say the return filing process further added to the hassle. However, with GST Council Meets being held every month, the Govt. is on its way to make GST easy and convenient for the taxpayers. Speaking of the GST returns, GSTR-3B is considered to be one of the most important returns to be filed under the GST regime. In this blog post,… Read More...
GSTR-6 Return Filing Know All About GSTR-6 Return Filing, Format, Eligibility & Due Dates (10/13/2018) by CA@HostBooks- With a prime and clear vision of ‘One Nation – One Tax – One Market’, Goods and Services Tax was introduced by the Government. Apart from its various benefits, it has been playing a major role too in removing cases of tax evasion, bribery and other forms of corruption from the country. Keeping in view the ease of different types of tax-payers, different kinds of GST Return Forms have been introduced as well. And presently, everything pertaining to Tax has… Read More...
IGST refund to exporters Govt. Substitutes Rule 96(10) Pertaining to IGST Refund to Exporters w.e.f. October 23, 2017 (10/12/2018) by CA@HostBooks- Govt. on October 9, 2018 substituted Rule 96(10) w.e.f. October 23, 2017. It said rule pertains to refund of IGST to exporters receiving supplies from persons availing benefit under specified Notifications. The Govt. thus consequently amended CGST Rules, 2017. CBIC notified Central GST (Twelfth Amendment) Rules, 2018 to amend Rule 96(10) and Rule 89(4B) of CGST Rules, 2017. It also substituted Rule 96(10) to provide that persons claiming refund of IGST paid on exports of goods or services should not… Read More...
Constitution of NFRA Constitution of NFRA (10/11/2018) by CA@HostBooks- MCA Notification dt. 1 Oct. 2018: Section 132(1) & (12) of Companies Act, 2013 to commence from 1 Oct. 2018 S.O. 5098(E).- In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date on which the provisions of sub-sections (1) and (12) of Section 132 of the said Act shall come into force. The Central Government has notified the… Read More...
HostBooks GST Software How HostBooks GST Software can help you become GST Compliant? (10/4/2018) by CA@HostBooks- After the birth of GST, most of the businesses started looking for an appropriate, affordable, secure, and advanced GST Software. Below are some of the features of HostBooks GST Software that will help you know how it can help you become GST compliant in the true sense. 1. Cloud-based software with anytime anywhere access Being associated with Amazon Web Services (AWS), HostBooks GST Software is Cloud-based software that offers you the freedom of accessing your account anywhere and anytime. Moreover,… Read More...
Enhancements in E-Way Bill Form Latest Enhancements in E-Way Bill Form (10/4/2018) by CA@HostBooks- Display of only relevant document types in the “Document Type” dropdown list based on the selected Transaction “Supply Type” and “Sub Type” by the taxpayers. Auto-population of the state name based on the pin code entered in consignor and consignee addresses. Standard rates for the tax are provided in the drop-down list for selection, based on the type (intra-state/inter-state) of transactions. Additional fields for “CESS Non-Advol Amount” & “Other Value” have been introduced to enter CESS Non-Advol amount and any… Read More...
Appellate Authority for Advance Ruling Appellate Authority for Advance Ruling under GST (AAAR) (10/3/2018) by CA@HostBooks- 1. AAAR: Absent natural bundling, EPC contract for solar power plant involving PV module and other supplies, not a ‘composite supply' Based on the review of the case the Karnataka Appellate Authority for Advance Rulings agrees with findings of AAR that supply of Photovoltaic (PV) module is a transaction originated and in distinct nature by itself and not to be construed as naturally bundled with supply of remaining components and parts of ‘solar power plant’; Notes that appellant has transformed… Read More...
30th GST Council Meet Highlights of the 30th GST Council Meet (10/1/2018) by CA@HostBooks- The 30th GST Council Meet concluded on September 28, 2018. It was chaired by Finance Minister, Sh. Arun Jaitley via video conferencing along with other state finance ministers. Here are some takeaways from the latest Council Meet. 1. Calamity Cess Keeping in view the grave flood situation in Kerala, the state proposed the imposition of cess on SGST for the purpose of rehabilitation and other flood related works. The GST Council decided to constitute a GoM i.e. a Group of… Read More...
E Way Bill Registration A Quick Guide on E Way Bill Registration Procedure Under GST (9/24/2018) by CA@HostBooks- Under GST, E Way Bill has become mandatory for the transportation of goods with a value of more than ₹ 50,000. On the other hand, it becomes helpful for the purpose of tracking the exact location of transport and goods across India. It is compulsory to get registered on the E Way Bill portal first to generate the GST E-Way Bill. As a quick guide on E-Way Bill Registration procedure under GST, this blog post will be quite helpful. Requisites… Read More...
Tracking GST Registration Application Status How to track GST Registration Application Status through ARN? (9/11/2018) by CA@HostBooks- GST Registration has been made mandatory for the businesses having an aggregate annual turnover of ₹ 20 lacs. The threshold limit is ₹ 10 lacs in North-eastern states (Assam, Arunachal Pradesh, Mizoram, Nagaland, Tripura, Meghalaya, Sikkim & Manipur) and Hilly states (J&K, Himachal Pradesh & Uttarakhand). This blog post will help readers to track their GST Registration Application Status through ARN and to understand the various status of registration. After the successful submission of GST Registration Application online, the unique… Read More...
GST for SME/MSME sector GST Council brings 15 key suggestions on simplifying GST for SME/MSME sector (9/7/2018) by CA@HostBooks- The 29th GST Council meeting took place at Vigyan Bhawan in New Delhi on 4th August 2018 under the chairmanship of Mr. Piyush Goyal, the current Finance Minister of India. The exclusive focus of this GST Council meet was thoroughly adhered to simplify GST for SME and MSME sector. With a firm determination for making GST Law as Good and Simple Tax for SME/ MSME sector forming the heart of Indian Economy, the present Chairman of Indirect Tax Committee as… Read More...
CGST/IGST Amendment Bill 2018 CGST/IGST Amendment Bill 2018: Key Highlights (8/28/2018) by CA@HostBooks- On 8th of August 2018, the Central Government of India introduced these four GST amendment bills in the Lok Sabha. CGST Amendment Bill – 2018 IGST Amendment Bill – 2018 UGST Amendment Bill – 2018, & GST (Compensation to States) Amendment Bill – 2018 We shall now review only the key highlights of CGST and IGST Amendment Bill 2018. A. Key Highlights of CGST Amendment Bill – 2018 (Section – 7) Scope of Supply - New sub-section is proposed to… Read More...
29th gst council meeting Highlights of the 29th GST Council Meet (8/7/2018) by CA@HostBooks- Under the chairmanship of the present Finance minister Mr. Piyush Goyal, the 29th GST (Goods and Services Tax) Council Meet was held on 4th August 2018 (Saturday) at Vigyan Bhawan in New Delhi. The discussion was primarily based on various significant issues pertinent to (Micro, Small and Medium Enterprises) MSME sector. Some of the important issues were like the threshold limit for registration, input tax credit claim and reverse charge mechanism existing in the MSME sector. Since the completion of… Read More...
how to gst return GST Council Introduces Simplified GST Returns (8/6/2018) by CA@HostBooks- GST (Goods and Services Tax) Council in its 28th GST Council meeting held on July 21st, 2018 (Saturday) in New Delhi under the chairmanship of Mr. Piyush Goyal (the union minister for Railways, Coal, Finance and Corporate Affairs) approved an enhanced and more simplified Format for GST Returns while keeping in view at the ease of small taxpayers, the council also introduced an option for filing the GST Returns on Quarterly basis. The following points will help us clearly understand… Read More...
gst tran-1 Few Judicial Decisions Taken by High Court Regarding the Form GST TRAN-1 (7/26/2018) by CA@HostBooks- HC: Allows representation before Nodal Officer for revision of GST TRAN-1 Issue: Inability to revise Form TRAN-1 and unable to take ITC of VAT Decision: HC permitted the petitioner to prefer a representation to Nodal Officer with respect to inability to revise Form GST TRAN-1; As per the petitioner, there occurred a mistake while uploading the said Form and as such, it was unable to take ITC of VAT available on migration; Hence, it stated that upon representation by petitioner,… Read More...
GST Debit Notes Credit Notes What are Debit Notes & Credit Notes Under GST? (7/23/2018) by CA@HostBooks- In the efforts to bring India into the category of advanced nations of the world, the advent of a new tax system had become mandatory. And definitely, the introduction and implementation of GST in place of the old Tax system (Specially Indirect Tax) will play a significant role for the overall development of India in coming few years. An excellent boost in Govt. revenue has been forecasted by the finance experts which will strengthen our country on the Economic front.… Read More...
28th gst council meet Major Takeaways from the 28th GST Council Meet (New Delhi) (7/23/2018) by CA@HostBooks- The 28th GST Council Meeting was held on July 21st, 2018 in New Delhi. The meeting was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs, Mr. Piyush Goyal. The tax rates have been revised as a number of items have found a place in the lower tax slabs as against the highest tax slab of 28%. This GST meet was indeed a source of respite for the traders who were earlier finding it difficult to deal with… Read More...
margin scheme under gst What is Margin Scheme under GST ? (7/11/2018) by CA@HostBooks- In India, under the slogan “One Nation One Tax” GST came into force on July 1st 2017, the biggest Tax reformation since independence. It is levied on the supply of goods and services across the country. And, the goods and services must fall under the ambit of supply as per section 7 of the CGST Act. However, in case of second hand goods, a concept known as the “Margin Scheme” is followed. Let’s now discuss what this scheme is all… Read More...
Generate e-way bill through sms How to generate e-way bill through SMS? (7/5/2018) by CA@HostBooks- The implementation of GST e-way bill has paved a way for a smooth system of transportation. Also, it has brought about a transparency which helps the Government to keep a track of the movement of goods across the country. In order to make things more convenient, Government has come up with the SMS mode for the e-way bill. The businesses, as well as the transporters, can now generate their e-way bills via SMS. Furthermore, the SMS mode also enables a… Read More...
electronic ledger under gst What are the various types of Electronic Ledgers under GST? (6/12/2018) by CA@HostBooks- Under the Goods and Services Tax, the taxpayers can maintain electronic ledgers on the GST portal. Whenever a taxpayer undertakes an activity related to these electronic ledgers, the concerned ledger then gets updated in real-time. Also, the details in the electronic ledgers get auto-populated from previous returns that were filed. The various types of electronic ledgers under GST are: Electronic Cash Ledger Any online payment by the taxpayer gets reflected in the electronic ledger. The payment can be made via… Read More...
refund under gst How to claim the excess amount paid (Refund) under GST? (5/30/2018) by CA@HostBooks- While filling the GST challan, it is possible that a person might pay some extra amount of GST by mistake. This amount then reflects in the Electronic Cash Ledger. However, this amount can be claimed on the GST portal through an application known as the refund application, “RFD-01”. This amount can be claimed as a refund within 2 years from the date of payment. The steps to claim the refund by filing RFD-01 are: The first step is to login… Read More...
Input Tax Credit What is Input Tax Credit (ITC)? (5/7/2018) by CA@HostBooks- The Goods and Services Tax (GST) subsumed all the types of indirect taxes like VAT, Service Tax, Excise Duty, etc. that existed in the pre-GST regime. And, it has also eliminated the biggest drawback of the pre-GST regime i.e. the cascading effect. Earlier the taxpayers paid taxes on tax which rendered the taxation system ineffective. However, under GST, the taxpayers can claim the Input Tax Credit. What does Input Tax Credit mean? ITC is the credit that a taxpayer can… Read More...
file CMP-03 on GST portal How to file CMP-03 on GST portal? (5/3/2018) by CA@HostBooks- After filing CMP-02, the taxpayer needs to file CMP-03 in order to declare the amount of stock held by him on the day of opting into the scheme. This has to be filed within 90 days from the day of filing CMP-02. The process of filing CMP-03 on the GST Portal is as follows: The first step is login to the GST Portal (www.gst.gov.in). Click on "Services", next click on "Registration", and then click on "Stock intimation for opting Composition… Read More...
steps to file CMP-02 What are the steps to file CMP-02 on GST portal? (5/3/2018) by CA@HostBooks- The dealer who opts for the composition scheme has to make a declaration with the government by filing Form GST CMP-01 or Form GST CMP-02. CMP-01 is meant for the migrated taxpayer who wants to opt for composition scheme. The taxpayer has to inform the Government about his decision to opt for the scheme in the beginning of the financial year. And, if he opts for the same in the middle of a financial year, then the rules of the… Read More...
gst composition scheme What is GST Composition Scheme? (5/3/2018) by CA@HostBooks- The implementation of the Goods and Services Tax (GST) has posed a massive challenge for the Small and Medium Enterprises (SMEs). These enterprises need to cope up with endless compliances under the GST law. And, while dealing with the compliances, the SMEs lose sight of their core business processes. Hence, the Government came up with GST Composition Scheme that helped in easing out the burden of the SMEs. What is the Composition Scheme all about? Under the composition scheme, the… Read More...
Step for filing GST tran-1 form What is TRAN-1 and what are the steps for filing GST TRAN-1? (4/25/2018) by CA@HostBooks- What is TRAN-1? Transition Form or TRAN-1 is filed by those taxpayers who are eligible to claim the credit on the tax already paid in the pre-GST regime. The credit can be by the way of VAT/Service Tax/Excise Duty. In order to claim the complete amount as a credit, TRAN-1 is to be filed along with the particulars of stock carried forward. Who can file GST TRAN-1? All the persons registered under the Goods and Services Tax (GST) who may… Read More...
GST-Tran-2 What is TRAN-2 in GST and what are the steps for filing the TRAN-2 form on GST Portal? (3/27/2018) by CA@HostBooks- What is TRANS-2? Transition Form 2 or TRANS-2 is filed by those registered taxpayers who are eligible to avail the credit in Electronic Cash Ledger with respect to eligible duties and taxes earlier paid on the inputs under the pre-GST regime. If the taxpayer does not have the invoice or any other document as an evidence of the tax paid, then he needs to declare the same in TRANS-1 followed by the filing of GST TRANS-2. What are the steps… Read More...
GST-E-Way-Bill A Complete Guide on GST e-Way Bill (3/17/2018) by CA@HostBooks- What is an e-way bill? E-way bill or Electronic Way Bill has been rolled out by the Government on February 1, 2018, to facilitate smooth flow of goods within a state and between the states. The e-way bill is generated on the e-way bill portal when the value of goods and exceeds 50,000 INR. In the absence of an e-way bill in case of registered person where the value exceeds 50,000 INR, the movement of goods cannot take place. On… Read More...
how-to-resolve-the-general-issues-arising-in-gst How to resolve the issues arising while filing GST Returns? (2/28/2018) by CA@HostBooks- Even though the Goods and Services Tax was introduced in July 2017, it’s been more than a year but the businesses are still coming across endless issues while filing their GST returns. However, the Government is taking the necessary steps to help the taxpayers overcome these issues and is devising solutions to make GST easy. Through this blog post we will discuss the both the problems and the solutions: General Issues faced in filing GST Returns Issues faced in filing… Read More...
a-complete-guide-to-gst-registration-online A Complete Guide to GST Registration Online – Eligibility, Process, and Fees (2/27/2018) by CA@HostBooks- If you are about to get started on Goods and Services Tax, then it goes without saying that registration is the first step that needs your attention. So, if you are still unclear about the GST registration process, then this article would walk you through the entire registration process, eligibility, and fees. Let’s proceed step by step. GST Registration: Meaning and Importance GST registration is the process of registering goods or service provider as a normal taxpayer if his turnover… Read More...
GST Resources for HB-GST (1/2/2018) by CA@HostBooks- 1. The various types of Returns under Goods and Services Tax GSTR-1 GSTR-1 is a monthly return of sales or outward supplies. Who is supposed to file GSTR-1? Every business that is registered under Goods and Services Tax must file GSTR-1. By filing this return, every tax payer makes a declaration of all the sales transactions made by him in the given period. The businesses having an aggregate turnover less than 1.5 crore INR need to file a quarterly return… Read More...
goods-and-services-tax–transforming-the-indirect-taxation Goods and Services Tax – Transforming the Indirect Taxation System! (12/26/2017) by CA@HostBooks- That one word which can send a chill down the spine of every Indian is “Tax”. The tax season brings with it anxiety in galore. And, we couldn’t agree more. All of us are aware that the cascading effect of taxes earlier added more to the anxiety of the manufacturers. For the customers, it resulted in exorbitantly high prices. Payment of taxes over taxes somewhere rendered the Indian Taxation system ineffective. The need of the hour was a unified tax… Read More...
jargons JARGONS FOR GST (12/23/2017) by CA@HostBooks- ARN No. : It is a unique number generated after one successfully registers on the GST common portal. B to B: It includes any sale or transaction that takes place between two registered persons. B to C: It includes any sale or transaction that takes place between one registered person and the consumer. Bills of Supply: A bill of supply is a non-formal document issued by a supplier of GST in case of exempted goods/services or by a composition dealer.… Read More...
Complete guide on TDS A complete guide on Tax Deducted at Source (TDS) (3/13/2018) by CA@HostBooks- What is TDS? Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of tax before making the payment to the receiver. The payment includes salary, commission, processional fees, interest, rent, etc. Now, let’s have a look at the TDS Tax Rates ABC Ltd. makes a payment of 50,000 INR by… Read More...
a-step-by-step-guide-to-filing-e-tds-returns-online A step by step guide to filing e-TDS returns online (1/15/2018) by CA@HostBooks- It’s a well-known fact that filing TDS returns has never been an easy task. The whole process is time consuming and requires a great deal of cautiousness. But, technology by transcending all boundaries is making our lives better and easy-going. So, if you have been filing tax returns manually, it’s time to adopt the current practice i.e. e-TDS (Electronic Tax Deducted at Source)! With the implementation of e-TDS, the return… Read More...
TDS Blog Resources for HB-TDS (1/2/2018) by CA@HostBooks- 1.What is TRACES? TDS Reconciliation Analysis and Correction Enabling System helps the deductors and the deductees by efficient and effective administration of the taxation system. It aims at improving the end-user satisfaction by providing timely and appropriate web services. 2. How should a deductor register and login on TRACES? http://contents.tdscpc.gov.in/en/deductor-registration-login-etutorial.html 3. How to go about in case of Online Correction? A .Online Correction Resolution for Overbooked Challan http://contents.tdscpc.gov.in/en/OC-Resolution-for-OverbookedChallan.html B. Add… Read More...
jargons JARGONS FOR TDS (12/23/2017) by CA@HostBooks- Book Entry: This is meant for those maintaining Govt. Accounts in Govt. Departments where no physical movement of cash or cheque is involved. In this case, the voucher number needs to be furnished. BSR Code: Basic Statistical Return (BSR) is a 7 digit code that is allotted by RBI to the banks. The first 3 digits represent the bank and the next 4 digits represent the branch of the bank. It is… Read More...
cloud accounting How Can Cloud Accounting Help Your Business? (5/23/2018) by CA@HostBooks- With the advent of cloud computing, the current face of technology has been completely transformed. The cloud technology has facilitated the ease of doing business that has helped the organizations succeed by leaps and bounds. Furthermore, cloud computing enables you to work smarter. The industries are now switching over to the cloud platform. Reason being it’s safer, more secure, and most importantly it is convenient. And, Accounting is one of those industries that is rapidly keeping pace with the cloud… Read More...
Accounting jargons Technical Jargons for Accounting (3/19/2018) by CA@HostBooks- Accounts Receivable The amount of money that the customer is liable to pay after the delivery of goods and services. Accounting It is the process of systematic recording, reporting, and analysis of financial statements of a business. Accounts Payable The amount of money that the company owes to its creditors or the suppliers in lieu of the purchase of goods and services. Accrual Basis Accounting This is a widely accepted form of accounting. It records the transactions when income is… Read More...
Technical Jargons for Payroll Technical Jargons for Payroll (5/15/2018) by CA@HostBooks- 1. Allowance The fixed amount paid to all the employees is known as allowance. Allowance is paid in addition to the basic salary to cover up expenses like travelling to the workplace, renting a house, or eating food. These allowances are generally included in CTC of the employees. Allowances can be categorized into: Non-taxable allowances (Allowance paid by UNO, sumptuary allowances, etc.) Partly taxable allowances (House rent allowance, medical allowance, etc.) Taxable allowances (Overtime allowance, dearness allowance, etc.) 2. Basic Salary… Read More...
payroll-meaning-components What is Payroll? Meaning & Components (3/21/2018) by CA@HostBooks- Payroll is an important tool that manages the details like the total amount of money that is paid to the employees. Simply put, it keeps a record of the employees’ salaries, wages, bonuses and also the withheld taxes. Hence, payroll plays a vital role in the smooth functioning of an organization. The primary objective of payroll is to ensure that all employees are paid accurately and on time after taking into account the correct withholdings and deductions. Also, the withholdings… Read More...
Income Tax Liability When Does Another’s Income Become Your Tax Liability? (5/17/2019) by Editor@HostBooks- According to Income Tax laws of India, if the taxable income exceeds the basic exemption limit every taxable person is liable to pay taxes on his/ her income. However, in certain circumstances, a taxpayer may have to bear the tax burden on the income of another person as well. The provisions of Clubbing in the Indian Income-tax Act have been included to report such income as the taxpayer's income. Let us know it through a few examples where the income… Read More...
Supreme Court Settles the Provident Fund Dispute (3/7/2019) by CA@HostBooks- Sharing with you all an analysis and key takeaways of a landmark ruling by the Apex Court in the case of The Regional Provident Fund Commissioner & Others V. VIVEKANANDA VIDYAMANDIR & OTHERS dated 28th February 2019. By virtue of this ruling “Contribution towards Employees Provident Fund (‘EPF’) is required to be computed on the amount of Special Allowance or any other allowance as well unless it satisfies certain specified test” as discussed below: Brief Background Section 6 of ‘THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952’ (hereinafter referred… Read More...
Income Tax Appellate Tribunal Judgments Income Tax Appellate Tribunal Judgments (11/20/2018) by CA@HostBooks- Mumbai ITAT: Preference shares conversion into equity, not 'transfer'; Deletes LTCG addition Mumbai ITAT rules that conversion of cumulative and compulsory convertible preference shares (CCPS) into equity shares does not amount to ‘transfer’ u/s. 2(47), deletes long-term capital gains (LTCG) addition. During relevant AY 2012-13, upon conversion of CCPS into equity shares, AO had assessed the difference in the market value of equity shares and the cost of CCPS as LTCG on account of the transfer of shares by way… Read More...
Income Tax Return Status How to Check Income Tax Return (ITR) Status (10/5/2018) by CA@HostBooks- Today, it has become very easy to file Income Tax Return online. However, until acceptance and confirmation is ensured, every taxpayer should check the status of his income tax return regularly. And, if the status appears other than ‘ITR processed’, the taxpayer can furnish a suitable reply instant to the income tax department in respect to the status pending in the account so as to avoid any complications in future. Being an honest taxpayer is good but your consciousness is… Read More...
Defective Return Notice U/s 139(9) Defective Return Notice U/s 139(9): Reasons and Rectification (8/23/2018) by CA@HostBooks- It is very obvious to make a mistake or two while doing something that is new or is not done on regular basis– the best example is the annual filing of income tax returns. What meant by Defective Return Notice U/s 139(9)? Sometimes when we file our Income Tax Returns, we may miss to furnish certain information, while sometimes there could be an error. Nonetheless, in such circumstances, a Defective Return Notice is issued in the name of the tax… Read More...
online Income Tax Return Filing A Complete Guide on How to File Income Tax Return Online (8/3/2018) by CA@HostBooks- Before knowing the details regarding how to file Income Tax Return Online, going through the Income Tax basics will help us to understand the process more clearly. Do You Know that- Taxes in India have been categorized as Direct Taxes and Indirect Taxes. Direct tax is a tax you pay against your income directly to the government while an Indirect tax is a tax that somebody else collects on your behalf and pays to the government, e.g. restaurants, theatres and… Read More...
ITR Filing Common mistake Avoid these Common Mistakes while Filing Income Tax Returns (7/23/2018) by CA@HostBooks- Paying the right tax in the right way at the right moment is the sign of a responsible citizen and this boosts the growth of the country too. If one seeks to file one’s Income Tax Returns perfectly, containing no mistakes then going through this blog would be a wise decision. Do keep in mind the following points that cause common mistakes while filing Income Tax Returns: Getting the Incorrect Form:- It is of great importance to get the appropriate… Read More...

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