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29-gst-council-meet 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...
simplified-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-hi-court-order 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...
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...
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 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. Click on "Services", next click on "Registration", and then click on "Stock intimation for opting Composition Levy". Read More...
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...
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, businesses are still coming across various issues. However, the Government is taking the necessary steps to overcome those and to make GST easy. So, the purpose of this blog is to discuss the general GST issues and how these issues can be tackled. General Issues in Filing GSTR S. No. Issue Solution 1 Can GST returns be filed only within the allotted window or can these be filed 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...
a-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...
payroll-meaning-components 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...
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...
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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