FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs.500/- and Rs.1000/-
Why is this scheme introduced? This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. What is this scheme? The legal tender character of the existing bank notes in denominations of Rs.500 and Rs.1000 issued by the Reserve bank of […]
Service Tax Due Date Chart & Related Provisions
TAX REGISTRATION FORMS: FORM DESCRIPTION TIME PERIOD ST-1 Service Tax Registration Application To be Submitted By Assesses Within 30 days from the levy of service tax is brought into force or starting of business or when taxable turnover exceeds Rs. 9 lac in a Financial Year. ST-2 Service Tax Registration Certificate Issued By Service Tax […]
INPUT TAX CREDIT MECHANISM IN GST
GST / VAT is a consumption based tax wherein the basic principle is to tax the value addition at the each business stage. To achieve this, tax paid on purchases is allowed as a set off/ credit against liability on output/income. INPUT TAX CREDIT SET OFF The input tax credit on account of CGST during […]
UNDERSTANDING GST
GST is the biggest reform proposed in the Tax Regime of our country after Independence. It is something that each of us must understand as it is going to affect our lives in a very significant manner. PRESENT INDIRECT TAX STRUCTURE First we need to understand the present indirect tax system. There are endless taxes […]
GST વિશે સરળ સમજુતી
GST એ ગુડસ અને સર્વિસ એમ બંને પર લાગતો ટેક્ષ છે. GST ના અમલમાં આવ્યા બાદ અનેક પ્રકારના ટેક્ષ નાબુદ થશે સાથે જ અનેક પ્રકારના ટેક્ષ ભરવાની જંજાળ માંથી મુક્તિ મળશે. GST એ કેન્દ્ર સરકાર અને રાજ્ય સરકાર એમ બંને દ્વારા વસુલવામાં આવશે. કેન્દ્ર સરકાર દ્વારા CGST એટલેકે સેન્ટ્રલ જીએસટી અને રાજ્ય સરકાર દ્વારા SGST […]
COMPLIANCES UNDER GST
REGISTRATION OF GST The proposals in the report on the business processes for registration are based on the following assumptions: A legal person without GST registration can neither collect GST from customers nor will be able to claim input tax credit of GST paid by him. A person engaged in the supply of goods or […]
TDS ON SALE OF PROPERTY
Since June 1st 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. The buyer has to deduct TDS at 1% of the total sale consideration. Note that […]
CREDIT LINKED CAPITAL SUBSIDY (CLCSS)
The Ministry of Small Scale Industries (SSI) is operating a scheme for Technology Up gradation of Small Scale Industries (SSI) called the Credit Linked Capital Subsidy Scheme (CLCSS). The Scheme aims at facilitating technology up gradation by providing upfront capital subsidy to SSI units, including tiny, khadi, village and coir industrial units, on institutional finance […]