Verifying the correctness of the return The return furnished by a registered person may be selected for scrutiny by a proper officer to verify its correctness. Where any return furnished by a registered person is selected for scrutiny, the proper officer shall scrutinize the same with reference to the information available with him. Issue...
Continue readingAUDIT BY TAX AUTHORITIES [SECTION 65]
Who may conduct the audit? The Commission For any officer authorized by him, by way of a general or a specific order, may undertake an audit of any registered person at the place of business of the registered person or in their office for a financial year. Where it is decided to undertake the...
Continue readingGST compensation to states
INTRODUCTION One of the biggest challenges while introducing the Goods and Services Tax (GST) Act in India was that states were opposing the Goods and Services Tax (GST) Act, because of their fear of losing revenue after the introduction of Goods and Services Tax (GST) Act. That is major because earlier the states independently...
Continue readingTaxation of Educational Institutions under GST
Types of services Services provided by an educational institution to its students, faculty, and staff; by way of conduct of entrance exam against consideration in the form of an entrance fee; to an educational institute, by way of, – transport of students, faculty, and staff; catering service including any mid-day meals scheme sponsored by...
Continue readingExemption on Agriculture Service under GST
Agriculture-related services Type of services The following services are exempted from GST. Services by way of: – loading, unloading, packing, storage or warehousing of rice, etc. warehousing of minor forest produce. purify in a warehouse of agricultural produce. to the cultivation of plants and rearing of all life forms of animals, except the rearing...
Continue readingIMPACT ON STOCK TRANSFER UNDER GST
Meaning of Stock Transfer and Supply It is very common in a business having PAN transactions to transfer its stock to its other units, warehouses to provide timely delivery orders from Various Geographical Locations. Under the Current Tax situation, interstate or intra-state stock transfers are subject to levy of Excise Duty on the removal...
Continue readingEXEMPTIONS FROM GST
SERVICES PROVIDED BY CHARITABLE/RELIGIOUS TRUST Services by a person by way of- conduct of any religious ceremony; renting of precincts of a religious place meant for the general public, owned or managed by an entity registered as a charitable or religious trust registered under section 12AA of the Income-tax Act, 1961 or a trust...
Continue readingIMPORTS AND EXPORT OF GOODS AND SERVICES UNDER GST
Imports under GST Import of goods is bringing commodities from overseas into India. As such, all imports are considered as inter-state supplies. IGST will be applicable to all imported goods along with custom duties as applicable. Import of services means supply of a service by a supplier who is based outside the company, but...
Continue readingTRANSITIONAL PROVISIONS IN ITC
Transition provisions are incorporated under GST to enable existing taxpayers to migrate to GST transparently and exactly. Elaborate provisions have been made to carry forward the ITC earned under the existing law. Such credit should be permissible under the GST law. However, the taxable person opting for composition scheme would not be eligible for...
Continue readingHow to convert GST to Composite scheme
GST composition scheme The composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Crores. However in the case of 9 States, this limit is ₹ 75 Lakhs in the preceding financial year, namely Arunachal Pradesh, Assam, Manipur, ...
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