The updated provisions of Section 17(5) of the CGST Act, 2017 is tabulated below: Clause of Section 17(5) Blocked Credit When ITC is available and not blocked Remarks (a), b(i)) & (ab) Motor vehicles for transportation of persons having approved seating capacity of not more than 13 persons (including the driver) including…
Read MoreGST Audit One of approaching GST compliance is GST Audit. The last date to file GST Annual return for July 2017- March 2018 is 30th June 2019. 1. What is an Audit as per Goods and Services Tax? Sec 2(13) of the CGST Act 2017 defines the term audit as mentioned below. It means- the examination of records, returns and other…
Read MoreChanges in Income Tax/ GST (FY 2019-20) As we are here towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1st 2019. The Government had made various changes under Income-tax law and GST which shall be applicable from April 1,…
Read MoreApplicability of CARO 2016, IFC Reporting (Audit Report) and Ind AS A. Companies (Auditor’s Report) Order, 2016 (CARO 2016) CARO 2016 applicable to every company including a foreign company as defined in clause (42) of Section 2 of the Companies Act 2013. CARO 2016 is not applicable on following companies: (a) Banking company as defined under Section 5 (c) of the…
Read MoreSection 17 of CGST Act 2017: Apportionment of Credit and Blocked Credits Apportionment of Credit: (1) Goods/ Services used partly for business and partly for other purpose:- ITC is available for business purpose only. (2) Goods/ Services used partly fortaxable supplies including zero-rated supplies and partly for exempted supplies:- ITC shall be restricted to so much of…
Read MoreGuide on TDS in GST Act 1. Introduction:- The concept of TDS on GST was initially introduced in the Income Tax Act and has now been introduced in GST as well. The purpose of introduction of TDS on GST is only to enable the govt to have a trail of transactions and to monitor and…
Read MoreSection 44AA: Maintenance of Books of Account WHO SHOULD MAINTAIN: Person carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR 2,50,000. Person carrying…
Read MoreJOB- WORK PROCEDURE UNDER GST Introduction :- Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in previous laws and The…
Read MoreGST on Sale of Used and Old Cars: In order to make used cars more affordable, the GST Council announced a reduction in the tax rate on Old used vehicle transactions in its meeting held on January 18, 2017. The tax rate on used old car transactions has been reduced to 18 percent for large…
Read More1. Why do I need to file transition Form GST TRAN – 2? Every registered person who is eligible to take credit in his/her Electronic Credit Ledger of eligible duties and taxes paid under existing laws in respect of inputs, in respect of which he is not in possession of invoice or any other documents…
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