Section Wise Penalty under GST: Section Details of Failure/ Person liable to Pay Penalty 47(1) Any Registered person who fails to furnish returns i.e. details of Outward supplies or Inward supplies Late Fees of Rs 100 per day per Act subject to maximum of Rs. 5000/- per Act. 47(2) Failure to furnish Annual return u/s…
Read MoreGST on Gifts to Employees: Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business. The question arises as…
Read MoreGST on Sale of Gold Ornaments by an Individual to Jewellers Sale of old jewellery by an individual to a jeweller will not make the jeweller liable to pay tax under reverse charge mechanism on such purchases; However, if an unregistered supplier of gold ornaments sells it to registered supplier, the GST under RCM will…
Read MoreExemption from GST to Housing Society RWA Services provided by RWA (unincorporated body or a registered non- profit entity) to its own members by way of reimbursement of charges or share of contribution up to an amount of Rs. 5000/- per month per member for providing services and goods for the common use of its members…
Read MoreGST on Rent Income: Revenue Secretary Hasmukh Adhia said at the GST master class that: (a) if the house property is rent out for residential purpose- NO GST at all. (b) if the house property is rent out for commercial purpose (office/ shop)- NO GST upto Rs. 20 Lakhs rental income (c) if the house property is…
Read MoreReverse Charge on specified Goods & Services Section 9(3) of CGST/SGST acts provides that, Government may specify categories of supply of goods or services which shall be paid on reverse charge basis i.e. tax shall be paid by the recipient of such goods or services. In this regards two notifications have been issued providing the…
Read MoreWith The Roll-Out of GST, Check Posts Get Abolished Across 22 States in India. The Goods and Services Tax (GST) was rolled out on 1st of July 2017. With the roll-out of the GST, 22 States in India have abolished their check posts. The details are as under – Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat,…
Read More
Notification No. 8/2017 – Central Tax dated 28th June 2017 The provisions of reverse charge u/s 9(4) of CGST Act will NOT be applicable on registered persons if he receives goods/ services in a day for the aggregate value of up to Rs. 5000 from all the suppliers. Please note that here value of Rs.…
Read More
With just 4-days left for the GST rollout, the government has deferred implementation of TDS and TCS provisions as well as exempted from registration of small businesses selling on e-commerce platform. E-commerce companies will not be required to collect 1% TCS while making payment to suppliers under GST which will be rolled out from 1…
Read MoreMCA vide notification dated 22nd June, 2017 issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in the Company. The amendment has extended further relaxation to private companies. Rotation of auditors will be applicable only for private companies…
Read More