Stock in Hand under GST – Treatment of CENVAT Credit and VAT Credit While understanding the transitional provisions under GST, a repeated and imminent query which we are faced with is the treatment of CENVAT and VAT Credit in respect of stock held on 30th June 2017 which will be sold post 1st July 2017 i.e., after implementation of…
Read MoreGST Rules for Small Business/ Traders: 1. Type of Sale a. Local Sale (Within the State) – Two taxes – a. SGST b. CGST. Rate of Tax (for example 14% + 14%) total 28% will be applicable. b. Central Sale ( Outside State)- Only one tax – IGST – Rate of Tax for example 28%…
Read More
To facilitate with GST regime, Service Tax Return for the period from 01.04.2017 to 30.06.2017 shall be submitted by 15th August 2017. And revised return for the same period may be filed within 45 days of filing the original return. --By notification no. ST-18/2017 dated 22.06.2017
Read More
Introduction of Composition Scheme of GST: To provide greater relief from complex compliance requirements under GST Law for small businesses for taking credit and issuing Tax Invoice, maintaining various records of inputs and outputs, filling mandatory three returns monthly etc., an option is provided to go for a COMPOSITION SCHEME. This scheme provides much needed…
Read MoreIntroduction- GST ON JOB WORK 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 Central Excise, wherein a principal manufacturer…
Read More