GST Composition Scheme

GST Composition Scheme

Composition Scheme is an easy and hassle-free scheme under GST for the taxpayer. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. Under this scheme, a small taxpayer has the option to pay a fixed rate of tax on total turnover. Composition levy would be generally opted by persons who are supplying goods & services or both to the end consumer. Let us understand this scheme in…

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Why You Should Pay Taxes On Time

Why You Should Pay Taxes On Time

Indian Tax structure is very much understandable, but confusions arise in the minds of the people  due to many reasons. Lack of information and awareness are the prime reasons behind it which result in total negligence of tax and its formalities altogether. All of this eventually leads to late payment of tax which can further complicate the life of the tax defaulter. Before we even begin to elaborate this topic further we would like to mention that it is the…

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All You Want to Know About the Banning of Unregulated Deposit Scheme Ordinance, 2019

All You Want to Know About the Banning of Unregulated Deposit Scheme Ordinance, 2019

The Banning of Unregulated Deposit Scheme Bill, 2018 was passed by Parliament on 13.2.2019 but the Rajya Sabha could not take it up for consideration, therefore the said law has been enacted through an ordinance promulgated by Hon’ble President of India. The ordinance is applicable w.e.f. 21.02.2019 and it applies to whole of India except the state of Jammu and Kashmir. Is There Anything to Worry About for a Businessman? The ordinance issued to ban the unregulated deposit schemes does…

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What Are The Benefits Of MSME Registration In India?

What Are The Benefits Of MSME Registration In India?

The Indian government has always been in favor of providing benefits to Micro, small and medium enterprises (MSMEs). There are many advantages of obtaining MSME registration in India, which can be only availed if the business had registered itself as an MSME/SSI under MSME Act. The following are a few advantages or obtaining SSI/MSME registration in India: 1. Bank Loans (Collateral Free) The Government of India has made collateral-free credit available to all small and micro business sectors. This initiative…

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Everything you want to know about Employee Provident Fund (EPF) & Employees’ State Insurance (ESI)

Everything you want to know about Employee Provident Fund (EPF) & Employees’ State Insurance (ESI)

Employee Provident Fund (EPF) What is the Employee Provident Fund? Applicability of EPF Registration for Employers. 3. Contribution under EPF Scheme: Withdrawals from the EPF account What is Employees’ State Insurance (ESI) Eligibility/Registration under ESI Scheme Contribution under ESI Scheme Benefits of ESIC Scheme Employee Provident Fund Provident fund is another name for the pension fund. Its purpose is to provide employees with lump-sum payments at the time of exit from their place of employment. This differs pension funds, which have…

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Amendments Under Goods And Service Tax(2019)

Amendments Under Goods And Service Tax(2019)

Amendments under Goods and Service Tax made applicable from 1st Feb 2019 are as follows: 1.     Earlier supplier of goods and services were not allowed to opt for composition scheme but now they can apply if the value of supply of service does not exceed – higher of the amount- a)    10% of the state turnover in the previous financial year and b)    Rs. 500000 For E.g. If a taxpayer supplies goods as well as services and had a turnover…

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GST Amendment Act, 2018

GST Amendment Act, 2018

1. Introduction: GST (Amendment) Act, 2018, includes the Central Goods & Services Tax (Amendment) Act, 2018, the Integrated Goods & Services Tax (Amendment) Act, 2018, the Union Territory Goods & Services Tax (Amendment) Act, 2018, and the Goods & Services Tax (Compensation to States) Amendment Act, 2018. The GST (Amendment) Act, 2018 will be applicable from the effective date of 1st of February 2019. It includes all the amendments which are made in the all GST Acts during the past period….

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Understanding of Reverse Charge Mechanism (RCM) under GST

Understanding of Reverse Charge Mechanism (RCM) under GST

Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge Mechanism, the receiver of goods or service is becomes liable to pay the tax, i.e., the chargeability gets reversed. Transactions where RCM is applicable Supply from an unregistered dealer to a registered dealer: If a dealer who is not registered under GST, supplies goods to a person who is registered under GST, then Reverse Charge would apply. In this case, Tax need…

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All You Need To Know About GST For Air Travel Agent

All You Need To Know About GST For Air Travel Agent

Transport of Passenger by AIR Transport of passenger by air is chargeable to GST as: Transport of passenger by air in economy class: 5% with full ITC. Transport of passenger by air in other than economy class: 12% with full IT SERVICE OF BOOKING OF AIR TRAVEL TICKETS THROUGH AIR TRAVEL AGENTS The Air Travel Agents (ATA) are liable to pay GST on their commission only. However, normally they charge gross ticket amount without indicating commission separately. Hence for them,…

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