TDS under GST effective from 1st October 2018. Under the GST regime we have the basic 3 kinds of taxes. CGST, SGST/UTGST and IGST. In addition Certain categories of registered persons are required to deduct taxes and deposit it with the government. Let’s try to understand TDS related procedures under GST. Governing provisions of TDS under GST effective from 1st … [Read more...]
Checklist for filing of gstr 3b for the month of september 2018
Checklist for filing of gstr 3b for the month of september 2018. One of the main features of Goods and Service Tax is the availability of the Input Tax Credit across the supply chain cycle. This statement provides very soothing sound to the trade and industry but it has certain conditions to be fulfilled to take advantage of this statement. As there is no matching for the time … [Read more...]
Positive and Negative Impact of GST, Benefit of GST to govt, individual
Positive and Negative Impact of GST: The GST bill, known as the Goods and Services Tax, was introduced in Lok Sabha in December, 2014 and was implemented from July 1, 2017. Goods & Services Tax is a multistage and destination-based tax that is levied on every value addition to the goods. GST was introduced with the aim of one nation one tax system. Under the GST bill all … [Read more...]
GST Audit program – Relevant information required for the audit program
GST Audit program: In the absence of any prescribed format for reporting of information to be furnished after the audit, preparation of the GST audit program would not be complete. However, based on past experience in audits, and considering the applicable provisions of the GST laws, one can start preparing the audit program and finalise the same once the reporting requirements … [Read more...]
Simplified Proposed GST Returns – Ver 2.0 Are They Actually Simple?
Simplified Proposed GST Returns: Returns under GST have undergone a lot of turmoil. GST era started with a big bang of compliancebased law and complete Transparency System. However, one of the biggest challenges of GST Implementation was filing of returns online. When GSTR 2 was introduced the return filing mechanism completely failed and since then only GSTR 1 and GSTR 3B are … [Read more...]
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