New Model GST law is on public domain now. Here I have compiled the major changes in the proposed draft.
1) Exclusion Of Securities- Government has now specifically excluded securities from the definition of […]
As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today-
As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today, here […]
GST council finalized rules for registration, rules for payments, returns, refunds and invoices. With this as many as six issues have been settled by the council, that has representatives of all the states, in two […]
1) Following Persons required to Deduct TDS @ 1% from the Payment made or Credited to the Supplier of Goods or Services-
a) A department or establishment of the Central or State Government,
b) Local […]
Government ended 92 Year old Practice by merging the Railway Budget with General Budget. It also in Principle Decided to advance the presentation of Union Budget from Last Day of February to the first week of […]
1) At present, invoices or bills of sale etc. can be issued inclusive of tax in certain cases, whereas it is mandatory to indicate the tax charged in the GST regime.
X Ltd supplies manufactured goods to Y Ltd for Rs 5000 in April 2017; CGST thereon is, say, Rs 500 assuming Tax Rate 10%. Unfortunately X Ltd did not furnish these details in its outward supply to Y Ltd.
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner.
2) One Job Worker can further send the good to another […]
1) General Meaning-
(ST-BEL-RLD)
Sale, Transfer, Barter, Exchange, Licence, Rental, Lease, Disposal
A) Supplies Should be made by supplier who is engaged in Business (Defined U/S 2(17))
B) Should Involve […]
For the implementation of GST in the country the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT […]
Most of the poor states are those which are not industrialized. The examples are UP, Bihar, West Bengal, MP, Rajasthan etc. These states are only the consumers of goods and services rather than the […]
As per the Model GST Law, the GST should be payable on the transaction value of imported goods plus any duties/ taxes, etc, levied under any statute other than the GST laws. This should mean that while paying IGST […]
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Read InterviewCA Alok Jain wrote a new post, The Major Changes In The New Model GST Law 7 years, 12 months ago
New Model GST law is on public domain now. Here I have compiled the major changes in the proposed draft.
1) Exclusion Of Securities- Government has now specifically excluded securities from the definition of […]
CA Alok Jain wrote a new post, Agenda for third meeting of GST council and why it is crucial 8 years, 1 month ago
As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today-
As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today, here […]
CA Alok Jain wrote a new post, Outcome of Second Meeting of GST Council on 30th Sept 2016 8 years, 1 month ago
GST council finalized rules for registration, rules for payments, returns, refunds and invoices. With this as many as six issues have been settled by the council, that has representatives of all the states, in two […]
CA Alok Jain wrote a new post, TDS Provision as Per Section 37 Under GST Model Law/GST Act 2016 8 years, 2 months ago
1) Following Persons required to Deduct TDS @ 1% from the Payment made or Credited to the Supplier of Goods or Services-
a) A department or establishment of the Central or State Government,
b) Local […]
CA Alok Jain wrote a new post, Government ended 92 Year old Practice by merging the Railway Budget with General Budget 8 years, 2 months ago
Government ended 92 Year old Practice by merging the Railway Budget with General Budget. It also in Principle Decided to advance the presentation of Union Budget from Last Day of February to the first week of […]
CA Alok Jain wrote a new post, Important Points relating to Tax Invoice as Per Section 23 of the Model GST Law 8 years, 2 months ago
1) At present, invoices or bills of sale etc. can be issued inclusive of tax in certain cases, whereas it is mandatory to indicate the tax charged in the GST regime.
2) Revised invoice shall be raised by the […]
CA Alok Jain wrote a new post, Good Example showing how to Claim Input Tax Credit under GST 8 years, 2 months ago
X Ltd supplies manufactured goods to Y Ltd for Rs 5000 in April 2017; CGST thereon is, say, Rs 500 assuming Tax Rate 10%. Unfortunately X Ltd did not furnish these details in its outward supply to Y Ltd.
While […]
CA Alok Jain wrote a new post, Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law 8 years, 2 months ago
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law
1) Tax Charged/ Taxable Value > or
CA Alok Jain wrote a new post, Provision Related to Job Work U/S 43A of Model GST Law 8 years, 2 months ago
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner.
2) One Job Worker can further send the good to another […]
CA Alok Jain wrote a new post, What is Supply as Per Section 3 of Model GST Law 8 years, 2 months ago
1) General Meaning-
(ST-BEL-RLD)
Sale, Transfer, Barter, Exchange, Licence, Rental, Lease, Disposal
A) Supplies Should be made by supplier who is engaged in Business (Defined U/S 2(17))
B) Should Involve […]
CA Alok Jain wrote a new post, Steps by Center and states for implementation of GST 8 years, 2 months ago
For the implementation of GST in the country the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT […]
CA Alok Jain wrote a new post, How GST will Help the Poor Population In India 8 years, 2 months ago
Most of the poor states are those which are not industrialized. The examples are UP, Bihar, West Bengal, MP, Rajasthan etc. These states are only the consumers of goods and services rather than the […]
CA Alok Jain wrote a new post, In Case of Import IGST to be Charged at What Value? 8 years, 2 months ago
As per the Model GST Law, the GST should be payable on the transaction value of imported goods plus any duties/ taxes, etc, levied under any statute other than the GST laws. This should mean that while paying IGST […]