CA Ankita Mathur India has since 1971 been a part of World Customs Organization (WCO), which came out with the ‘Harmonised System of Nomenclature’ or HSN. Under GST,using HSN will allow every participating country to classify goods in a systematic and logical manner, making international trade smoother. By adopting HSN classification, India will rise and
It’s been a quarter since GST, the much awaited economic reform, was rolled out. While it’s too early to decipher a clear trend in tax collection, collections exceeding RS 90,000 crore in July and August notwithstanding, the initial impact on businesses and economy is worth a study. Sourcing Hardware reached out to stalwarts of the
CA Ankita Mathur Just as there are provisions for TDS under the Income Tax Act, GST too has provisions for TDS on similar lines TDS (Tax Deduction at Source) is a method of tax collection where a certain percentage of the amount is deducted by the recipient while making payment to the supplier. In this
Ankita Mathur You may want to amend some details in your GST Registration once you have applied for a new registration. You may have migrated from existing registration, and details like address, business details, contact number and so on may have to be changed.Following is the step-by-step process of seeking amendments. If there is any
How is Input Tax Credit (ITC) available to ‘rent a cab’ service providers? The service provider has two options. Option1: Pay 5% and not claim ITC. If they choose not to take credit of tax paid on various inputs, then they can pay only 5% GST on output service. Option 2: Pay 12% and claim ITC.
ClearTax aims to set up 5,000 GST Suvidha Kendras across the country by end of 2017. Online tax filing platform ClearTax has launched GST Suvidha Kendras to help SMEs, particularly those located in tier-II and III cities, in complying with Goods and Services Tax (GST). According to the company, the portal aims to set up 5,000
Pakshal Sanghvi, director, Sanghvi Realty, expects pricing in the real estate sector to be impacted following GST and RERA becoming effective, and that it may take six to twelve months to pan out The real estate sector is the second largest employer in the country after agriculture and ranks third among the 14 major sectors
The desktop version will be able to function without an Internet connection with data being stored on the hard-drive of a computer, on-premises of the business. Following the launch of the cloud-based version, IndiaFilings has launched the desktop version of LEDGERS GST Software. The desktop version will be able to function without an Internet connection