GST

Doctors required to register under GST?

Are doctors required to register under GST?

The health care sector is one of the biggest sectors in India, is regulated by the Indian Medical Association (IMA). Doctors, apart from engaging themselves in healthcare services by working as doctors and consultants in hospitals, or running their own clinic etc. can do a lot of other activities. For instance, they can set up camps in rural areas, and sometimes are also involved in any nonmedical activities like education etc. So, whether doctors aren’t required to register under [...]

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Tax aspects every Freelancer in India should know

Tax aspects every Freelancer in India should know

Freelancing is the talk of the town; it’s the way new generation works. So, every freelancer needs to be aware of the tax implication on freelancing. This article aims to address issues such as Whether a freelancer require GST registration? Is he/she supposed to file GST returns? How should a freelancer file ITR optimally? So, we are looking into the tax implications on freelancing under two separate heads i.e. the Income tax Act & Goods & Service taxes Act. A. Under Goods & Service [...]

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Changes in Income tax & GST effective from 01st April 2019

Changes in Income tax & GST applicable from 01st April 2019

The new financial year has just begun, and there has been a lot of changes in Income tax & GST. So in this article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST. A. Changes in Income tax Act 1.Rebate u/s 87 A The tax rebate available under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. However, it would only be available to a resident individual [...]

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Applicability of TCS under GST & it’s impact on E-commerce

The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to tax collected by the electronic commerce operator like Amazon, Flipkart etc. on supply of goods or services through its portal and the payment for that supply is collected by the electronic commerce operator. What are [...]

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TDS under GST

Applicability of TDS under GST

Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts become relevant & thus we aim to let taxpayers be acquaint with the applicable laws. TDS under GST TDS is one of the modes/methods to collect tax, [...]

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Determination of Place of Supply of Goods under GST

Before we discuss about the provisions for determining place of supply of goods, we should be aware of the following terms: Goods: Goods means any kind of movable property other than money or securities, includes actionable claim (like insurance claim, pending litigations, lottery, betting and gambling), growing crops, grass and things which are attached to or which forms the part of land which are agreed to be severed before supply or under a contract of supply Supply: It means supply of [...]

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Procedure to claim refund on export under GST

A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about the options available for exporters to claim the refund but for that we firstly need to understand the “Meaning & taxability of export of Goods & Services”. Meaning of Export of Goods & Services Export of Goods means taking goods from India to any place which [...]

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RCM under GST

Reverse Charge Mechanism RCM under GST

Before the implementation of GST, reverse charge mechanism (RCM) was applicable only on services and there was a concept of partial reverse charge also. However, after GST implementation, there is no such concept as partial reverse charge, and reverse charge is applied on notified services as well as notified goods also. Reverse charge means, instead of payment of tax by the supplier, the tax is paid by the recipient of supply of goods or services and all the provision of [...]

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Whether Business dealing in exempt or non-taxable goods liable for GST registration?

Whether such business is required to take the GST registration? In general, the businesses with annual turnover up to Rs.20 lakhs are not required to take the GST registration. However, there are some specific cases, where a person is required to take GST registration even if the turnover is below Rs.20 lakhs. More about this could be read at https://moneyboat.in/would-gst-apply-to-me/ With this write-up, we aim at enlightening the situations where a business dealing in non-taxable goods is exempt from GST registration [...]

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E-way Bill FAQs

Here’s a categorized section of various FAQs relating to E-way bill, which got implemented on 1st April 2018 for interstate movement of goods and would further apply to intrastate movement in a phased manner. GeneralWho all can generate the e-way bill?The consignor or consignee, as a registered person or a transporter of the goods can generate the e-way bill. The unregistered transporter can enroll on the common portal and generate the e-way bill for movement of goods for his clients. Any person can [...]

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