Tax Updates
OIDAR Services under GST Definition of OIDAR: – OIDAR stand for “Online Information Database Access and Retrieval services.” OIDAR services under GST is defines in IGST Act. According to IGST Act, Online information database access and retrieval service (OIDAR services) mean the services whose delivery is mediated with the help of information technology over the …
GST refund on inverted duty structure Inverted Duty Structure: – Inverted duty structure is a situation where in the inputs GST rate is more than the output or finished goods GST rate. For example in Type industry the GST rate on rubber type (output) is 5% and GST rate on natural rubber (inputs) is 10%. …
GST Refund Zero Rated supplies What is Zero Rated supply: – Zero rated supply is defined under section 16 of IGST act. According to section, all exports (whether of Goods or services or both) and supplies to SEZs (Special Economy Zone) have been defined as Zero Rated supplies. Now, let’s discuss in details on topic …
QRMP Scheme under GST: – QRMP Scheme stands for Quarterly Return Monthly payment scheme. Under QRMP Scheme, registered persons will be required to file GSTR -1 and GSTR -3B on quarterly basis and require paying GST liability on monthly basis. QRMP Scheme Eligibility:- A Registered person having aggregate turnover of upo Rs 5 Crore in …
Offences with Fine and penalty under GST Hi Reader! In this article we read about the various types of offences with Fine and penalty under GST. Chapter 19 of CGST Act talks about offences and penalties under the GST law. The chapter covers section from 122 to section 138 detailing about all the offences and …
Job work provisions under GST Hi Readers! In this article we analysis Job work provisions under GST. Before starting, we should have a basis idea about the nature of business which come under the definition of Job work. Definition of Job work: – Job work has been defined under section 2(268) of CGST Act. According …
Statutory Due Dates February 2020 Statutory Due Dates February 2020 5th February Extended Due date for GSTR 9 and 9C for F.Y. 2017-18 in respect of states Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, and Gujarat. 7th February Extended Due date for GSTR 9 and 9C for F.Y. 2017-18 in …
Tax Updates January 2020 – 13.01.2020 1. Income tax rule 10DA and rule 10DB amended by the Central Board of Direct Tax. These amendments will be applicable from 1st April 2020. These rules pertain furnishing of information and maintenance of documents by the Constituent Entity of an international group. For more details Notification No. 03/2020-Income …
Tax Updates January 2020 – 09.01.2020 1. 2nd National GST Conference held for streamlining GST system – The multi-faceted Conference was focused on a brainstorming session for streamlining the Goods and Services Tax (GST) system and plugging revenue leakages. Following measures were decided to take the necessary action:- a). For examine and implement quick measures …
Tax Updates January 2020 – 07.01.2020 1. If assessee owns property jointly with two or more persons then assessee can’t use ITR 1 and ITR 4 notified for AY 2020-21. 2. MCA vide notification dated 3rd January 2020 amends Rule 8A and provides that every private company which has a paid-up share capital of ten …