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GST Amendment

Amendments in Goods and Services Tax (GST)

Since its advent, GST has been a subject of discussion in almost all social or political meetings. With the purpose of levying a single tax in entire nation, GST was introduced. In this fast pacing and dynamic world alterations in the already established rules of GST were equally important for uniform tax compliance throughout the country.

For complimenting GST era, GST Amendment Act, 2018 was introduced by Government of India in August, 2018. Amendments instituted via this Amendment Act were notified to be effective on and after February, 2019. In addition to this, on the recommendations of GST Council in … Read more

GST-India

Understanding GST concepts

Since the introduction of Goods and Services Tax (GST), early-day jitters have given way to general acceptance that this may not be the most perfect single tax system, but with each passing day the alterations and modifications introduced in GST regime has made it feasible to be accepted with open arms by the people. However, understanding the diversified provisions inculcated in this Act can be challenging for some. Two such provisions are explained in detail as follows:

Place of Supply (PoS)
A comprehensive, destination based tax, GST was introduced as an indirect tax on the supply of goods or services … Read more

Spotlight-on-GST-Auditor - Copy

Brace yourself for GST Audit

Goods and Services Tax (GST) has proved to have its own pros and cons. Since its introduction it has left ambiguity in the minds of people as to how one should file the returns, what transactions need to be recorded, what all comes under the purview of GST, how much GST rate needs to be charged on what products and who all are required to get their financials audited, etc.

To obliterate uncertainty regarding GST audit, the following procedure should be followed:

  • Filing of annual return: The annual return is an aggregation operation whereas the audit is reconciliation between
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gst audit in india

GST Audit- eradicating perplexity

What is GST Audit?
Audit means the critical examination of returns, records and other documents maintained and furnished by the registered person under CGST Act or the rules made thereunder or under any other law for the time being in force. It is also executed to verify the authenticity of turnover declared, refund claimed, taxes paid, and input tax credit availed, and to affirm compliance with the provisions of this Act or the rules made thereunder.

What are the rules of compliance for GST Audit?
GST audit is requisite for registered taxpayers with an aggregate annual turnover exceeding INR 2 … Read more

what-are-the-functions-of-management

Place of Effective Management: Concept and Impact

To determine the residential status of foreign companies, the Finance Act 2015 introduced the concept of place of effective management (POEM). By definition in Indian Tax Laws “Place of effective management” means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made.

The Finance Act, 2016 has changed the effectivity of the said amendment to section 6(3) of the Act. These amended provisions came into effect from 1st April 2017 and are now applicable for Assessment Year 2017-18 and subsequent assessment years.… Read more

Audit under GST

GST Audits- An overview

Section- 2(13) of the CGST Act defines Audit as the examination of records, returns and other documents maintained or furnished by the registered person under the Act / rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of the GST Act or the rules made thereunder.

*No audit is required for businesses with turnover less than INR 2 crore.

Types of GST Audit
There are 3 types of GST audits:… Read more

GST adviser in India

Highlights of 29th GST council meeting

The 29th GST Council meeting chaired by Union finance minister Piyush Goyal was held at New Delhi on the 4th August, 2018. The meeting was aimed to address the issues of the Micro, Small and Medium Enterprises (MSMEs).

Key decisions taken by council in the meeting

Incentivizing digital transactions
Federal indirect tax body the GST Council, keeping in mind the end goal of digitalization of the economy, enhancing tax compliance and elevating the collection of tax has decided to incentivize digital payments of tax. The council came up with plan to roll out a pilot project for refunding … Read more

GST Returns

Key outcomes of the 28th GST Council meet held on 21st July 2018

GST return filing process

  • Small taxpayers with less than INR 5 crores of turnover can opt to file GST return quarterly against earlier limit of INR 1.5 crores. Quarterly return filing will be similar to the monthly return. However, tax payment would still be monthly, through a challan. Only small taxpayers making B2C supply or making B2B and B2C supply can enroll for quarterly GST return filing. Small taxpayers involved in only B2B supply cannot file quarterly returns under this scheme.
  • Two simplified returns have been designed- “Sugam” and “Sahaj”, where in the first one, report only B2C supplies and
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highlights of 25th gst meeting

Highlights of 25th GST council meeting

The 25th GST Council Meeting was held at New Delhi on the 18th of January 2018. In addition to relaxation of GST rules and regulations, GST rates have also be reduced for various goods and services. Here are the outcomes of this meeting:

Outcomes

  • GST council cut rates on 29 products and 53 services. These new rates will be implemented from 25th January 2018.
  • Council members also discuss on E-way Bill. E-way bill system will go through a test from January 25 and will be implemented on a mandatory basis from Feb 1.
  • No discussion on Petroleum & Real-estate
  • GSTR
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cgst-solution

Updated CGST rates for goods under different notifications as amended from time to time till 15.11.2017.

Updated schedule of CGST rates on goods, as on 15.11.2017 For ease of reference only

The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in a single document for ease of reference. Accordingly, this document has been prepared indicating updated CGST rates as on 15.11.2017. This document is only for ease of reference and relevant notifications will only have legal authority.

UPDATED CGST RATES SCHEDULES FOR GOODS AS ON 15.11.2017Read more

tax adviser in india

AJSH & Co LLP: Getting GST Ready

Midson Entrepreneur Network is a platform for entrepreneurs to collectively grow, learn and collaborate. Recently, a Diwali Special Meeting has been organized to bring together the trusted people and create Networking, Learning and Business Opportunities.

Ankit Jain, Director of AJSH & Co LLP, presented a talk on GST – Implementation Challenges & Remedies. The presentation covered the important aspects of the recent changes facilitated by GST council, GST on Services from Goods Transport Agency (GTA), GST on Job Work, Sale of Pre GST stock, GST on Exports, E-way Bill, Reverse Charge Mechanism, Increased Compliances and Challenges, Other Challenges, etc.… Read more

GST Adviser in Delhi

Changes in GST (Goods & Service Tax)

  • Annual aggregate turnover for availing composition scheme increased to 1 Cr. (Special category states-75Lacs except J&K and UK)
  • Composition scheme can be availed till 31.03.2018 by both- migrated and new tax payers.
  • Persons providing exempt services but otherwise eligible for Composition Scheme can now avail the benefit.
  • Relief from getting registered, if turnover less than 20 Lacs and dealer involved in inter-state taxable supplies.
  • Quarterly returns (GSTR-1,2&3) from third quarter (Oct-Dec 2017) if turnover up to 1.5 Cr with quarterly payment of taxes from Quarter 4.
  • GSTR-3B to be filed monthly till Dec 2017.
  • Reverse Charge Mechanism on supply from
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Goods and Services Tax

Key Changes in GST (22nd Meeting of GST Council)

  1. In order to ease the compliance burden of SME Sectors, following amendments has been recommended:
    •  Composition Scheme will be available up to the turnover of Rs. 1 Crore. Tax Rate for Composition Scheme will remain same at present level.
    •  Person with a turnover up to 1.5 Crore will be required to furnish the quarterly return instead of monthly return. Tax will also be required to be paid on Quarterly basis. Switchover will take place from 1st October.
    •  Returns from July to September’ 2017 will still be required to be filed on monthly basis.
    •  Big Tax Payers filing monthly basis who
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GST Advisor in Delhi

Interest on Late Payment of GST

Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST. The GST payment due date for general taxpayers is 20th of October.

All the registered taxpayers are required to make the payment of their taxes on GST Portal latest by the 20th of this october for a particular tax period. Taxpayers registered under composition scheme will have to pay GST only once every quarter.

GST Payment Due Date

  • GST Payment due date (normal
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GST adviser in India

GST Clarifications

  1. Taxpayers who have not set off their tax liability for GSTR3B for July 2017 and have only done submit of their GSTR-3B, have now been given option to edit, Submit and file their return. But those who have already offset liability would not be able to edit GSTR-3B
  2. If something wrong done in GSTR-3B than Correction can be made in next month’s return or during reconciliation between GSTR-1, 2 & 3 with GSTR-3B.
  3. GST credit can be availed on spare parts used for vehicles repairs and vehicle is a truck used for moving goods.
  4. Under Tran-1 you have to give
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GST on Goods Transport Agency

GST for Goods Transport Agency

Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA) and the GST rates for transportation service provided by a Goods Transport Agency. This is the first blog in the series wherein, we will understand the various tax provisions with respect to services provided by Goods Transport Agencies and the tax impact on persons taking … Read more

Goods and services tax

Frequently Asked Questions on GST (Goods and Service Tax)

  1.  Would head offices providing centralized HR, Finance and IT functions also need to raise invoices to its branch- Yes, if the head office and branches are distinct persons as specified in section 25(4), invoice is required to be issued and GST should also be paid.
  2. Where free replacement is provided to the customers without consideration under warranty, no GST is chargeable on such replacement. In such cases goods may be sent on delivery challan as provided in rule 55 of the CGST Rule, 2017
  3. How the invoicing should be done for free goods given along with sale so that corresponding
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GST consultant in India

FAQ’s on levy of GST on supply of services to the co-operative society

  1. Services provided by the Central Government, State Government, Union territory or local authority to a person other than business entity, is exempted from GST. So, Property Tax, Water Tax, if collected by the RWA/Co-operative Society on behalf of the MCGM from individual flat owners, then GST is not leviable.
  2. Similarly, GST is not leviable on Non-Agricultural Tax, Electricity Charges etc, which are collected under other statutes from individual flat owners. However, if these charges are collected by the Society for generation of electricity by Society’s generator or to provide drinking water facility or any other service, then such charges collected
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EXPORT WITHOUT PAYMENT OF IGST

Export Without Payment of IGST

Entities involved in export of goods or services having GST Registration are allowed to export goods without payment of IGST by furnishing an export bond or Letter of Undertaking (LUT) in Form GST RFD-11.

PROCEDURE FOR APPLICATION OF LETTER OF UNDERTAKING NUMBER:

According to the Central Goods and Services Tax Rules, 2017 any registered person exporting goods without payment of integrated tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11. The following types of persons registered under GST will be allowed to submit a letter of undertaking and undertake export transactions.

  • Status
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GST Clarification

Some Important Clarifications Regarding Transportation Charges In The GST Regime

Some Important Clarifications Regarding Transportation Charges In The GST Regime

1-    It is always better in the GST regime to declare the freight charges separately in the invoice as now services received from Goods Transport Agency ( GTA ) are attributable to liability of reverse charge at the rate of 5% . On these services the GTA has no liability of payment of taxes but the recipient of such services has to pay the tax at the rate of 5% on the freight charges claimed by the GTA and the recipient of such services can claim ITC of such tax … Read more