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2017
  • Small dealers and businesses could opt for the composition scheme known as Composition Levy. Under this scheme, a Composite Tax Payer pays tax only at a certain percentage of his turnover.
  • “Aggregate turnover” means the aggregate value of
    1. All taxable and non-taxable Supplies
    2. Exempt supplies and
    3. Exports of goods and/or services
    4. Interstate supplies of a person having the Same PAN
    to be computed on all India bases and excludes taxes, if any, charged under The CGST Act, SGST Act and the IGST Act, as the case may be;
  • Explanation – Aggregate turnover does not include the value of supplies on which tax is Levied on reverse charge basis and the value of inward supplies.

2017
  • Compliance is the biggest concern under GST, its cost may be too high as taxpayers will have to file separate returns for IGST, CGST & SGST
  • With the GST rates for most goods and services already determined, the Centre’s ambitious ‘one nation, one tax’ goal seems close to becoming a reality. However, the biggest lesson from the demonetisation exercise is that usually, the problem with most policies is not decision-making but the implementation.
  • The government believes that the unified tax code will bring in better compliance and better collection of indirect taxes and direct taxes. The government also claims that ultimately, GST will also lead to greater ease of doing business. However, most taxpayers are still worried about its demerits. The issue of compliance is the biggest concern. GST being a radical change from the current indirect tax regime, a proper system must be in place for a smooth transition.

2017
  • GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain services.
  • For more information please find below attached pdf file.

2017
  • GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods.
  • For more information please find below attached pdf file.

2017
  • GST law provides for Goods and Services Tax Compliance Rating which is a new concept in India. Presently, there is no system of compliance rating under any tax laws in India. GST compliance rating is a concept which will be experimented as a legal provision for the first time in our country. Accordingly, every taxable person shall be assigned a GST compliance rating score based on his record of compliance with the provisions of the GST Act. Every taxable person irrespective of its nature or size or turnover shall be assigned a GST compliance rating.
  • As a governance issue, it is a fact that taxes and their compliances are increasingly being discussed at board level.

2017
  • The government has prescribed an online procedure so that people can link their accounts easily. But several taxpayers have been facing problems in linking both accounts due to difference in spelling of their names in each account. The problem is so grave that out of 25 crore PAN accounts, only 1 crore have been linked to Aadhaar so far. If you have been facing the same problem, you should read further because the government has listened to you and come up with alternate ways to do this.
  • With the linking of PAN with Aadhaar being made mandatory, individuals can log on to e-filing website of the income tax department or NSDL but the seeding cannot happen if the name is differently spelt in the two cards — like use of full name in PAN and initials in Aadhaar. In such cases, government has allowed a simple uploading of a scanned copy of PAN on the Aadhaar website.
  • In case the taxpayer is unable to link PAN with Aadhaar because of discrepancy in name, the government has advised them to log in to the Aadhaar website, request for a name change and upload a scanned copy of PAN card as supported proof. This is the simplest way to update name in Aadhaar and only the registered mobile number has to be functional.

Financial Management