Blog

2019

Provident Fund in India

As provident fund in India plays a major role in contributing the savings of the employee, it is the responsibility of all the citizens to understand the basic knowledge of provisions of the act. This article tries to explain the applicability, contribution rates, various methods for calculation of contribution, types of provident fund, taxability of contribution to various funds and so on.

Archive


2019

Limited Liability Partnership Formation in India

Limited Liability Partnership (LLP) is the combination of Partnership & Private Limited Company. It is separate legal entity & juristic person who is established under Limited Liability Partnership Act, 2008.

This act contains rules & regulations related to limited liability Partnership (LLP).

2019

Suspension of GST Registration

The insertion of the provisions relating to the suspension of GST registration is a welcome step for the GST registered taxpayer. With the insertion of suspension provisions, all those taxpayers who have applied for cancellation of GST registration would be relieved from the continuous compliance burden under the GST law during the period when the cancellation proceedings are in process.

2019

Key points for Tour Operators Travel Agents Registered under GST

Major Source of Income of Tour Operator & Travel Agents:

  1. Commission from Airlines’ & any mark up amount from passengers.
  2. Sale Tour Packages, both inbound and outbound.
  3. Travel Related Services like Visa, Passport etc.
  4. Commission from Hotel / Cruise.
  5. CAR Rental Services, Travel Insurance.
  6. Railway Reservations.

2019

GST Input Tax Credit Set Off Rules applicable from 012F022F2019 

As per CGST Amendment act 2018, the set off rules has been changed. The updated rules are presented with examples as follows:

The criteria for setting off of Input Tax Credit (ITC) has been changed under GST through Central Goods & Services Tax (Amendment) Act 2018, which has been made effective from 1st February 2019.

2019

Input Service Distributor in GST

An ‘Input Service Distributor’ is an office of the supplier of goods or services or both which receives tax invoices issued under Section 31 towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST, SGST, IGST or UTGST paid on the said services to a supplier of taxable goods or services or both having the same Permanent Account Number as that of the said office. Here we have discussed some Frequently Asked Questions on Input Service Distributors.

Financial Management