Blog

2018

Application for Refund of Tax under GST

In normal cases, a tax payer can offset the amount of GST paid by him on all inward supplies while discharging the output tax liability arising due to outward taxable supply. If there is any excess input tax credit which could not be offset completely against outward taxable supplies, the same must be carried forward to the next month. No refund shall be provided by the Government in this regard. However, in certain cases, refund of Input Tax Credit can be claimed by the tax payer. The procedure laid down for applying refund under GST law is different under different scenarios. In this article we shall understand how and when tax payers can claim refund for excess input tax credit.

Archive


2018

Provisions related to TDS TCS in GST Regime

In order to make GST simpler and to ensure smooth transition of GST roll out, many of the GST provisions were differed to later dates. Provisions related to TDS/TCS were also kept in abeyance till June 30. Later on it was further differed till 30 September 2018. Finally these provisions are applicable from 1st October 2018. In this article we shall focus on the frequently asked questions related to TDS/TCS under GST.

2018

SECTION 194IA TDS ON PURCHASE OF IMMOVABLE PROPERTY

If you are planning to buy an immovable property (other than rural agricultural land), you must be aware of the provisions related to TDS on purchase of immovable property. As per Section 194IA of Income Tax Act, where value of an immovable property being purchased is Rs. 50 lakh or more, the buyer is liable to deduct TDS @ 1% from the payment made to the seller. This provision was introduced in Finance Act, 2013.

2018

UNDERSTANDING PERMANENT ACCOUNT NUMBER

Permanent Account Number (PAN) is the unique 10 digit number which is allotted to every tax payer in India whether India citizen or NRI. It is not only mandatory for filing Income Tax Returns but also needed in many financial transactions in India. In this article we shall focus on structure of PAN number.

2018

Steps to be taken while filing GSTR 3B2FGSTR 1 1

It is critically important to verify the details to be uploaded in GSTR 1 and 3B. Details of outward & inward supplies as well as available ITC must be cross verified to determine net tax liability for the month. As the due date of GSTR 3B is approaching fast, it is relevant to discuss all the points which are essential for an accountant and tax consultant before filing GST Returns.

2018

Use of Internal Auditors work by an External Auditor

External Audit is an critical function for both the company and the auditor. The audit procedure must be conducted in prescribed manner abiding by standards set for auditing. The Auditing and Assurance Standards Board of ICAI keeps on issuing "Implementation Guides" from time to time. Such implementation guides help auditors understand a standard better. It also provides guidelines related to practical problems faced by auditors in practical implementation of audit standards.

Financial Management