PRACTISING IN INCOME TAX AND GST SINCE 2006
PRACTISING IN INCOME TAX AND GST
COMPLETED CA IN 2005
Hello readers, as we all know the financial year 2023-24 is going to end so let’s discuss today's New Tax regime and old tax regime in a simplified manner- As we all know up to last year-Old Tax regime was Default Scheme and if the assesses has to opt for the new scheme, he can do so by filling out form 10IE but from FY 2023-24 and onwards New Tax Regime will be a default scheme and if asse......
Hello readers, Today I will discuss changes in GST in Union Budget 2023 in simplified manner- Amendments in CGST ACT 2017- 1. Section 10- Composition Levy - Suppliers of goods through E-commerce operators will now be eligible to opt for the composition scheme- Now Unregistered suppliers and composition taxpayers can now opt for the composition scheme to make intra -state supply of goods through......
Hello readers, Today I will discuss changes in rates of Income tax proposed in Finance Bill 2023 for A.Y 2024-25 in simplified manner- One of major change proposed in Union Budget 2023 is that New Tax regime (Sec 115BAC ) is now Default Tax Regime from A,Y 2024-25 …Now what do you mean by Default Tax regime ….It means in case assessee has not exercised any option ,he will automatica......
Circular-No -183/15/2022-GST--Simplified- Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19: Hello readers --- Today I will discuss how to deal with ITC not reflected in GSTR-2A –for F.Y 2017-18 & 2018-19 in simplifed manner- Different scenerios where ITC not reflected in GST......
Hello readers, In my previous article I have discuss Time of supply of Goods ........Now let us discuss Time of supply of services- Time of supply of services is prescribed as earlier of - Date of issue of Invoice Date of receipt of payment Date of issue of Invoice – As per provision of Section 31 of CGST ACT 2017 – Tax Invoice should be issued within 30 days from the dat......
Hello readers.... Today I will discuss Time of Supply of Goods in very simplified manner- Section 12 – Time of Supply of goods Meaning of Time of supply – Time of supply of goods means ‘’occasion when we are liable to pay tax on goods as per provisions of law ’’ Time of supply – Forward Charge Time of Supply will be earlier of – ......
Hello readers, we all know The Hon?ble Supreme Court of India vide order dated 22.07.2022 in the matter of Union of India vs. M/s. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018 have allowed the aggrieved taxpayers to file form TRAN-1/TRAN-2 or revised the earlier filed TRAN-1/TRAN -2 so I have noted down important points to remember while filling TRAN-1- New process of filling TRA......
As we know due date of filling GSTR-9 -31ST December 2022 so request of readers I have noted down some points to remember while filling GSTR-9- 1. Who have to file GSTR-9- Registered Taxpayers having aggregate turnover more than Rs 2 crore mandatory required to file GSTR-9. 2. Amendment in Tables of GSTR-9 – I. Table No 4- Details of outward supply on which tax is payable Earlier ......
As we all know GST registered businesses with annual turnover of ? 10 crore or more will have to generate e-invoices for B2B transactions from October 1, the finance ministry said. Now, large number of taxpayers will be required to generate e-invoices w.e.f 01.10.2022 but in this busy schedule we all want to know some important points related to e-invoices. So, Today I will discuss som......
Hello readers, Today I will explain my views relating to circular in respect of transactions involving fake invoices- Issue No 1- In case where a registered person “A” has issued tax invoice to another registered person “B” without any underlying supply of goods or services or both. Clarification as per circular- As per circular –There is only issuance of tax in......
Circular No. 170/02/2022-GST-Mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1-Simplified Hello readers, Due date of GSTR-3B approaching so at request of my friends I will try to explain changes in GSTR-3B in simplified manner- 1. Furnishing ......