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GST

22nd GST Council Meeting – Revised GST Rates

22nd GST Council Meeting (6th Oct, 2017) CMA Sandeep Kumar

Club Seminar

GST Practical Training

Send Confirmation Mail to cmaclubindia@yahoo.com Tomorrow Session is Free For You.Pre Placement GST Practical Workshop. if any Query please call 9311210010 / 9868600010 if you are coming than comment below the post. “yes, I am Coming.” Visit my Profile : Click here Watch About Seminar : Click here   Thanks …

GST

COMPOSITION SCHEME

who can opt for composition scheme ? A registered person , whose aggregate turnover in the preceding financial year did not exceed Rs. 150 lakhs rupees can opt for composition scheme. this limit can be further increased up to Rs 2 crore.   for example :-  if I have turnover in FY …

GST

GST- JOB WORK

Introduction Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal …

GST

Reverse Charge under GST

Meaning of Reverse Charge under GST As per section 2(98) of CGST Act, 2017 “reverse charge” Means the liability to pay tax by the Recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or subsection (4) …

GST

GST Registration Exemption to Job workers providing Inter-state Supply of Services notified

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF EXCISE AND CUSTOMS) NOTIFICATION No. 7/2017–Integrated Tax New Delhi, the 14th September, 2017 G.S.R. 1155(E).—In exercise of the powers conferred by section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) read with sub-section (2) of section 23 of …

Club Seminar

Free Seminar On GST

Free Seminar On GST – For Students – Overview of GST  13th August, 2017 Sunday , 09.30am – 2.00pm Speaker : CMA Sandeep Kumar For Confirmation mail to cmaclubindia@yahoo.com    Address: TSD Elevate F24, 2nd Floor, Above Zevar Mahal,  Preet Vihar Metro Station, Gate No. 4, Delhi 92 Ph. 9311210010 …

GST
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Mixed Supply Under GST

A supply involving two or more supplies of goods or services or any combination thereof and which is not a composite supply, is defined to be a mixed supply(i.e. not naturally bundled or there is no one principle supply in the mix of supplies). Whole supply would be taxable at …

GST
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GST Certificate Course – Batch 3

GST Certificate Course Batch 3 for Working Professionals (Starting From 13th August, 2017) (Saturday / Sunday or Only Sunday) Fee 2000 plus Material Cost 500 Total 2500/- Time: 08.00am-10.00am (Saturday) Time: 10.00am-02.00pm (Sunday) TSD ELEVATE F24, 2nd Floor, Above Zevar Mahal, Metro Gate No. 4, Preet Vihar Metro Station, Preet …

GST
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Composite Supply Under GST

Supplies involving two or more goods or services or any combination thereof, naturally bundled for supply in the ordinary course of business, wherein one of the components having essential character is known as principle supply. This composite supply shall be taxable at the rate applicable to principle supply.

CMA Students
3

GST Certificate Course – Batch 2

GST Certificate Course Batch 2 (Starting From 2nd August, 2017) Fee 1000 plus Material Cost Time: 08.00am-10.00am Mon/Wed/Friday TSD ELEVATE F24, 2nd Floor, Above Zevar Mahal, Metro Gate No. 4, Preet Vihar Metro Station, Preet Vihar, New Delhi For Confirmation Mail to cmaclubindia@yahoo.com Batch 1 Sucessfully Started on 18th July …

CMA NIRC
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GST Certificate Course – Batch 1

GST CERTIFICATE COURSE – BATCH 1 (18th July, 2017) List of Students / Members – Batch 1 S.N. Name 1 Yatin Bhalla  2 Dheeraj  3 Bharat Bhushan  4 shubham Jindal  5 Sandeep Kumar Joshi 6 Gaurav Aggarwal 7 Pankaj Kishor 8 Dinesh Jaiswal  9 Kishan Dev Yadav 10 Sunil  11 …

GST

Job Work Under GST

Introduction Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal …

GST

Requirement to mention HSN code of items in tax invoice under GST

The Government has eased out requirement to mention HSN code of items in tax invoice under GST as mentioned in a table below:- Serial No. Annual turnover in the preceding Financial Year Number of Digits of HSN Code Upto rupees one crore fifty lakhs             …

GST

List for the Goods – Reverse Charge basis under GST

The Government has prescribed the list for the goods on which GST is applicable on reverse charge basis. S.No. Tariff item, sub-heading, heading or Chapter Description of supply of Goods Supplier of goods Recipient of supply 1. 0801 Cashew nuts, not shelled or peeled Agriculturist Any registered person 2. 1404 …

GST
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Rate of Interest Under GST

The Government has fixed the rate of interest for the following cases as mentioned in table below:- Serial No. Description Rate of Interest In case of non-payment of tax amount      18% In case of undue or excess claim of input tax credit or undue or excess reduction in …

GST
1

List of Services under Reverse Charge and Schedule of GST rates for services

Dear Professional friends, The GST Council on 19th May, 2017 has finalised tax rates for Services. Those services already exempted from tax, such as healthcare and education, will continue to enjoy the concession. The GST Council has finalised the four-slab structure for taxation of services (5%, 12%, 18% and 28%) …

GST

Commodity wise GST rates – Gist of outcome of 14th GST Council Meeting

Dear CMA Friends   As you may kindly be aware that GST Council has broadly approved GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods during 14th GST Council meeting held at Srinagar, Jammu & Kashmir.   The information is being uploaded …

Club Seminar

Seminar on Budget – Paschim Vihar, Delhi

Free Seminar On Budget 12 Feb, 2017 11.00 AM (Sunday) Duration 3 Hrs Doon Public School Paschim Vihar, Delhi Chief Guest : CMA GK Khurana (Retired on 31st Jan, 2017 Bank Manager Indian Overseas Bank) Speaker: CMA Sandeep Kumar – Direct Tax CMA Navjit Singh –       Indirect …

GST
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GST Registration Process

GST enrolment process has begun from 16/12/2016 for the Northern Region. (Uttar Pradesh, Jammu and Kashmir, Delhi, Chandigarh, Haryana, Punjab, Uttarakhand, Himachal Pradesh, Rajasthan (Only for VAT registered dealers)) The summarized steps are a) Obtain provisional user id and password from VAT department (The VAT departments of different states in …

CMA NIRC
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GST Registration with Screen Shots (in Video format)

GST registration has started in different parts of India. So I have prepared video of about 3 minutes to explain the process in easy way. The screen shots are taken from GST portal so that one can easily understand the process. Watch the video at following link and give feedback. …

GST

GST – Enrollment process for DVAT dealers

Goods and Service Tax Enrollment process for DVAT dealers to be starting from 16/12/2016 till 31/12/2016 *Documents Required For GST Registration* 1. PAN Card of business entity – proprietor – partnership firm – company 2. Proof of constitution – Partnership deed – Certificate of incorporation. in case of company 3. …

GST

Revised Draft GST Law and GST Compensation Law

The Central Government has released Revised Draft GST Law along with Draft GST Compensation Law. The same has been put in public domain which can be accessed at following links: Revised Draft Model GST Law Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-model-gst-law-25-11-2016.pdf Draft IGST Law Read at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-igst-law-25-11-2016.pdf Draft GST Compensation Law Read at: …

GST

GST Council Meeting

Updates on 6th meet of GST Council: *Today CGST/SGST law was discussed in details. *Discussion made till Sec.99 of the MGL *Discussion on IGST/Compensation law to be discussed later in next meet. *Dual control issue not discussed today. *Tomorrow’s meet postponed till 22nd & 23rd Dec. *FM Mr. Jaitley reconfirms …

GST
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CBEC GST Helpdesk

CBEC GST Helpdesk As per communication from Directorate General of Systems New Delhi, a new CBEC GST helpdesk called CBEC Mitra is started with an Interactive Voice Response (IVR). This help desk (started yesterday) is operational 24×7. The helpdesk number is: 1800 1200 232

GST
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Revised Model of GST Law Nov 2016

Revised Model of GST Law-Nov 2016 1. Definitions · Capital Goods-Earlier draft model law had borrowed the definition of capital goods from the CENVAT Credit Rules, 2004. The definition has now been amended to include all goods which have been capitalized in the books of accounts. · Works Contract-The definition …

GST

Major Changes Proposed In The New Model GST Law

1) Exclusion Of Securities – Government has now specifically excluded securities from the definition of ‘goods’ under Section 2(49) and ‘services’ under Section 2(92) of the revised GST law. As a result, securities will not attract any tax under GST law. This will be welcomed by the industry and market …

GST

GST REGISTRATION STARTED

GST REGISTRATION STARTED Retailers below 20 lac turnover, are at present not required to register. Above 20 Lacs turnover, registration compulsory. If retailer turnover is below 50 lacs, can go for composition scheme. (Whether composition rate will benefit retailer or not will be known only after GST rate declare) Wholesaler …

GST

GST Payment of Tax

This section provides for the following: 1. Methodology or mode of payment of tax, interest, penalty, fee or any other amount by a taxable person, 2. This Section prescribes three kinds of ledgers to be maintained by the taxable person. (a) Electronic Cash Ledger; (b) Electronic Input Tax Credit Leger …

GST

Will GST increase property prices?

World over Real Estate is not subject to Goods and Services Tax. It should not be in India also because Land and building are not “goods” under Sale of Goods Act or any other tax for the time being in force. It is also not coming under the definition of …

GST

What information should be readily available with me before I begin to enroll with GST?

What information should be readily available with me before I begin to enroll with GST? 👉 Before enrolling with GST System Portal, you must ensure to have the following information/ documents available with you:- I. Provisional ID received from State/Central Authorities; II. Password received from the State/Central Authorities; III. Valid …

GST

Who will be the assessing officer for GST?

The attendees at the GST council meeting today have failed to come up with a foolproof formula for determining the jurisdiction and scope of any assessing officer under GST. The question arises as there is no direct legacy inheritance. GST’s ancestors are, a) service tax b) value added tax c) …

GST

GST Council Meeting (03-11-2016)

  1. GST council in its meeting today has agreed on the rate structure. 2. A four tier rate structure of 5%, 12%, 18% & 28% has been approved by the Council. 3. A Zero rated category will be created as well. A number of items including food grains will …

GST

GST Policy Wing Updates

The IMC had organized an interactive meeting with Mr. Upendra Gupta, Commissioner, GST Policy Wing, Ministry of Finance on ‘GST’ which was held in Mumbai on 15th October 2016. Following are some clarifications given by him on various issues raised by the industry representatives present in the seminar: Go-live Date …

GST
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GST Council Meeting (18-10-2016)

Outcome of  GST Meeting GST Council agreeing on a formula Today to compensate states in case of a revenue loss after moving to the new system. On *compensation to states*, 2015-16 will be taken as the base year for calculating revenue assuming a secular or long-term growth rate of 14 …

GST

GST Input Tax Credit

GST Input Tax Credit CMA Sandeep Kumar   Definitions under GST Model Law

GST
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GST Payment of Tax, Interest, Penalty

Payment of Tax, Interest, Penalty CMA Sandeep Kumar

GST

GST Tax Invoice

GST Tax Invoice CMA Sandeep Kumar Topics Tax invoice/Issuance of Credit and debit notes Furnishing details of outward/inward supplies

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GST Registration

GST Registration CMA Sandeep Kumar Topics

GST
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Imports and Exports under GST

Import and Export of Goods and Services CMA Sandeep Kumar                                                                      Section 2(2) words and expressions not defined in this Act shall have the meaning assigned to them in the Central Goods and service Tax Act, 2016 Terms “Export of gods” and “import of goods” have been defined as under …

GST
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GST – Branch Transfer

About Branch Transfer CMA Sandeep Kumar As per Section 3(c) of Model GST law read with propose ‘Schedule I of GST Law’ ,a supply of goods by a taxable person to another taxable person or non-taxable person in the course of furtherance of business without consideration is also included within …