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  • FAQ on Refunds in GST

    Q 1. What is refund?
    Ans. Refund has been discussed in section 54 of the CGST/SGST Act.
    “Refund” includes
    (a) any balance amount in the electronic cash ledger so claimed in the returns,
    (b) any unutilized input tax credit in respect of (i) zero rated supplies made without payment of tax or, (ii) where the credit has accumulated on account of rate

  • GSTR 9C : Reconciliation Statement & Certification- Filing, Format & Rules

    The Central Board of Indirect Taxes and Customs, vide notification no. 49/2018 – Central Tax dated 13th September, 2018, has provided the format of FORM GSTR – 9C.

    As per section 35 (5) of the Central Goods and Service Tax Act, 2017, read with rule 80 (3) of the Central Goods and Service Tax Rules, 2017, FORM GSTR – 9C is required to be filed by every registered person whose aggregate turnover during a

  • Guidelines for Deductions and Deposits of TDS by the DDO under GST

    Section 51 of the CGST Act 2017 provides for deduction of tax by the
    Government Agencies (Deductor) or any other person to be notified in this
    regard, from the payment made or credited to the supplier (Deductee) of taxable
    goods or services or both, where the total value of such supply, under a contract,
    exceeds two lakh and fifty thousand rupees.

  • FAQ on Appeals, Review and Revision in GST

    Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal?
    Ans. Yes. Any person aggrieved by any order or decision passed under the GST Act(s) has the right to appeal under Section 107. It must be an order or decision passed by an “adjudicating authority”.
    However, some decisions or orders (as provided for in
    Section 121) are

  • FAQ on Advance Ruling

    Q 1. What is the meaning of Advance Ruling?
    Ans. As per section 95 of CGST/SGST Law and section 12 of UTGST law, ‘advance ruling’ means a decision provided by the authority or the Appellate Authority to an applicant on matters or on questions specified in section 97(2) or 100(1) of CGST/SGST Act as the case may be, in relation to the supply of goods and/or services proposed to be undertaken or being undertaken

  • Tips for extra edge in examination- Nov CA Final 2018

    For practical papers practice more sums. Do not simply do audit of the sums. Ensure practice of the sums maximum no of times. The key is the adjustment is to be given due importance. After doing sums fully till understanding, again and again adjustment, assumption alone is to be practiced. In practical subjects also theory is important and very easy to score providing by taking steps. With regard to accounting focus on accounting

  • Enhancements in E-Way Bill Form- 01-10-2018

    Following are the enhancements done in the E-Way Bill generation Form:
    1. Display of only relevant document types in the “Document Type” drop-down list based on the selected Transaction “Supply Type” and “Sub Type” by the taxpayers.
    2. Auto-population of state name based on the pin code entered at consignor and consignee addresses.
    3. Standard rates for the tax are

  • Charitable Trusts and NGO – Income Tax Benefits

    1. Charitable Trusts – A brief Introduction

    “The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC). It is a voluntary help either in money/kind to the needy. Collective efforts are always more fruitful and hence there are various Non-Governmental

  • List of Goods and Services Not Eligible for Input Tax Credit

    Input tax credit is considered very significant for every business unit which is always in the need to invest in the business in the manner of capital. The need of capital is required each and every time a business gets ready for its next project. This time in GST, a business unit will be eligible for input tax credit, only if certain cases are met with the transactions.

    Invoice matching of both the parties

  • Procedure & FAQs for Search GST Number Using PAN

    Search GST Number Using PAN

    GST Registration is mandatory for the business entities involved in buying and selling of goods and services with an annual turnover of Rs.20 lakhs. All registered taxpayers will be provided with a unique identification number known as GSTIN. The GST portal has been set up to search the GSTIN details using PAN. In this article, we look at the procedure to search for GST number

  • Composition Scheme Under GST Explained

    1. Who can opt for Composition Scheme?

    Businesses with annual turnover up to Rs 1.0 crore* can opt for composition scheme.

    Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

    Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition

  • How to view applications & responses to queries submitted at GST Portal

    Q.1. Can I view my submitted applications or queries raised by the Tax Officials at the GST Portal?

    Ans. The View My Submissions functionality provides the taxpayers to view all the applications and responses to the queries submitted by them to the tax authorities at a single location on the

  • Challan Creation & Cancellation For Payment Under GST

    A taxpayer can create challan under GST from GSTN portal for the purpose of payment of taxes. The payment particulars have to be fed in by the taxpayer or his/her authorized person as the case maybe. It is possible to fill in the challan form partially and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before

  • Gvat Audit For Cases Where Taxable Turnover Exceeds Inr 25 Lakhs


    Notification No. (GHN-05) VAR-2018(47) / Th Dated 19th January, 2018

    Final Return

    Every registered dealer in whose case taxable turnover exceeds rupees 25 Lacs in aggregate during the period April 2017 to June 2017 required to file Final

  • ITC on expenses relating to Construction and Plant & Machinery - Deciphering the issue

    Companies are required to incur many expenses for creation of new assets in terms of immovable property as well as Plant and Machinery to sustain and augment their businesses. GST law was brought in with a promise of seamless credit across all business expenses be it capital or revenue in nature. However, Section 17 of the CGST and SGST Act (Hereinafter referred to as the Act) prescribes certain restrictions on claiming of credits.

  • FAQ on GST in respect of Construction of Residential Complex

    FAQ on GST in respect of Construction of Residential Complex by Builders/Developers.

    S No. Questions
  • Analysis of GST on Construction of Roads and Highways

    1.0 Introduction
    The government allocates a substantial part of its disbursements towards development of roadways and has given a lot of thrust to highway-building
    initiatives in collaboration with the National Highways Authority of India (NHAI) especially in recent times. Being a booming sector, the introduction of
    Goods & Services Tax (GST) has certainly had an

  • Audit under GST- When You Might Get Audited by Tax Officers?

    Goods and Service tax or GST will be one tax to subsume all taxes. It will bring in the “One nation one tax” regime. To maintain a check and examine whether correct GST is being paid and the refund is claimed, certain taxable persons will be subject to audit under GST.

    Audit under GST 

  • Snapshot of policy initiatives & tax incentives to market India as an attractive manufacturing destination


    • Manufacturing has emerged as one of the high growth sectors in India targeting global markets and are becoming formidable global competitors.

    • India has jumped 30 places to reach the 100th spot in the world bank’s “Doing Business Report 2017” and has been one of the top improvers.

    • The country is expected to rank amongst the top three

  • Determination of Market Value for Land Acquisition

    1. Introduction
    The Government of India believed there was a heightened public concern on land acquisition issues
    in India. Of particular concern was that despite many amendments, over the years, to India’s Land
    Acquisition Act of 1894, there was an absence of a cohesive national law that addressed fair
    compensation when private land is acquired