TDS Mechanism under GST Flier

Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier. It is similar to “pay as you earn” scheme also known … Read more

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GST Practitioners Flier

Section 48 of the CGST Act provides for the authorisation of an eligible person to act as approved GST practitioner. A registered person may authorise an approved GST practitioner to furnish information, on his behalf, to the government. The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner … Read more

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Account and Records in GST Flier

1. Assessment in GST is mainly focused on selfassessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for each tax period i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or … Read more

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Valuation in GST Flier

Value of Supply Every fiscal statue makes provision for the determination of value as tax which is normally payable on ad-valorem basis. In GST also, tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services. Section 15 of the CGST Act and Determination of Value of Supply, CGST … Read more

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Time of Supply in GST Flier

Time of Supply In order to calculate and discharge tax liability, it is important to know the date when the tax liability arises i.e. the date on which the charging event has occured. In GST law, it is known as Time of Supply. The GST law has provided separate provisions to determine the time of … Read more

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Integrated Goods and Services Tax IGST Flier

1. The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and the States will be replaced by one tax called the Goods and Services Tax (GST). GST is a multi-stage value added tax levied on … Read more

Categories GST