AbhisEmployees in service are allowed different types of leaves such as official holidays, medical leaves, casual leaves etc. Many employees may not utilize all the leaves and it remains unutilized at the end of the year. There are some types of unutilized leaves can be carried forward to the next year whereas some types of … Read more
The term “assessee” is important in Income Tax as it defines the person who will be liable to pay income tax under different circumstances. The “Assessee” may be any person who is liable to pay taxes on the income earned by him or pay taxes on behalf of any other person. Who is Liable to … Read more
GST Returns Filing Requirements For Regular Taxpayers [Infographics] GST Return: Type of Return, Due Date, and Forms Return Due Date Form Outward Supplies 10th of next month GSTR -1 Inward Supplies 15th of next month GSTR-2 Summary return for all taxable persons except specified herein under 20th … Read more
Accounting Treatment Under GST GST will not only subsume the existing indirect taxes such as Service Tax, VAT, Excise, CST etc. but also simplify business and accounting processes. Initially, there may be certain transitional issues but in long term, it will ensure more transparency in business reporting and compliance. In the GST regime, a taxpayer … Read more
Under the Goods and Services Tax law, the taxpayer is required to maintain certain documents, accounts, and records in respect manufacturing, trading or provision of services. In this article, we will discuss all the aspects related to maintenance of Accounts and Record under GST. Types of Accounts and Records Required GST The registered taxpayer should … Read more
The Goods and Services Tax law provides for the appointment of GST tax practitioners (tax return preparer) to file GST returns on behalf of taxpayers. The taxpayer can authorize any tax practitioner approved by the Government to perform GST filing activities on behalf of the taxpayer. In this article, we will discuss the functions of tax … Read more
GST Implementation in India and Its Impact GST is proposed to be implemented with effect from 1st July 2017. Implementation of Goods and Services Tax (GST) in India is one of the biggest reforms in the field of taxation. It is estimated that implementation of GST will boost the GDP by 1.5% to 2%. GST will … Read more
Update: E-way Bill will be applicable from 1st February on transportation of all goods having value more than Rs. 50000 In the earlier VAT regime, the States have various check-posts on borders and highways to monitor the movement of goods. The officer can verify the goods and relevant documents to ensure that proper duties have … Read more
The export of goods and services is very important for every country, therefore the Government ensures that the exports are made duty free. The Government provides various incentives to promote exports and also provides the refund of duties paid on inputs and input services used for the manufacture of exported goods. Treatment of Exports Under GST … Read more
How Imports are treated under Current Tax Regime In the current tax regime, the import of goods and services are taxable under Custom, Excise, and Services Tax Laws. Import duties such as Custom Duty, Countervailing duty (CVD equivalent to Excise Duty) and Special Additional duty (SAD equivalent to VAT) are levied on import of goods and … Read more