Under GST regime, head office of a company is treated as a distinct person requiring separate registration as input service distributor (ISD) if it intends to distribute the credit. In such a case, separate return is being prescribed in form GSTR-6 which is supposed to be filed monthly between the 10th to 13th of subsequent … Read more
The other day my daughter was shouting on my son “You spend all your money that’s why you are not able to buy dress for Tom”. I got curious I asked her what happened she gave me annoying face and said “Mamma why can’t he understand this simple thing that he need to save to … Read more
A builder is supposed to collected an amount for repairs and maintenance of flats. This collection is being kept in a separate account dedicated for the purpose. Until the residential housing society is formed, the expenses for repairs and maintenance of flats are borne out of this account. Once the society is formed, this account … Read more
Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by employee to employer in course or in relation of employment shall … Read more
India has been jumping the ranks in ease of “Doing Business”. It has jumped 30 ranks to be at number 100. It is one of the top 10 improvers and has implemented reforms in eight out of 10 doing business indicators which are tracked by world bank. Doing business indicators are not the sole determinants … Read more
GSTR 1 prescribes the details to be provided by the taxpayer in relation to outward supplies made to the buyer for the relevant period. GSTR 1 needs to be filed by every taxpayer except Composition Scheme taxpayers, Non-Resident Foreign taxpayers, TDS deductors, E commerce Operators and Input Service Distributors as there are separate returns for … Read more
Circular No. 11/11/2017-GST dated 20th October 2017 has been issued to clarify as follows:- In the case of printing of books, pamphlets, brochures, annual reports, and the like, where only content is supplied by the publisher / person owning rights on intangible inputs and physical inputs like paper, ink, etc. belong to printing press, it … Read more
We have already given an update on job work of textiles. In the said update, it was mentioned that refund of unutilized credit is not admissible to the supplier of textiles. Notification No. 5/2017-Central Tax(Rate) dated 28th June,2017 has been issued in this regard. It is worthwhile to mention here that the raw material or … Read more
“Expatriate” or “Expat” is a person residing in a country temporarily or permanently which is different from his/her home country i.e. the country in which he/she is a resident. Usually this term is used in case of technicians and professionals sent by their companies to their associated enterprises or foreign subsidiaries. Expatriates often work in … Read more
One of the reasons for introduction of VAT in GCC is that, to add a new source of income to Government. Now they are mainly dependent on sale of Crude, Natural Gas, and other products of hydrocarbons to generate revenue for spending on public welfare. It is a tax on supply of goods or services … Read more