(Available in Desktop and Online(Cloud) Variant)
Due Dates: GSTR 3B, GSTR 1, (GSTR 9, and GSTR 9C) and GSTR 4 Respectively as Follows: 20 March, 11 March , 31 March and 18 Apr 2020 (Read a Guide)
The supplies which involve the use of iron and/or steel as the base material are under the GST ambit. The increase or decrease in the tax rate on iron and steel supplies is going to have an impact on a range of industries that involve the use of these materials, including construction and machine parts manufacturing sectors. This article discusses the new GST rates on iron and steel and the impact of GST on this sector.
In April, Banks all over the country had received show cause notices seeking a genuine explanation on why no GST should be charged on services offered for free by the banks. The GST will now affect the financial transactions cost. The show-cause notice raised a lot of eyebrows. The period in question was from between July 2012 to June 2017 and the estimated tax amount for the period stood at Rs 45,000 crore. In the notice from the Revenue Department, Free services are liable for GST as there is an agreement for an activity. Some of these services include :
The goods and services tax is applicable to lawyers and legal firms in India, on condition basis. While GST is levied on certain legal services, some other law services are free of tax. Let’s analyze the applicability and impact of GST on the legal community of India.`
GST rate on legal services and advocates is 18% with full ITC (input credit) available.
The Goods and Services Tax (GST) implemented in India is playing a major role in shaping up the country. While you may have noticed the impact of GST on almost every business sector, many professions are also affected by the new tax regime. One of the most affected professions by GST is of Chartered Accountancy.
Chartered Accountants (CAs) in India are much reputed as it is a thriving profession. The introduction of GST has only created a surge in the demand of skilled and informed CAs who can help businesses with GST compliance, rules, billing, return filing and other activities. As the demand for Chartered Accountants is increasing, so is the need for quality GST software and services to help CA professionals with their jobs. Many CAs use GST software to manage their clients’ accounts, perform transactions, file returns, create GST invoices and maintain accounting records. Gen GST by SAG Infotech is a popular GST billing and e-filing software for chartered accountants (CA).
Cab services like Ola and Uber have been getting much popularity in India in the recent years. Taxis are a preferred choice of transport for middle and upper-class people in the country for short as well as long commutes.
Thanks to the digitization of taxi services, it is now easier than ever to hire a cab or even auto whenever you need to communicate from one place to another. The implementation of the Goods and Services Tax (GST) in India has had a visible impact on the cab industry, just like every other major industry in the state.
GSTR 11 is a GST return form that is to be filed by UIN holders who wish to claim a refund of the tax paid by them on their inward supplies.
Let’s find out more about GSTR-11 in this article.
UIN is the Unique Identification Number issued under GST to specific people and agencies working on behalf of the United Nations and some multilateral financial institutions and persons in India. Since foreign embassies and missions are not required to pay taxes under GST, the UIN helps them claim a refund of the taxes paid by them on their purchases.
GSTR 10 is a kind of no due certificate which a taxable person has to file as their final GST return when they apply for cancellation of their GST registration. The return is required to be filed within 3 months of the cancellation application.
GSTR 10 is not to be confused with GSTR 9, which is an annual return required to be filed by every registered taxpayer every year. GSTR-10 Form, on the other hand, is the final (one-time) return statement.