What is GST Council?

What is GST Council? With the GST rollout getting closer and closer, the media is filled with mentions of GST Council. In this article, we look into the GST Council and understand one of the key councils that regulate all…

GST Input Tax Credit Scheme – For Existing Stock

GST Input Tax Credit Scheme - For Existing Stock A new GST input tax credit scheme has been announced in the Transitional Provisions rules to provide GST Input Tax Credit for unregistered persons who have unaccounted goods or stock on…

Transferring Existing Input Tax Credit to GST

Transferring Existing Input Tax Credit to GST Nearly 80 lakhs businesses have migrated to the new GST Platform, in anticipation of a July 1st, 2017 rollout of the GST regime. All existing taxpayers having service tax or VAT or central…

Debit & Credit Notes under GST – Revising an Invoice

Debit & Credit Notes under GST - Revising an Invoice A key reasons why GST in India would help increase tax compliance and reduce black money circulation is the standardisation and matching of invoices. Under GST, all B2B invoices must…

Taxable Person under GST – Who Needs GST Registration?

Taxable Person under GST Taxable person under GST is anyone who is registered under GST or required to be registered under GST. Various criteria's like turnover, business activity or transaction have been specified in GST Act, which details persons liable…

IGST Exemption List

IGST Exemption List In the GST Council Meeting held on 18th and 19th May, 2017, the IGST exemption list was decided. Under GST regime Custom duty would prevail & CVD, SAD, CESS etc. shall be replaced by IGST which would be fully…

What is Income From Other Sources?

What is Income From Other Sources? Income from other sources is a residual category used to classify income that is not classified taxed under any other head of income. Income from other sources must be calculated by the taxpayer based on the mercantile system…

GST Input Tax Credit Guide

GST Input Tax Credit Guide GST is an indirect tax levied on goods and services based on the principle of value addition. Hence, the levy of tax is based on the value added at each stage of the supply chain…

Guide to CGST, SGST and IGST

Guide to CGST, SGST and IGST GST is a destination tax, meaning the tax base will shift from origin to consumption. Hence, the imports or end-use will be liable to tax and exports or production will be relieved of the…

Income Tax Benefits for Senior Citizens

Income Tax Benefits for Senior Citizens A person becomes senior citizen under the terms of Income Tax Act in any year after attaining the age of 65. Once an individual attains 65 years, his position as senior citizen in that financial…