#thegstmitra

[gstmitra-blog]

The CBIC Thursday clarified on the vexed issue of levy of GST on sales promotion schemes like ‘buy one get one free’ offered by FMCG firms, saying taxes would be paid on the price recovered from the customer.

[gstmitra-blog]

A local court in Maharashtra has refused bail to persons accused of evading goods and services tax (GST) by circular trading and claiming input tax credits, and has ordered judicial custody.

[gstmitra-blog]

What GST Audit?

The GST Audit File program is used to produce a data file to submit information for a letter from the Royal Malaysian Customs Department and this kind of audit is specific taxable year and period relevant to auditors, in response to an audit request for information under GST and it is the process of examination of records, returns and other the compliance with the provisions of GST.

Suppose documents maintained by a taxable person and the purpose is to verify the correctness of turnover declared, taxes paid, refund claimed an input tax credit availed, and to assess you are a registered member and your turnover during a financial year exceeds the prescribed limit shall get their accounts audited by a chartered accountant or a cost accountant, and one will have to submit or deposit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

 Benefits of GST Audit: With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. One of the biggest benefits of Goods and service tax is that most of us feel that after the introduction of GST we are able to cop up with the errors like Non-payment / Short Payment of Output liability.

[gstmitra-blog]

Honda in favour of two GST slabs for two-wheelers - GST Mitra

Two-wheeler companies have supported a plea for reducing GST on some two-wheelers having engines of certain size Even as the chorus on reduction in Goods and Services Tax (GST) on two-wheelers grows, the industry is now in favour of having …

[gstmitra-blog]

On GST Council table: Tax relief for real estate, duty relaxation for exporters - GST Mitra

The proposal was discussed in 26th GST Council meeting in March last year and since many technical, legal and administrative issues were identified, its implementation was put on hold. Duty relaxation for exporters and a tax relief package for the …

[gstmitra-blog]

On growth, the RBI continues to sound optimistic, in contrast to our assessment that weak global growth, the lagged impact of tighter financial conditions and domestic political uncertainty will trigger a cyclical slowdown. Interestingly, the MPC also notes that “actual …

Learn about various GST services like GST registration, GST return filing, GST invoice preparation

[gstmitra-blog]

Tax authorities to levy interest on cash, ITC component of GST paid after due date - GST Mitra

Officials to conduct due verification of all cases of late filing of returns Tax authorities have made it clear that interest will be levied on both cash and input tax credit (ITC) component of GST paid after the prescribed due …

GST Registration, GST return, GST audit, GST refund, GST consultant, GST video classes, GST Seminar, GST seminar by CA Praveen Sharma,

[gstmitra-blog]

RBI eyes holding company model for banks; move to usher consolidation: Report - GST Mitra

In a major overhaul of the equity holding structures of financial conglomerates, the Reserve Bank of India (RBI) is said to be looking at a holding company model for banks. The move is expected soon and will entail guidelines on …

In a major overhaul of the equity holding structures of financial conglomerates, the Reserve Bank of India (RBI) is said to be looking at a holding company model for banks. The move is expected soon and will entail guidelines on