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Showing posts from February, 2017

TDS UNDER MODEL GST LAW

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Section 46 of revised model GST law, Tax deduction at source  (TDS)

GST RETURN'S (TYPES OF GSTR)

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How many types of returns are required to file under model GST law GSTR-1 Outward supplies GSTR-2 Inward supplies GSTR-3 Consolidated return GSTR-4 Composition tax payers GSTR-5 Non resident taxable person GSTR-6 Input service distributors GSTR-7 Tax deductors GSTR-8 Annual Return

SCHEDULE V OF MODEL GST LAW (MGL) PERSONS LIABLE TO BE REGISTERED

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1.  Every  supplier  shall  be  liable  to  be  registered  under  this  Act  in  the  State  from where  he  makes  a  taxable  supply  of  goods  and/or  services  if  his  aggregate turnover  in  a  financial year  exceeds  twenty  lakh  rupees: PROVIDED  that  where  such  person  makes  taxable  supplies  of  goods  and/or services  from  any  of  the  States  specified  in  sub-clause  (g)  of  clause  (4)  of  Article 279A  of  the  Constitution,  he  shall  be  liable  to  be  registered  if  his  aggregate turnover  in  a  financial  year  exceeds  ten  lakh  rupees.       (Other  than  Special  Category  States) 2.  Every  supplier  shall  be  liable  to  be  registered  under  this  Act  in  the  State  from where  he  makes  a  taxable  supply  of  goods  and/or  services  if  his  aggregate turnover  in  a  financial  year  exceeds    ten  lakh  rupees: (Special  Category  States) Explanation  1.-  The  aggregate  turnover  shall  include  all  supplies  made  by

GST REGISTRATION - MOST IMPORTANT POINTS

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 (1)  Every  person  who  is  liable  to  be  registered  under  Schedule  V  of  this  Act  shall apply  for  registration  in  every  such  State  in  which  he  is  so  liable  within  thirty days  from  the  date  on  which  he  becomes  liable  to  registration,  in  such  manner and  subject  to  such  conditions  as  may  be  prescribed: PROVIDED  that  a  casual  taxable  person  or  a  non-resident  taxable  person  shall apply  for  registration  at  least  five  days  prior  to  the  commencement  of  business. (2)  Notwithstanding  anything  contained  in  sub-section  (1),  a  person  having  multiple business  verticals  in  a  State  may  obtain  a  separate  registration  for  each  business vertical,  subject  to  such  conditions  as  may  be  prescribed. (3)  A  person,  though  not  liable  to  be  registered  under  Schedule  V,  may  get  himself registered  voluntarily,  and  all  provisions  of  this  Act,  as  are  applicable  to  a registered  taxable

BENEFITS OF FILING OF INCOME TAX RETURN

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In addition to well known benifits there are some hidden benefits of filing Income tax return in practical life are discussed in this video.

PM GARIB KALYAN DEPOSIT SCHEME, 2016 (Convert black money into white)

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1.    Short  title,  commencement  and  application.— (1)  This  Scheme  may  be  called  the  Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. (2)  It  shall  come  into  force  from  the  17th  day  of  December,  2016  and  shall  be  valid  till 31st day of March, 2017. (3)  This  Scheme  shall  be  applicable  to  every  declarant  under  the  Taxation  and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 2.  Eligibility  for  Deposits.—  The  deposit  under  this  Scheme  shall  be  made  by  any  person  who intends  to  declare  undisclosed  income  under  sub-section  (1)  of  section  199C  of  the  Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 3.    Form  of  the  deposits.— (1)  The  deposits  shall  be  held  at  the  credit  of  the  declarant  in Bonds Ledger Account   maintained with Reserve Bank of India.   (2) A certificate of holding the deposit shall be issued to declarant in Form I. (3)The  Reserve  Bank  o