Complete Tax Solution

Complete Tax Solution as a GSP provides taxpayer-oriented services to meet all your compliance needs. The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition made along the supply chain. It is now a single largest indirect tax levied within India on the supply of goods and services. GST advocates the charge of different tax heads such as Central GST, State GST/Union Territory (UT) GST or Integrated GST depending upon whether the supply is within or across the state/UT. Some of the advantages include a reduction of cascading effect, centralised filing portal, common e-waybill across the nation, reduced compliance when compared to the pre-GST tax regime, and smooth flow of input tax credit for the businesses. You can read our articles to know more about these laws, and the common terms used in GST. GST - Rules, Law and Basics GST e-Invoicing The government has recently announced the implementation of an e...

As the  GST Return filing date  has been pushed to the month of September for the taxable period of July and August, 2017, let’s see how to proceed with  GSTR 1 filing  with GSTN through  GSP services .  Understanding GSTR 1: The concept of filing of GSTR 1 can be understood in the light of compliances under Goods & Service Tax. As we all know that the recently implemented tax structure has mandated monthly return filing, thus making each month a taxable period for generation and filing of a set of returns, namely GSTR 1, GSTR 2 and  GSTR 3 . Each one of these is to be filed in order to declare the transactions made in the said taxable period by the registered taxpayer to the Government.   Among these three, GSTR 1 forms the base document that lists the transaction of supply of goods by the business or trader. In easier words, it is the detailed return prepared for the invoices raised by the businesses towards the buyers.  How G...

INVITATION TO JOIN CERTIFICATION COURSE ON GST (Impact, Planning & Implementation) by Ministry of MSME, Govt. of India “It’s not the job but the hours spent after the job that determines one’s future”. With immense pleasure, we would like to invite the readers for the certification course on GST by Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India, specially designed to cater the need of professionals and businesses at large. Course Coverage This two-day instructor-led course provides participants with the knowledge and skills to build, maintain, and control well-formed Taxation. This is the first course in the GST which is in Certification by Ministry of MSME, Govt. of India. Join this course and have an upper edge in GST. The following Modules are included in this Course: Module 1:  Introduction to Goods & Services Tax (GST) Module 2:  Requirement of GST Law and its Impact in current Accounting Module 3:  Detaile...

GST Compensation Bill gets nod; IGST, CGST and SGST Laws will be taken up in next meeting on March 4-5 GST Compensation Bill gets the formal nod Prospects of Goods and Services Tax ( “GST” ) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10 th  meeting, held on February 18,t 2017 at Udaipur. The GST Compensation Bill seeks to stipulate the manner in which States will be compensated in the event of a loss arising in the first five years, due to the implementation of GST. “The GST compensation law, that if a state has a loss, then for the first five years they will be compensated, the legally vetted draft has been formally approved by the GST Council…It will go before the Cabinet, which will give its approval and we will seek to place it before Parliament in the second half of the Budget session starting on March 9”,  Mr. Jaitley said during a press conference. IGS...

The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as “Smart Cities”. Owing a residence is dream of every Indian citizen and the demand as well as prices is growing day by day. The Real Estate Sector has employed or given employment major workforce in the country and has contributed a lot in the GDP of the country. The contribution of Real Estate Sector in the GDP of India will also double from 6.3% in 2013 to 13%                                                                            till 2015. Present Scenario One of the most complex areas of the tax levied by the Cent...

A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful  GST Council  today.  With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.  The lowest rate of 5 per cent would be for common use items while there would be two standard rates of 12 and 18 per cent under the Goods and Services Tax (GST) regime targetted to be rolled out from April 1, 2017.  Announcing the decisions arrived at the first day of the two-day GST Council meeting, Finance Minister  Arun Jaitley  said highest tax slab will be applicable to items which are currently taxed at 30-31 per cent (excise duty plus VAT).  Luxury cars, tobacco and aerated drinks would also be levied with an additional ces...

Model GST Laws: The Government of India has released a  Model GST Law in Public Domain . We are sharing an important and path breaking analysis of Model GST Law. We have tried to analyze the GST law in brief and hope the same will be helpful to readers.

As per settled law VAT can be imposed on sale of goods only and not on service. Service can be taxed by Service Tax Laws. The authority competent to impose service tax has also assumed competence to declare what is service. If State has not challenged the same, it means state has accepted cum  assumed 40% is service part on restaurant bill. Therefore, where element of service has been so declared and brought under the Service Tax vide Government of India notification dated 06.06.2012, (i.e. 40% of bill amount to the customers having food or beverage in the restaurant was made liable to service tax) no Value Added Tax can be imposed thereon. It is well known and settled fact that restaurant bill includes both component Goods and Service. And since service component is there central government is levying service tax on discounted rate means on 40% value of entire bill considering 40% as a service. If restaurant owners are charging VAT on entire bill means they are charging,...

(Fictional character):  Krishna, From April 2016, Maharashtra Sales Tax Department has introduced new SAP system and brought various changes in VAT returns. Now bill wise details will have to be given for sales and purchase and many more changes are being made. So what is the procedure of filing returns and it’s impact on business? Krishna (Fictional character):  Arjuna, As the April month started, we saw excitement rising for the IPL 20-20. Like Cricket, now in the same way, the sales tax department until a few years ago had a system like Test cricket matches but now the new VAT system is just like the superfast IPL 20-20. In the past the sales tax returns were checked year to year ( slowly like test match), later on returns were checked TIN to TIN number (fast like one day match) and now they would be checked bill to bill (superfast like 20-20 matches). As in 20-20 cricket matches every ball to ball has to be played, same way the details of every bill to bill has to b...