FINANCE

GST audit would have to be periodically conducted on entities registered under GST by a  Practising Chartered Accountant  or GST officer to ensure that proper compliance is maintained. In this article, we look at the different types of GST audit and certifications that would have to be conducted or provided by a practising Chartered Accountant from time to time. GST Annual Return All entities required to file monthly GST returns are required to file GST annual return before 31st December of each financial year. Only Input Service Distributors, Casual Taxable Persons and Non-Resident Taxable persons are exempt from filing GST annual return. Entities required to file GST annual return having an aggregate turnover of over Rs.2 crores in a financial year must get the annual GST accounts audited and certified by a practising Chartered Accountant. Know more about  GST Return Due Dates . GST Input Tax Credit Claim under Special Circumstances Chart...

1. Practical Guide on GST Registration in India 2.  A word from the Author This presentation has been created to aware the people about various complex laws relating to GST registration in India in a very easy and presentable manner. The presentation has been created by the experts of Hubco.in, a website which deals in online registration and consultancy relating to GST, Company registration including finance companies like NBFC, Nidhi or producer company. In case you have any query regarding GST or company registration, kindly drop an email to paras@hubco.in and I would be more happy to answer. Best Wishes CA Paras Mehra 3.  Practical Guide to GST Registration in India Get Started 4.  Basic rules for GST Registration 1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh. 2. To be eligible for GST ...

Section 80G Deduction – Income Tax Act Section 80G deduction under Income Tax Act is available for contributions made to certain relief funds and charitable institutions. All charitable donations are not eligible for deduction under section 80G. Only donations made to prescribed funds qualify as a deduction. Section 80G Deduction The Government of India introduced Section 80G deduction to encourage people to donate by providing income tax relief. Under Section 80G, the amount donated is allowed to be claimed as a deduction at the time of filing income tax return. Deduction under Section 80G can be claimed by individuals, partnership firms, HUF, company and other type of taxpayers, irrespective of type of income earned. Amount of Deduction under Section 80G Donations paid towards eligible trusts/charities which qualify for tax deductions are subject to certain conditions. Donations under Section 80G can be broadly classified into four categories, as mentioned below. Do...

The GST Model Law has proposed a GST Composition Scheme for small businesses to help them with maintaining minimal compliance. Under GST,  taxable persons having aggregate annual turnover of less than Rs. 50 lakhs are proposed to be made eligible for the GST composition levy. In this article, we look at the nuances of the GST Composition Scheme in detail. GST – A Game Changer With the implementation of GST, a host of benefit is expected and tremendous unlocking of synergy is expected. Consumers will not be subjected to double taxation. All taxes that are levied while purchasing good will include both the central government’s taxes as well as the state government’s taxes, reducing confusion. Further, with the implementation of GST, g reater tax compliance has the potential to boost revenues for the government, and thereby help narrow budget deficit and allowing more funds to be allocated to various welfare schemes like schools and highway etc. To ease the burd...

The 21st  GST Council Meeting  was held on 9th September 2017 at Hyderabad. In the  GST Council Meeting, various decisions pertaining to the implementation and regulation of GST was decided. In this article, we look at some of the highlights and major decisions taken in the 21st GST Council Meeting. GST Rate Changes The following major GST rate change decisions were taken in the 21st GST Council Meeting: GST rate has been reduced from 18% to 12% for services provided to the Government, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of: A civil structure or any other original works meant predominantly for use other than for commerce, industry, or any other business or profession; A structure meant predominantly for use as an educational, a clinical or an art or cultural establishment; A residential complex predominant...

Section 80D Deduction of Income Tax reduces tax burden of individuals by allowing a claim of deduction of upto Rs. 25,000 per year for medical insurance premium. Section 80D Deduction can be claimed on eligible medical insurance premium paid for the individual, spouse and dependent children.  This article will help you to know all facts related to the Section 80D of Income Tax Act, 1961, which will further help you to avail tax deductions for the health insurance premium. Benefits of Health Insurance under Section 80D of Income Tax Act A health insurance policy is a shield that protects you and your family from the financial loss at the time of hospitalisation during a medical emergency. It’s your insurer that bears the treatment cost and ensures that you avail the best medical assistance. Read below the benefits of health insurance: Cashless Hospitalisation A health insurance policy offers the cashless facility to you at various multi specialty hospit...

Introduction The list of documents required for each of the form of business is different. Hence, we will discuss documents required for GST registration for each of the form of business. 1. Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC):     - Company documents PAN card of the company Registration Certificate of the company Memorandum of Association (MOA) /Articles of Association (AOA) Copy of Bank Statement Declaration to comply with the provisions Copy of Board resolution     - Director related documents PAN and ID proof of directors     - Registered Office documents Copy of electricity bill/landline bill,  water Bill No objection certificate of the owner Rent agreement (in case premises are rented) 2.   Documents required for Limited Liability Partnerships (LLP):     - LLP documents PAN card of the LLP Registration Certificate of ...