Filing of Returns under GST






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How does GST Work? Explained in 10 Points

Destination-Based Tax: GST is a destination-based tax as against the earlier principle of origin-based taxation. The new tax regime follows a multi-stage collection mechanism wherein tax is collected at every stage and the credit of tax paid (input tax credit) at the previous stage is available as a set-off at the next stage of transaction. This helps to eliminate ‘tax on tax’ or the cascading impact of tax. GST benefits the industry through better cash flows and better working capital management. From consumer point of view, GST helps to bring down overall tax. Input Tax Credit: The biggest game changer in GST is input tax credit, where credits of input taxes paid at each stage of production or service delivery can be availed in the succeeding stages of value addition. This means that the end consumer will thus only bear the GST charged by the last point in supply chain, with set-off benefits at all the earlier stages. For example, a manufacturer's total tax on output co
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Impact of GST on Hoteliers

Registrations 1. Liable to register a. only if aggregate turnover of a person is >20 Lakhs in a financial year (>10 lakhs in North-eastern states, Uttarakhand, Sikkim) b. This threshold doesn’t apply to interstate supply i.e. in case supply is made to different states, even for Rs 1 of sales, registration has to be taken. c. Existing companies having VAT, service tax registration need to migrate to GST 2. Not Liable to Register a. Doing Pure catering services to an educational institution 3. Composition Scheme: Small restaurants with an aggregate turnover of above Rs. 20 Lakhs but less than Rs. 75 Lakhs, may opt for Composition scheme and pay tax at 5% of Inter-State/Union territory turnover. Conditions for opting Composition scheme are as follows: a. Registered person is not engaged in the supply of services other than restaurant service (Example: If registered person is providing accommodation services or renting of banquet halls along with restaurant se
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Salient Features of Finance Bill, 2018-Income Taxation

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1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be known as Education and Health cess.  2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.  3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.  4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.  5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.  6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are being withdrawn. Thu
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