In continuation of our previous article in this series, we present this article relating to updated version of draft GST law on valuation and input tax credit.
Revised model GST law vis-à-vis Old Model GST Law: Part II-Valuation and Input tax Credit
Simplifying Tax for C.A's and Taxpayers
Category Archives: Income Tax
Revised model GST law vis-à-vis Old Model GST Law: Part I-Definitions, Levy and Scope
On November 25, 2016, revised draft of Model GST law was released in public domain. The same month also bought another revised draft of a couple of other bills related to the Road Traffic Act. A complete explanation of those bills can be found on this Overland Park Criminal Lawyer website. Here, let’s have a look at what new changes have been proposed by the revised draft. Major changes are:
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Key Impact Areas of Income Computation and Disclosure Standards (ICDS)
We all are aware that new Indian Accounting Standards (Ind AS) are being implemented in phases, the first phase being made mandatory for certain class of companies with effect from 1 April 2016 while others to continue using existing accounting standards.
Introduction to Income Computation and Disclosure Standards
If you have heard the term “tax accounting standard”, perhaps you should not worry what Income Computation and Disclosure Standards are. They are the new name for tax accounting standards and this time, more in number. Let’s go back in history and understand their true essence.
Insights into Input Tax Credit under GST
Input tax is the credit for tax paid on inputs. The concept of input tax credit is currently available under VAT and Excise. The same is available in proposed regime of GST as well. In fact, one of the main advantages of GST is that it allows seamless credit of input tax at all stages.
Composition Scheme under GST
In essence, Composition scheme is meant for small businesses to help them with tax compliance in an easy manner without having to maintain copious records, registers and returns.
GST and Online Marketplaces
India is gearing up to introduce a comprehensive indirect tax regime under the goods and services tax (GST). Since the introduction of the GST regime will affect the very fundamentals of how business is carried out in India, it is essential to reflect upon the impact on online marketplaces.
Migrating to GST: An Overview of Transitional Provisions
As we move on to the GST regime, transitional provisions play an extremely critical role. The transitional provisions are codified in Section 141 to Section 162E under Chapter XXV of Goods and Service Tax Act, 2016 as well as Section 31 under Chapter X of Integrated Goods and Services Tax Act, 2016.
Understanding Goods and Services Tax : Procedural aspects
In continuation of our previous post on GST, we are presenting details on procedural aspects under GST law in this article. You can refer our Article “Understanding Goods and Services (GST)” to understand the salient features of GST and the liability to pay thereunder.