Chapter IX of model GST law has been analysed and summarized by me in this slide for professionals of Indirect taxation for their easy and clear understanding of payment of tax mechanism under GST regime.
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
Gst Registration Process By Ca. Rajat MohanGst Sms
Check out the latest updates on Goods and Services Tax (GST) in India. Get breaking news, Latest Breaking News on Goods and Services Tax (GST), Daily News Analysis and Services Tax (GST) at GSTSMS.in.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the annual returns under GST.
Short Term Course on GST- Input Tax CreditSandeep Gupta
This module deals with Input Tax Credit, an important element of GST. This module states the eligibility to avail ITC and events when ITC can not be availed.
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
Gst Registration Process By Ca. Rajat MohanGst Sms
Check out the latest updates on Goods and Services Tax (GST) in India. Get breaking news, Latest Breaking News on Goods and Services Tax (GST), Daily News Analysis and Services Tax (GST) at GSTSMS.in.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the annual returns under GST.
Short Term Course on GST- Input Tax CreditSandeep Gupta
This module deals with Input Tax Credit, an important element of GST. This module states the eligibility to avail ITC and events when ITC can not be availed.
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
The subject matter experts of VsV Bill 2020 gives presentation about the thorough analysis of the bill, the amendments made and how its going to affect taxpayers (directly or indirectly) in the long run. See More :https://www2.deloitte.com/in/en/services/tax.html
GST Rules: Here're the list of 25 key takeaways of final GST rules passed by GST council in meeting. Visit https://www.taxmann.com/BlogPost.aspx for more details on GST.
According to the in-depth analysis, the VsV Bill results in a win-win situation for both the government and the Taxpayer. While the VsV Bill will help in reducing the overall litigations as of date, it is equally important for the government to also chalk out a plan to reduce future litigations. See More :https://www2.deloitte.com/in/en/services/tax.html
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Comprehensive Understanding of GST Law - Payment of Tax
1. Comprehensive Understanding of GST law
Chapter IX – Payment of Tax
By:-
Chirag kagzi
B.com, ACA
Section 35 Payment of tax, Interest, Penalty and other amounts:
Electronic cash ledger: All payments deposited via challan under the minor head tax, interest, penalty, fees etc. of the
respective major head like CGST, SGST and IGST shall be credited under electronic cash ledger of the tax payer. Any
utilization of available credit towards payment w.r.t. any liability under GST law will be debited to such ledger. This will
display balance as on date under various major-minor head combination.
i) Any deposit made towards tax, interest, penalty, fee or any other amount by taxable person shall be credited to the
electronic cash ledger (date of credit in account of government shall be deemed to be date of deposit).
ii) Self-assessed input tax credit shall be credited to his electronic credit ledger.
iii) & iv) Amount available in electronic cash/credit ledger can be used to pay tax, interest, penalty, fee or any other
amount.
v) Credit of IGST can be utilized against payment of IGST, CGST and SGST respectively while;
Credit of CGST can be utilized towards payment of CGST and IGST respectively (and not for payment of SGST).
Credit of SGST can be utilized towards payment of SGST and IGST respectively (and not for payment of CGST).
vi) Balance in cash/credit ledger after all the payments shall be refunded.
vii) Every liability shall be recorded electronically.
viii) Dues from previous returns, self-assessed tax, dues from return of current period and any other payment like demand
are to be paid respectively.
ix) It is assumed that incidence of tax have been passed on to the recipient of goods/services unless otherwise proved.
Section 36 Interest on delayed payment of tax
i) For every late payment of dues to the government, interest is payable automatically at prescribed rates.
ii) Interest will be calculated from the first day when tax became due.
iii) For any excess claim of input tax credit, one also has to pay interest on excess amount claimed as input tax credit.
Section 37 Tax deduction at source
Tax Deduction at Source- a move that is likely to increase compliance requirements by companies, plug leakages and
boost revenue collection. The TDS Provisions were already prescribed in some of Existing VAT Laws. The Provision of
TDS was also held Valid by Allahabad High Court in case of V.K. Singhal Vs. State of U.P. (1995) 97 STC 355. Although
for Service tax it is a new concept of which idea was floated in 2011 and was shelved after opposition from the industry.
i) Department of central or state government, local authority, governmental agencies and other specified persons are
required to deduct tax at 1% from the payment made to supplier of goods/services where total value of supply (without
taxes) exceeds rs.10 lakhs.
ii) Deducted tax will be deposited with the government by the 10th of next month.
iii) Deductor shall issue a TDS certificate to the deductee.
iv) Penalty will be levied on deductor if he fails to give the TDS certificate within 5 days of crediting the TDS to the
government at rs.100 daily (maximum rs.5000).
v) Deductee shall claim the amount deducted in his electronic cash ledger.
vi) If deductor does not pay TDS to government on time, interest will be levied.
vii) Amount of default shall be calculated as per section 51.
viii) Refund of any excess deduction shall be dealt with section 38 (no refund will be granted if the tax deducted is credited
in the electronic cash ledger of the deductee).