Impact of GST On Religious and Charitable Trusts

Impact of GST

Goods and Service Tax is one single indirect tax system on the supply of goods and services, which will make India one unified common market and impact of gst. GST is applied right from the manufacturers to the end consumer. The tax reform was launched from 1st July 2017 in which the system is divided into CGST, SGST, UTGST and IGST for Central, State and Union Territories levels. Impact of GST on religious and NGO trusts This tax reform has been beneficial for many sectors and industries and also at…

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GST on Bloggers, Freelancers and Youtubers

GST on Bloggers, Freelancers and Youtubers

GST has been launched from 1st July 2017 and there are lots discussions going on whether GST applies to Bloggers, Youtubers, Freelancers and Affiliate Marketers. (GST on Bloggers, Freelancers and Youtubers)This confusion is keeping every freelancers and chartered accountants in a dilemma. GST on Bloggers, Freelancers and Youtubers As per Section 7 of CGST Act, 2017, each supply whether products or administrations or both (except few) are dealt with as supply under GST. That implies, bloggers secured under GST administration as in light of the fact that they give/supply administrations.…

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GST Update on Denial of Substantial Benefit for Technical Glitches

GST

GST Update on Denial of Substantial Benefit for Technical Glitches GST is not free from any technical glitches. There is a possibility of technical errors in GST network which can also affect the admissibility of Input Tax Credit. It is the most crucial area of any indirect tax regime. In fact, authorities hyped entry of GST and said that there would be a free flow of ITC; that the service tax and central Excise regime were lacking. On the other hand, the free movement of ITC seems to be a…

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Supplies Made to IndianMerchant Exporter

Merchant Exporter

Manufacturer Exporter & Merchant Exporter Manufacturer Exporter refers to a person manufacturing goods and exports or intends to export such goods whereas; Merchant Exporter refers to a person engaging in the trading activity and exporting or intending to export goods. He can export the goods either directly from the premises of the manufacturer or; through his premises under his firm name. O.1% GST Rate for Supplies made to Merchant Exporters On recommendation of the GST Council, the central government has notified 0.1% GST rate on inter-state supply of taxable goods;…

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Section 192 & 192A of Income Tax Act

Section 192

Under section 192 of the Income Tax Act, it is mandatory for the employers whether individual, HUF, firm, or a corporate society to deduct TDS from the salary paid to their employees provided such salary exceeds the basic exemption limit applicable to the financial year. Section 192 & 192A of Income Tax Act According to the Section 192 of the Income Tax Act, TDS on salary shall be deducted only at the time of payment to an employee and not on when it becomes due, or obligation arises. Thus, if…

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