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Category Archives: GST

GST Council’s Recommendations – 23rd Meeting

In the GST Council meeting on 10th November, ’17, various decisions were taken with the view to make compliance easier for small tax payers, make composition scheme more attractive for tax payers and reduce the household expenditure for consumers. Let us understand the GST Council’s recommendations in detail: Return filing 1.GSTR-3B filing to be done till […]

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Decision Taken in 23rd GST Council Meet

The GST Council in its 23rd meeting held in Guwahati came up with a range of new decisions which will lead to easing tax rates and compliance issues. Here are the key points which have emerged so far: In the last three meetings, we have been looking at the 28 per cent tax rate to […]

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GST: What it means for the Common Man?

With the Rajya Sabha passing all the four GST bills in the parliament a week back, the nation’s biggest and revolutionary tax regime GST (Goods and Services Tax) is all set to become a reality soon. Boasted as the most subversive tax reform in the country after independence, GST is expected to curb transactional costs by introducing […]

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How and When to Register in Different States under GST?

Have you completed your GST registration but still wondering if you need to register in other states? It’s true, you may have to get your business registered in other states as well. If your operations are limited to a single state, then you need to register in that one particular state. But if you have […]

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Cases in which GST registration is compulsory

  We will explain the situations under which registration under GST is mandatory. Under GST as a general rule, a person whose turnover exceeds Rs.20 Lakhs (10 Lakhs in special category states) need to take registration under GST.  However, the following categories of persons, irrespective of turnover, are required to take compulsory registration under GST. A Person making Inter-state taxable supply A person […]

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Waiver of late fee on filing of GSTR-3B for August and September, 2017

In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers,  he competent authority has decided to waive the late fee on filing of GSTR-3B for the months of August and September, 2017. The necessary software changes are being carried out in the IT system. Electronic cash […]

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GST Revenue Figures – As on 23 rd October, 2017

The Goods and Services Tax (GST) was introduced on 1st of July, 2017. The total number of GSTR 3B returns filed for the month of September 2017 is 42.91 lakhs (as on 23.10.2017). The last date for payment of GST as well as filing of GSTR 3B return for the month of September 2017 was […]

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What are the Pros (advantages) and Cons (disadvantages) of GST in India?

Thinking about GST Pros and Cons? The Goods and Services Tax is a unified, destination-based tax that was implemented in India from July 1, 2017 to effectively replace all the existing indirect taxes, including service tax and vat. The GST has directly affected the businesses involved in the selling/buying of good and services, as well […]

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Valuation of Supply Between Principal And Agent

Under erstwhile VAT regime, the term ‘Dealer’ who was required to register on the basis of turnover of sales, included an agent who carries on the business of buying, selling, supplying or distributing goods on behalf of any principal. This was prevalent in most of the State VAT laws. This indicates, that the agent was […]

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