E-Commerce Discounts

E-Commerce Discounts

E-commerce Discounts – Capital expenditure or revenue expense Discounts by e-commerce companies have come under the tax net. E-commerce companies have been providing discounts to offer better prices to consumers and compete with established and other e-commerce players. E-commerce discounts have been reclassified as capital expenditure instead of revenue expenses.  This small change might not ring a alarm but, amongst e-commerce companies, it translates that the discount which was added to loss figures, will be…

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GST E-way Bill Common Questions

GST E-way Bill Common Questions

  E-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding fifty thousand rupees as mandated by the Government in terms of section 68 of the Goods and Services Tax Act read with rule 138 of the rules framed there under. It is generated from the GST Common Portal by the registered persons or transporters who cause movement of goods…

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Highlights of the Union Budget 2018

Highlights of the Union Budget 2018

Highlights of the Union Budget 2018 Here are some of the highlights from the Union Budget 2018-19 presented by the Finance Minister Arun Jaitley in the Parliament on February 1, 2018. Taxations — No changes to income tax to individuals — Standard deduction of Rs 40,000 allowed for salaried class — For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000 — 85.51 lakh new taxpayers have filed returns for FY17…

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GST Update as on 22nd Meeting

GST Update as on 22nd Meeting

The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: HIGHLIGHTS OF JAITLEY’s SPEECH: Big taxpayers, who contribute 94-95 per cent of the total taxes, will continue to file monthly returns and pay taxes on a monthly basis. For the…

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GST Return Process | When to file GST Return

GST Return Process

GST Return Process | When to file GST Return Steps for Filing GST Return Step 1: The taxpayer will upload the final GSTR-1 (Outward supplies made by a taxpayer other than compounding taxpayer and ISD) return form either directly through data entry in the GST Common Portal or by uploading the file containing the said GSTR-1 return form through Apps by the 10th day succeeding the month. Step 2: GST Common Portal (GSTN) will be…

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How to file GST Return | Vskills Certifications

How to file GST Return

How to file GST Return | GST Steps for Filing GST Return Step 1: The taxpayer will upload the final GSTR-1 (Outward supplies made by a taxpayer other than compounding taxpayer and ISD) return form either directly through data entry in the GST Common Portal or by uploading the file containing the said GSTR-1 return form through Apps by the 10th day succeeding the month. Step 2: GST Common Portal (GSTN) will be auto-generated in…

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GST Migration for Central Excise or Service Tax Assessees | Vskills Certifications

GST Migration for Central Excise or Service Tax Assessees

GST Migration for Central Excise or Service Tax Assessees GST Migration is the only option for assessees of central excise or service tax. The Goods and Services Tax Act will be applicable in the country effective on the appointed date. Before this date, all the registered taxpayers under the Central Excise, Service Tax, State Sales Tax or VAT, Entry Tax, Luxury Tax and Entertainment Tax need to enroll at the GST Common Portal.   All…

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Frequently Asked Question (FAQ) on GST

Frequently Asked Question (FAQ) on GST

These are some of the Frequently asked questions on GTS on different Social Media platforms. These questions will help you to know more about GST. Sr. No. FAQ on GST ANSWERS REGISTRATION 1 Is value of inward supplies received on which RCM is payable included in aggregate turnover? According to Section 2(6) of CGST Act – The value of inward supplies on which tax is payable on reverse charge basis is not included in aggregate…

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Revised GST Rates for Goods | Vskills Certifications

Revised GST Rates for Goods

Revised GST Rates for Goods Revised GST Rates for Goods has been announced as per GST Council meeting held on 11th june, 2017. Goods which are essential of nature have been provided more relief by reducing the GST rate on them like Ketchup & Sauces [other than curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings], Mustard sauces has been reduced from 18% to 12%. Few other important essentials are Item Earlier GST…

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GST-Services-Classification-for-Goods-and-Services-Tax | Vskills Certifications

GST Services Classification for Goods and Services Tax

GST Services Classification for Goods and Services Tax GST services classification is used by service companies to get to know the classification and service code for the services being provided by them. GST or Goods and Services Tax, is the indirect tax being introduced by Government of India. GST is a tax which combines various indirect taxes being charged by Central and State governments, which resulted in multiple receipts/payment/compliance being needed for multi-state business. What…

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