1. MGT-14 for Approval of Accounts & draft board report a. Pvt Co. – Not Required b. Public Co. – Required 2. New forms AOC-4 (earlier 23AC/23ACA) and MGT-7 (earlier […]
All posts by Ankit Jain
CA in Practice
Why does introduction of GST require a Constitutional Amendment?
The Constitution provides for delineation of power to tax between the Centre and States. While the Centre is empowered to tax services and goods upto the production stage, the States […]
What is the scope of composition and compounding scheme under GST?
As already mentioned in Answer to Question 6, a Composition/Compounding Scheme will be an important feature of GST to protect the interests of small traders and small scale industries. The […]
Will cross utilization of credits between goods and services be allowed under GST regime?
Cross utilization of credit of CGST between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. However, the […]
How will imports be taxed under GST ?
With Constitutional Amendments, both CGST and SGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the […]
What is the rate structure proposed under GST ?
The Empowered Committee has decided to adopt a two-rate structure –a lower rate for necessary items and items of basic importance and a standard rate for goods in general. There […]
Which Central and State taxes are proposed to be subsumed under GST ?
The various Central, State and Local levies were examined to identify their possibility of being subsumed under GST. While identifying, the following principles were kept in mind: (i) Taxes or […]
What is the concept of providing threshold exemption for GST?
Threshold exemption is built into a tax regime to keep small traders out of tax net. This has three-fold objectives: a) It is difficult to administer small traders and cost […]
How will be Inter-State Transactions of Goods and Services be taxed under GST in terms of IGST method ?
The Empowered Committee has accepted the recommendation for adoption of IGST model for taxation of inter-State transaction of Goods and Services. The scope of IGST Model is that Centre would […]