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The Goods and Service Tax (GST) in India offers a more comprehensive and more formalized indirect tax structure without the cascading effects of the erstwhile VAT regime. The GST categorizes supply of goods and services under four tax slabs 5%, 12%, 18%, and 28%. In technical terms, GST is a multi-stage destination-based tax that is levied on every stage of value addition. The GST was touted as a major reform towards formalization of the unorganized sector as well as making … Read More
GSTR-6 is a return form for all the input service distributors registered under GST. Every ISD is required to file invoice information at the GSTN portal.
As the filing of GSTR-6 occurs after modifying, correcting, removing and adding information under GSTR-6A, most of the information is auto-populated in GSTR-6 from GSTR-6A.
Who Should File GSTR 6?GSTR 6, a monthly return form, is filed by an Input Service Distributor. Input Service Distributors need to fill all details related to ITC … Read More
Taxpayers under the VAT regime can avail GST TRAN 1 transition form to avail input tax credit accrued on old stock purchased during the pre-GST period. While GST TRAN 1 is limited to only registered individuals under VAT, the GST TRAN 2 facilitates ITC claims on old stock owned by unregistered individuals during the pre-GST regime. A prerequisite though is that upon filing GST TRAN 1 or GST TRAN 2, the concerned old stock must be cleared.
While the introduction … Read More
Since the introduction of the Goods and Service Tax or GST in India, the demand for Chartered Accountants has only seen exponential growth. This has also resulted in huge job growth in the sector. Keeping the demand in mind and also to stay up to it, the Institute of Chartered Accountants of India (ICAI) is set to launch its own online job portal on September 1. This exclusive portal will list jobs from varied sectors related exclusively to Chartered Accountants.… Read More
Along with changes in the way business run in India, GST is also going to impact the life of the professional chartered accountant in a manner of some difficulties and convenience.
It will be favorable for our nation’s growth and prosperity. During this difficult phase of a lot of accounting work, they will learn a lot and get various new opportunities as well. It will also assist the professional accounting services and help India in the digital endeavor.
Chartered Accountant … Read More
Chartered Accountants are the elites of the Finance World. The title attracts great respect and admiration. However, the title “Chartered” has its fair share of controversy. Used for labeling Royal Decree, the Indian Parliamentary of the early Independent era were not in favour of using the term. However, a few twists and turns in the way and the title was adopted by the parliament. In this blog we look back at the early days of the profession and how the … Read More
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