Composition Scheme : GST

Composition Scheme : GST

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*. Here are some important features of composition scheme : Manufacturers of goods, dealers, and restaurant owners (applicable only to restaurants that do not

Read More

Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020

Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020

Section 50 of CGST Act 2017 was amended by Finance (No. 2) Act, 2019 (23 of 2019) by inserting a proviso to section 50(1) from a date which government notify in this regard. Section 50 related to Interest on GST and says charging of interest on Gross amount instead of net amount. Now Government has notified that interest will be applicable on net amount with effect

Read More

GST and Income Tax Implications for YouTubers

YouTubers/Google Business Model YouTube is a subservient unit of Google and completely synonymous with its parent body Google which controls it thoroughly. Accounts on both sites are linked up, search algorithms match each other. If given the option, Google will provide video results to YouTube before any other video hosting site. The two works seamlessly, the world’s most powerful search engine matched with the

Read More

GST on Resident Welfare Association

Background Formation of associations or unions is a fundamental right guaranteed by the Constitution to its citizens. Many clubs or associations are formed either for recreation, philanthropy or other purpose. Clubs or associations may be registered as a society, trust, company or it may even be an unregistered club/association. Taxing the activities of the clubs or associations has engaged the fertile imagination and attention

Read More

GST changes on Real Estate sector

After a round of discussions, finally a notifications in regard to changes suggested by GSTN Council Meetings 33rd and 34th dated 24th Feb 2019 and Mar 19, 2019 respectively has been issued for the real estate sector.The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure for housing units. As per the plan, builders will

Read More