CA Blogs RSS

Usually, the seller collects GST from Buyers and pays it to the government. However, in some cases buyers pay GST directly to the government. This is called a reverse charge on GST. There are two sorts of reverse charge scenarios provided in law. The first scenario is dependent on the...

After the declaration of Result, there are a few happy faces of candidates who’ve managed to clear the exams. Their hard work has been rewarded and they are all charged up for a good career ahead. On the other hand some are not happy with their results. Here I am...

Bounce Back The Secret to Guaranteed Success – Positive approach If you fail an exam you will obviously be disappointed. The fundamental issue is what you do about it. If you are not careful you will become negative and try to ignore the result.

Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others. More specifically, it refers to the set of...

Small Scale Industries Small scale industries (SSI) are those industries in which manufacturing, providing services, productions are done on a small scale or micro scale. For example, these are the ideas of Small scale industries: Napkins, tissues, chocolates, toothpick, water bottles, small toys, papers, pens. Small scale industries play an important role in social and...

Ever since GST or Goods and Services Tax regime was announced, there has been a wide speculation about the GST rates bracket. The GST Council is the body that decides the rate slabs and the GST Council has been periodically revising the list of goods and services for each rate...

What is GST? GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied...

"Know Your Customer" or KYC is an important term used by businesses and refers to the process of verification of the identity of the customers and clients either before or during the start of doing business with them. Banks, digital payment companies or any kind of financial institutions are now...

Earlier different accounts were required for the accounting of different taxes such as VAT, CST, CENVAT, Excise duty, Various Countervailing duties etc. However, under the New GST regime, the different taxes have been subsumed in GST. So the number of accounts required to be created has reduced drastically. Now the business...

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government).  For any inter-state supply, tax to be paid is Integrated GST (IGST) which...

With GST around the corner, it is extremely critical for businesses to start invoicing under GST mode, and not face any roadblocks, as they usher in the new age. Businesses will need to ensure that the GST transaction invoices are passed with the requisite details, which will later enable them to claim...

GST registration applies to all individuals and entities supplying goods or services in India. GST registration becomes mandatory when the aggregate value of supply exceeds Rs.20 lakh. The Ministry of Finance (MoF) simplified the GST registration procedure to ease the tax filing process. If the entity operates in a special...