GOODS AND SERVICE TAX

How to register on E-Way bill portal ? Updated on Jan 24, 2018 - 03:03:01 PM With respect to e-Way Bills , three kinds of taxpayers/ users are involved: Registered Suppliers Registered/ Unregistered Transporters Unregistered Suppliers Registration on the e-way bill portal is compulsory to generate the e-Way Bills .  In this article, we cover step-by-step process of how to register on the e-Way Bill system for the following users: For taxpayers/registered transporters For GST unregistered transporters Action when goods received from an Unregistered Supplier Prerequisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number with the GST system 1. For taxpayers/registered transporters Here is the step-by-step process for registration on the e-Way Bill portal by taxpayers/registered transporters: Step-1: Visit the e-Way Bill portal . Step-2: Click on ‘ e-Way Bill Registrat

  Tax Rates: Income Tax Slab For AY 2018-19 1. Income Tax Slab Rate for AY 2018-19 for Individuals : 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year: Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% 1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year: Taxable income Tax Rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 - Rs. 5,00,000 5% Rs. 5,00,000 - Rs. 10,00,000 20% Above Rs. 10,00,000 30% 1.3 Resident super senior citiz

The Income Tax slab rates are different for different categories of taxpayers. We can divide Income Tax slab rates for the following categories: Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person Resident senior citizen Resident super senior citizen Partnership Firm Local Authority Domestic Company Foreign Company For a Co-operative Society Income Tax Slab Rates for Assessment Year 2017-18 Slab Rates for Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person for A.Y. 2017-18 (F.Y. 2016-17) Income Range (in Rupees) Tax Rate (in %age) Zero – 2,50,000 Nil 2,50,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Less:  Rebate u/s 87A – It is only applicable to  resident individuals  with income up to Rs. 5,00,000. The maximum amount of rebate allowed is Rs. 5,000. Add:  Surcharge – A surcharge @ 15% of tax is applica

  1. What is an e-Way Bill? E-Way Bill is an electronic way bill for movement of goods which can be generated on the e-Way Bill Portal. Transport of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill. E-way bill can also be generated or cancelled through SMS . When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter. Latest Update on e-Way Bill 1. E way bill rules will be rolled out on a trial basis from 16th Jan 2018 2. The e-way bill for inter-state transport will be implemented in India from 1st February 2018 3. The states can opt to follow the e-way bill system for intra-state transport anytime between 1st Feb to 1st June 2018 4. From 1st June 2018 e-way bill rules for intra-state transport will uniformly apply to all states. 2. When Should e-Way Bill be issued? E-way bill will be generated when there is a movement of go

1. Accounts and Other Records Every registered person is required to keep and maintain all records at his principal place of business. Who must maintain accounts under GST? It is the responsibility of the following persons to maintain specified records- The owner Operator of warehouse or godown or any other place used for storage of goods Every transporter Every registered person whose turnover during a financial year exceeds the prescribed limit (2 crore) will get his accounts audited by a chartered accountant or a cost accountant. What records must be maintained under GST? Every registered person must maintain records of- Production or manufacture of goods Inward and outward supply of goods or services or both Stock of goods Input tax credit availed Output tax payable and paid and Other particulars as may be prescribed Please read our article for a list of records to be maintained under GST . What are the accounts which must be maintained under

GST Council Meet 25th GST Council Meet to be held on 18th Jan 2018 Key Decisions Taken in the 25th GST Council Meet: 1. Late fee reduction: For GSTR-1, GSTR-5, GSTR-5A  and GSTR-6 the late fees is reduced to Rs. 50 per day In case of Nil return filed for GSTR-1, GSTR-5, GSTR-5A late fee is reduced to Rs. 20 per day 2. Cancellation of registration by voluntary registrants can be applied before expiry of 1 year from the date of registration 3.Cancellation of registration (REG – 29) by migrated taxpayers extended till 31st March 2018. 4. On successful implementation of e-Way bills, the E-way bill portal to be shifted  to ewaybillgst.gov.in 5. Certain modification to e-way bill rules to be notified soon. 6. Recommendations made by Handicraft committee has been accepted by the council: The rates are to be worked out later. 7.  GST Rates for 29 Goods and 53 Services have been reduced. These rates will come into effect from 25th January 2018. GST Rate Changes for G