GST on E-commerce Sellers – 14 Questions Answered
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network.” And defines electronic commerce operator as – “Electronic Commerce Operator means any person who owns, operates or manages digital or electronic facility […]
GST on Commission Agents
Agent is defined in CGST act as “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. For the purpose of […]
Depreciation rates as per I.T Act for most commonly used assets
Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%. S No. Asset Class Asset Type Rate of Depreciation 1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary erections such as wooden structures […]
Remuneration and Interest to Partner – Section 40b
Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Remuneration includes salary, bonus, commission .Remuneration in partnership firm is allowed as a deduction if following […]
11 Best Income Tax Software for CA
Today everybody wants ready data that makes their task easy and less time-consuming. Work in different organizations is done using different capable software. Even Chartered accountants are working using tax-related software instead of working manually. Most of the Chartered Accountants prefer to use different software for their work. It saves their time and manual efforts […]
How to Get Clients for your CA Practice
Struggling with finding new clients for your CA firm? Not to worry. Your hard work will reap fast with these strategies. No doubt a lot of hard work is required to build up a new brand. For a successful brand, growth in clients is essential. You need a proactive and smart strategy to find new […]
GSTR-2B Everything You need to Know
GSTR-2B is introduced on GST portal only some days back. At first, GSTR-2A and GSTR-2B seems to be same. But they are different in some manner. Government has now dumped the new return forms which have three types of return forms – Normal, Sahaj and Sugam and decided to continue the present return filing system […]
Appeals under GST
Appeal before Appellate Authority Any person who thinks that the order or decision by the adjudicating authority is not as per law then such person can file an appeal to the Appellate Authority. The appeal should be filed within three months of communication of order or decision to such person. Commissioner may at its own […]
GST on DropShipping Business
What is a dropshipping business? Dropshipping is a business in which the seller sells the goods which he does not own at time of selling goods but then passes the order to a third party after receiving order. Such third party then delivers the order to the purchaser. For example, a person has a website […]
GST on Government Related Activities
Introduction Government is considered as a “person” under the GST act. Therefore, any supply of goods or services by or to government is subject to GST unless exempted. Activities or transactions undertaken by the Central Government or State Government or Union Territory or Local Authority in which they are engaged as public authority i.e. services by way […]