In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital took several decisions in respect of motor vehicles purchased and leased prior to 1st July, 2017. These decisions are as given below:- a) Leasing of vehicles purchased and…
What is GSTR 3B – For the first two months of GST implementation, Every GST registered person have to file form GSTR 3B within the due date for each GSTN. If you have more than one GSTN, it would be required to file separate GSTR3B for each GSTN. However this form is temporary in nature, still…
Today consumers have no idea about the extent of taxes they pay on goods. If you get a bill after buying merchandise which gives the extend of VAT you have paid, it is an understatement of the actual tax you have paid. Remember, well before merchandise reached the retail outlet, the central government has collected…
The constitution divides taxation powers between center and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of…