GST on Coaching Classes

GST on Coaching Classes

How GST applicable on services? The government has imposed GST on the services in the same rate structure as levied on the goods. GST on services comprises of 5%, 12%, 18%, and 28%. However, some of the services are also categorized under the NIL rate of GST. Sr. No. 66 of exemption notification No. 12/2017 – Central tax provides that the educational institute’s services are exempt from GST. Hence, GST on educational institutes will be taxed at “NIL” rate under GST. Meaning of educational institute as per GST As per GST, “educational institution” is defined as an institution that provides services by way of: • Pre-school and education up to higher secondary school or equivalent; • Education as a part of a curriculum for obtaining a qualification recognized by any law as in force; • Education institute includes an approved vocational education course; Threshold of GST on services The GST...
Swagat W. GST
GST Return Late Fee Waived

GST Return Late Fee Waived

What is GST council? The government of India introduced the GST council to regulate the GST in India. GST Council is established governing body to make recommendations to states on GST.The Union Minister directs the GST council meetings along with other revenue and finance ministers. Key decisions: The FM Nirmala Sitharaman met for the 40th GST Council meeting 2020 after the corona pandemic lockdown. For providing the relief to the taxpayers, the key decisions taken in the council are as below: For the taxpayers having turnover up to Rs. 5 crores: • The interest rate on late submission of returns (February, March and April) has reduced from 18% to 9% p.a. till September 30, 2020. • Late fee waived off from July 2017 to January 2020 on filing GSTR 3B returns with No liability or NIL Returns will attract NO GST • For the taxpayer with liability, the maximum late...
Swagat W. GST
File Nil GSTR3B by SMS

File Nil GSTR3B by SMS

Intro The Indian government has recently rolled out another privilege for the registered taxpayer, where one can file nil GST return by SMS. GST 3B is the monthly summary of monthly return filed by the taxpayer while in GSTR1, they disclose all their outward supplies and submit invoice wise details for the whole month. The new SMS system is for GSTR 3B with nil liability. The GSTR 3B form can be submitted via SMS, which would take away the pain of logging into the account every month. This will make things easy for 22 lakh taxpayers. The system will also put India in a better position as far as ease in tax filing is concerned. The country currently stands at position 115 out of 190 countries. This is undoubtedly a great move with traders concentrating on revamping their businesses after lockdown. They will now have less hazard while filing GST...
Swagat W. GST
Index Funds – Are they Worth It?

Index Funds – Are they Worth It?

What are index funds? Index funds are a compilation of funds that mimic a specific market Index. This is also a form of Mutual fund with a diverse portfolio. In the index funds comparison to any actively managed fund, this is the only similarity. If you are investing in the NIFTY 50 Index fund, for example, it will have a percentage of the companies listed under it. This reduces the risk of investment but, at the same time, may limit the portfolio return. It is a given fact that the market will eventually do better than any single fund in question. This makes it a great investment option for retirement benefit as the Index fund will ultimately grow in the long run. Two features that make index funds stand out If you check the Index funds comparison to any other fund, you will find it as a better option in...
Faceless Assesment / E Scrutiny – All about it.

Faceless Assesment / E Scrutiny – All about it.

What is scrutiny? “Scrutiny means the examination of the Income-tax return and making enquires related to an assessment year”. Every financial year, taxpayers file their income tax returns and pay tax. After submitting the return, the income tax (assessing) officer examines whether the income declared or expenses claimed in return are accurate. If the officer has reasons to believe that return is not filed correctly or filed incomplete, he initiates the scrutiny process and allows the assessee to substantiate it with supporting documents. As per section 143(2) of the Income-tax act, 1961, the assessing officer has the power to issue a notice for the scrutiny cases. The department has now shifted from the manual scrutiny assessment to the “Faceless E-assessment Scheme” under which escrutiny would be done with the aim of: • Ease of compliance • Eliminate human interface • Curb corruption and • Bring transparency Features of New faceless...
Tax Audits

Tax Audits

Introduction The word “Audit” means examining something thoroughly. The audit is the systematic and independent review of the financial statements to give an opinion. As the organizations need to determine whether they are complying with the stated principles and regulatory requirements, they under the obligations for various audits throughout the financial year.   Here in this article, we are discussing various types of audits and their applicability as per the relevant Acts. Various Types of Audits Statutory Audit:   Statutory audit means reviewing whether the companies are fulfilling the statutory obligations, it includes Income tax, GST, TDS, ESI, PF compliances etc. It is one of the mandatory audits by the law. Every fiscal year from April 1 to March 31, the companies prepare their financial statements, including the Profit and loss account, Balance sheet, and Cash flow statement. Such statements are published for the general public to know the financial position of...