Goods and Services Tax – GST – By: – Piyush Jain – Dated:- 27-2-2018 – We have seen various ways to save Income Tax since ages, but what about this GST, how GST can be saved, How inflow of cash in the firm can be increased, how can I increase my assets and decrease liabilities towards GST department. So to solve this confusion, I would like to present some of the techniques/measures/ways to save your GST:- 1. Do more and more Inter State purchases and avoid Intra State purchases (if possible). By doing more and more Inter State purchases, you will pay IGST on your purchases, which have an ultimate advantage that, IGST ITC can be set off with CGST Liability as well as SGST Liability after you set off your IGST Liability. But if you do Intra
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Consideration in relation to the supply of goods or services includes :- Any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government; The monetary value of any act or forbearance, whether or not voluntary, in respect of, in response to, or for the inducement of, the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government: PROVIDED that a deposit, given in respect of the supply of goods or services or both sh
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Valuation Rules, 2000 and Rules prevalent in various State VAT Laws regime. Application of section 41(4) of Income Tax Act, 1961: – Section 41(4) deals with write off of Bad Debts. Debtors from whom you have taken deposits and are outstanding let s say for more than 5 years or more or even crossing the time limits mentioned in Limitation Act, 1963, IT department cannot force the assessee to write off the same from the books of assessee on the opinion that such debtors are outstanding for more than time period mentioned in Limitation Act, 1963. Unless assessee himself write off the debts from his books, department cannot force the assessee to write off the same from his books. Application of Limitation Act, 1963:- According to Limitation Ac
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