Non Residents

NRI Taxation: Tax Provisions for Non Residents

World is a global village now. Do you need to be limited to territorial borders to make money? Absolutely not! Non residents or not, doesn’t matter. Go, travel, and earn wherever you feel best. But, just take care of tax implications thereon. You neglect it, and you can be engulfed with penalties and interests. Continue reading “NRI Taxation: Tax Provisions for Non Residents”

tax evasion via Bitcoin

Tax evasion via Bitcoin: How Bitcoin helps in tax evasion?

Disclaimer: This write up is only for the purpose of knowledge and doesn’t encourage tax evasion via Bitcoin.

“Bitcoins ko taxable karne ka intezaar toh kai mulkon ki govt kar rahi hai, magar ise tax karna mushkil hi nahin,…ahem ahem….” Continue reading “Tax evasion via Bitcoin: How Bitcoin helps in tax evasion?”

changes in gst

Changes in GST that will impact your business : Complete Guide

Changes in GST that will impact your business

In a major overhaul under the GST, there are changes in GST that will impact your business. It’s important for you to remain updated with them so that you don’t do lose out anything or do any wrong for your business as well as customers.

Bringing smiles for consumers, as many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air- conditioned and non-AC.

Other compliance changes are:

Revision in Late fee

1) For nil return from 200 Rs per day to Rs 20 per day
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

Revision in Timelines for filling return

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 – Quarterly

For assesses having Turnover more than 1.5 Cr will file
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

Revision in overall due dates

Invoices for Nov, 2017 to be filed by Jan 10, 2018

Invoices for Dec, 2017 to be filed by Feb 10, 2018

Invoices for Jan 2018 to be filed by March 10, 2018

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 – 31st December 2017

Changes in Composition Scheme

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary amendments will be made in act).

The aggregate turnover will only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @1%/5%.

ALSO READ : Imprisonment under GST: Offences That May Land You in Jail

* In the current year, all taxpayers will have to file only GSTR-1.

* New GST rates will come into effect from November 15

* Nobody can charge tax over and above MRP

* Taxpayers with annual aggregate turnover more thanRs. 1.5 croreneed to file GSTR-1 on monthly basis as per following frequency:


Due dates for furnishing forms


Credit: PIB


GST Offences

GST Offences: Penalty Amount for Different Types of Offence

As a business person, you must be aware of the consequences, if you don’t comply with laws. Penalties for different GST Offences have been listed down in section 122 of the GST Act. The amount of penalty varies according to the type and severity of offence. Let’s take a look at different offences and penalties for committing those offences. Continue reading “GST Offences: Penalty Amount for Different Types of Offence”

Is Bitcoin safe?

Is investment in Blockchain or Bitcoin safe?

Blockchain is the future of finance. Blockchain is a revolution. Blockchain will disrupt the industries and sectors.

Wow, awesome! But, what is it that is causing such crazy hype?! Is investment in Blockchain or Bitcoin safe?

Let’s understand the basic terms first. Continue reading “Is investment in Blockchain or Bitcoin safe?”


All about GSTR 3B, the shock absorber for GST regime

GST was introduced on July 1. But were people ready to file returns? It takes time to adapt to any sudden change. But, progress should be there. Right? This Form GSTR 3B is a shock absorber towards the sudden change GST brought in.  Continue reading “All about GSTR 3B, the shock absorber for GST regime”

claim gst input credit

How To Claim GST Input Credit : Conditions To Be Satisfied

What Is GST Input Credit?

First of all, let us know what is GST Input Credit. Well, GST Input credit is nothing but a balance of the amount of tax you paid at the time of purchasing goods that is kept safe until you pay your tax for your output. Now, when you pay your tax of output, automatically the previous balance amount kept safe for you will automatically be used and your total tax to be paid will get reduced. We will also discuss how to claim GST input credit but before that, let’s understand by an example how this thing actually works

Example: Suppose X bought goods for Rs 100 and paid Rs 18 additional as GST(Total: Rs 118). Now X sold goods to Y for Rs 200 and charged GST of Rs 36(Total : Rs 236). Now, X can claim GST input credit of Rs 18 that he paid at the time of purchases while paying tax to the government. (i.e net GST, X need to pay is only Rs 18).

Continue reading “How To Claim GST Input Credit : Conditions To Be Satisfied”

gst input credit

Complete Guide : Will I Get The GST Input Credit Or Not?

Complete Guide : Will I Get The GST Input Credit Or Not? 

GST has been welcomed with all the pomp and show, and deservingly so. It has inherent advantages. We all know that amount paid as GST on purchases or even expenses can be claimed as GST input credit. This was not possible in the earlier regime of VAT and Service Tax. 

Example: If you were dealing in sale of goods where VAT was chargeable and had paid service tax for availing service of Chartered Accountant, you could not avail the credit of service tax paid to your CA against payment of VAT. This is now possible under GST since there is no difference in tax on goods or services. Now, if your VAT payable on goods sold is Rs 30,000, and if you availed services of a CA and paid GST of say, Rs 18,000, then you will get a GST input credit of Rs 18,000 against payment of Rs 30,000 GST payable. Hence, you net GST payable will be Rs 12,000 only.

Woaahh, what a relief to an entrepreneur. But, but, but, there is little sad news, just little.

There are certain expenses, on which credit will not be allowed.

Continue reading “Complete Guide : Will I Get The GST Input Credit Or Not?”

Non Resident

Tax Authorities want Non Resident Indians to disclose foreign bank details

Non Resident Not ‘Devo Bhavah’!

The tax department has dropped a bombshell on Non Resident Indians (NRIs) and Foreign Nationals quietly.
Non residents, who avoided disclosure of their income parked outside India by maintaining the status of Non Residents will not be able to do so now onwards. As per existing laws, income earned outside India are not taxable in the hands of a Non Resident. Neither is the NR required to disclose his foreign source assets in his tax return. Continue reading “Tax Authorities want Non Resident Indians to disclose foreign bank details”