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Treatment in case of cancellation of services

Treatment in case of Cancellation of Services and return of Goods

1 month ago 1 0 346

Treatment in case of Cancellation of Services and return of Goods Circular No. 137/07/2020 – GST dated 13.04.2020 – Treatment in case of cancellation of service / return of goods Nature of Supply Original Event Document issued Subsequent Event Treatment suggested in Circular Services Advance Received Tax Invoice Contract cancelled before Supply of Service a) Credit note to be issued u/s 34 for reduction of tax liability (upto September of next financial year) b) Adjust tax against output tax and where there is no output tax, refund can be claimed under ‘Excess payment of tax’ Services Advance Received Receipt Voucher Contract cancelled before Supply of Service a) Refund voucher to be issued b) Adjust tax against output tax and where there is no output tax, refund can be claimed under ‘Excess payment of tax’ Goods Supply of Goods Tax Invoice Goods Returned a) Credit note to be issued u/s 34

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GST_Treatment of amount recovered or refunded in pursuance of assessment or adjudication proceedings

2 years ago 2 0 2081

GST_Treatment of amount recovered or refunded in pursuance of assessment or adjudication proceedings

NRIs – Benefits of investment in PPF/NSC will no longer available

2 years ago 1 0 1281

  The Central Government of India has amended the Public Provident Fund (PPF) Scheme, 1968 and National Savings Certificate (NSC) (VIII-Issue) Rules, 1989. The summary of  impact  of such ammendment is as under: The accounts held under such schemes by Indian residents are deemed to be closed with effect from the date they become non-residents of India (NRI).   The interest shall be paid at the rate applicable to the Post Office Saving Account (POSA) (i.e  4% instead of 7.8% ) from the date of deemed closure/ encashment up to the last day of the month preceding the month in which the same is actually closed/ encashed.  

27 Useful Charts of Service Tax 2016-17

3 years ago 5 0 3583

27 useful charts of Service Tax 2016-17

21 Useful Charts for Tax Compliance 2016-17

3 years ago 3 0 3105

21 useful charts of Tax Compliance

Presentation based on Model GST Law, 2016 prepared by KMS Team

3 years ago 7 0 2870

KMS Presentation on GST Please find attached KMS Presentation based on Model GST Law, 2016.

GVAT & Entry Tax Bill – 2016 – w.e.f. 1st April 2016

4 years ago 1 0 2524

Some VAT and Entry tax provisions has been amended with effect from 1st April 2016. The changes are    

Service Tax – Budget 2016

4 years ago 3 0 2714

Budget 2016 @ KMS

21 Useful Charts for Service Tax 2015-16

4 years ago 9 0 4883

21 Useful Charts for Service Tax

21 Useful Charts for Tax Compliance 2015-16

4 years ago 3 0 3841

21 Useful Charts for Tax Compliance