Impact of GST on Charitable or religious entities
Exemption to services rendered by charitable trusts is allowed only if the following two requirements are met.
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GST Basics: Charge of GST
A supply is considered to be an intra-state supply when the location of supplier and place of supply of goods or services is in the same state or Union Territory.
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Impact of GST on Banks and Financial institutions
Services provided by the Reserve Bank of India is exempt from GST. However, services provided to RBI by other banks will be taxable as they are not covered under any exemption
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FAQ’s on TDS under section 194M
Section 194M contains provisions relating to TDS on payments made by individuals or HUF in pursuance of a contract or by way of commission or brokerage or by way of fees for professional services during the Financial Year.
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Impact of GST on services of transportation of goods
Any person who transports goods on behalf of any person and issues a consignment note is called a Goods Transport Agency.
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FAQ’s on TDS under Section 192
The existence of an employer-employee relationship is mandatory for deduction of tax under Section 192
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Impact of GST on Passenger Transportation Services
In order to make air travel affordable, the central government has started a new scheme wherein it will establish airports in various cities under the regional connectivity airport scheme. The ticket rates are capped at Rs. 2,500 per hour of flight.
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FAQ’s on TDS under section 192A
Section 192A of the Income Tax Act contains provisions relating to TDS on premature withdrawal of accumulated funds in the employee provident fund account.
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FAQ’s on TDS under section 194DA
Section 194DA contains provisions relating to TDS on maturity amount paid under a life insurance policy.
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Amendments to Schedule 3 of the Companies Act, 2013
Financial Statements for a company whose Financial Statements are required to comply with the Companies (Accounting Standards) Rules, 2006.
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