Yoursdailyinfo 🧞‍♂️ @PieStart

@IRCTCofficial Travelling today with Purushottam S.F. and the kind of services offered is way below the General compartment FYI - there is so less crowd in the compartment that I am not able to sit on my alloted birth only @RailMinIndia do provide us the actual solution

@FinMinIndia @nsitharamanoffc @BimalGST @cavijaysarda @casidharthjain1 @CAChirag @AIinICAI @FinancialTimes

@IncomeTaxIndia @nsitharaman Sec. 234F of IT Act 1961 -penalty for filing belated ITR if Income is below 5 lakh - 1000 as penalt Since rebate u/s 87A in old regime is 500000 it's understandable of such levy But why the same has not being followed under new tax regime #illogical

BHARAT ( INDIA) has Three -Tier Federal Structure Union Government State Government Local Government +The Constitution of BHARAT ( INDIA) is the supreme law of India. It consists of a Preamble, 25 parts containing, 448 Article & 12 Schedule.

Dual GST GST has been implemented in India on a dual structure basis, the centre & the states have concurrent powers to levy, collect & administer GST. *GST extends to the whole of India including the Union territories of Jammu & Kashmir and Ladakh.

OPIUM, INDIAN HEMP, & OTHER NARCOTIC DRUGS & NARCOTICS Applicable Tax - √ Goods & Service Tax √ State Excise Duty

Goods excluded from the preview of GST Law **Permanently :- Alcoholic Liquor for Human Consumption **Temporarily :- Motor Spirit, Petroleum Crude, High speed Diesel, Natural Gas & Aviation Turbine Fuel

TOBACCO Applicable Tax - √Goods & Service Tax √Central Excise Duty **Tobacco and Tobacco products manufactured.

Petroleum, Crude, Diesel, Petrol, ATF and Natural Gas Applicable Tax - √ Central Excise Duty *Central Sales Tax / Value Added Tax *CST / VAT - Subject to Inter-state / Intra-State Sale..

Alcoholic liquor for Human Consumption Applicable Tax - √State Excise Duty *Central Sales Tax / Value Added Tax *CST /VAT - Subject to Inter-State /Intra-State Sale..

Initially it was levied for a period of 5 years upto 30 June 2022; However, it's levy and collection has been extended till 31-03-2026.

GST Act 2017 - 'Compensation to States' A mechanism to compensate states for a period of 5 yrs. or such period recommended by council on account of loss of revenue which may arise due to implementation of GST *Such cess is collected from levying on certain notified goods

RCM Liability on +Renting of residential property √Supplier - Register / Unregistered under GST √Recipient - Register Person **GST @18%. Payable by Tenant under reverse charge mechanism

RCM Liability on +Renting of motor vehicles √Supplier - Other than a body corporate √Recipient - A body corporate ^Supplier does not charge 12% GST on the invoice from the service Recipient

RCM Liability on +Services - By GTA Goods Transport Agency who has not opted to pay tax at the rate of 12% ^Recipient - Any factory,society,cooperative society, registered person,Body corporate, Partnership firm,Casual taxable person; located in taxable territory @Rate -5%

+Services By GTA √Transportation of goods Other intermediate/ancillary services: ^Loading/unloading ^Packing/ unpacking ^Trans-shipment ^Temporary warehousing If these services are included & not provided as independent activities, then they are also covered under GTA.

+CONSIGNMENT NOTE 🚚 A document issued by a goods transportation agency against the receipt of goods for the purpose of transporting the goods by road in a goods carriage. If such is not issued by the transporter, the service provider will not come within the ambit of the GTA.

+GTA Goods Transport Agency- Any Person who provides service in relation to transport of goods by road & issues consignment note, by whatever name called. A consignment note is an essential condition to be considered as a GTA.

RCM Liability on +Services - by an Author, Music composer,artist or the like by way of transfer or permitting the use of a copyright covered u/s 13(1)(a) of the Copyright Act 1957 relating to original artistic work Recipient- Publisher, Music company,Producer or the like

Legal services provided by, +EXEMPT from GST √ Individual / firm of advocates other than senior advocate to individual / firm of advocates other than senior advocate +FORWARD CHARGE √ Senior advocate to individual / firm of advocates √ Senior advocate to senior advocate

LEGAL SERVICE Service provided in relation to advice, consultancy, assistance in any branch of law in any manner & includes representational service before any court, tribunal / authority *Advice given by a CA's considered as legal services though not liable for RCM Liability

RCM Liability on +Legal Services by advocate Recipient : Any business entity located in the taxable territory Not liable for RCM liability - Business entity whose turnover does not exceed Rs. 20 lakhs /10 lakhs in the immediately preceding financial year"

RCM Liability on +Services by the members of Overseeing Committee Recipient : Reserve Bank of India **A Committee comprising of eminent members constituted by the Indian Banks' Association (IBA), with such changes/replacements as approved by the IBA from time to time