Khanolkar & Associates has been based in Pune for the past 20 years and primarily deals with Income Tax & Sales Tax matters, Appeals, Registrations, Central Excise, Service Tax, Company Incorporation, IPRs, FEMA etc. Located in the heart of the city, we have catered to the needs of various businesses across the length and breadth of Pune over the years. We believe that there is no one common solutions to all problems, and that every client has his own peculiar requirements and needs. Our working methodology is tailored to one that is best suited to the needs of the client and his business.
The moderate size of the firm allows every client the best of both worlds - quality of service of a big accounting firm and personal attention like that offered by a small concern.
TIME OF SUPPLY OF GOODS
The liability to pay CGST / SGST on the goods shall arise at the time of supply as determined in terms of the provisions of this section.
The time of supply of goods shall be the earliest of the following dates, namely, -
(a) (i) the date on which the goods are removed by the supplier for supply to the recipient, in a case where the goods are required to be removed or
(ii) the date on which the goods are made available to the recipient, in a case where the goods are not required to be removed; or
(b) the date on which the supplier issues the invoice with respect to the supply; or
(c) the date on which the supplier receives the payment with respect to the supply; or
(d) the date on which the recipient shows the receipt of the goods in his books of account.
Determination of the correct time of supply of goods is essential for the purposes of discharge of correct tax liability prevailing on that date. Subscribe to our mailing list for regular updates or contact us for GST consultancy in Pune.
COMPOSITION OPTION UNDER GST
Subject to such conditions or restirctions as may be prescribed, a proper officer of the Central or State Government may permit a registered taxable person whose aggregate turnover in a financial year does not exceed Rs. 50 lakhs to pay tax at such rate as may be prescribed, but not less than 1%.
This option will be available to the dealer if all the units which come under the same PAN also opt for this option.
This option is not available to dealers effecting interstate supply of goods or services.
The composition option offers hassle free compliance of tax provisions for small and medium sized dealers. See if your business is benefited by opting for this scheme instead of full tax rate. We provide GST consultation in both Pune and Mumbai.
WHO IS A TAXABLE PERSON UNDER GST?
Any person who carries out any business in India or any state of India and who is registered or is required to obtain registration under Schedule III of the act is a taxable person.
A person who is required to be registered under paragraph 1 of schedule III of the Act shall not be considered as a taxable person unless his turnover cross Rs. 20 lakh. (This turnover limit is Rs. 10 lakh in the case of North Eastern states including Sikkim).
The Central Govt, State Govt, and local authorities shall be considered as a taxable person in respect of activities or transactions in which they are engaged as public authorities other than the activities specified in Schedule IV to the Act.
WHO IS NOT A TAXABLE PERSON?
An employee providing services to his employer
A person engaged in the provision of services or supply of goods which are not liable to tax under the Act
A person receiving services not exceeding specific value in a year for personal use, other than for the purpose of furtherance of his business.
Contact our office to determine how exactly GST impacts your business and what steps need to be taken to be fully prepared for India's biggest taxation reform!
We provide services to businesses in both Pune & Mumbai.
REGISTRATION UNDER GST
A casual taxable person shall be granted a 'temporary identification number' to make advance deposit of tax required under Section 19A.
A non-resident taxable person shall make an application in Form GST REG-10 for a period of 90 days. This application shall be made atleast 5 days prior to commencement of his business.
A person required to deduct tax at source shall make an electronic
application in form GST REG-07 for obtaining registration.
Other than those specified above, every person is liable to take registration under GST within 30 days in form GST REG-1 in electronic form.
Get in touch with us for obtaining your GST registration in Pune or Mumbai.
The rates of MVAT have been changed with immediate effect from 17/09/2016 vide notification no. VAT. 1516 /CR 123/ Taxation -1 dated 16/09/16 from 5.5 % to 6% in schedule C specified entries and 12.5% in schedule E to 13.5%.
According to the Income tax act, all income arising through transfer of a capital asset situated in India, whether directly or indirectly, is deemed to accrue or arise in India, and therefore taxable in India. In the landmark Vodafone judgement, the Hon. Supreme Court held that an off-shore transfer of shares of a foreign company having underlying assets in India is not taxable in India as the situs of the company is outside India. Consequently, the government amended the Finance Act, 2012 retrospectively, stating that the situs of the shares of a foreign company will lie in India if the shares substantially derive their value from assets located within India. This only gave clarity for situs of shares of a foreign company. However, when it comes to intangible property, the Delhi High Court paved the way in the case of CUB Pty Ltd (Formerly known as Fosters Australia Ltd.) Vs. The Union of India. The issue before the court was whether the Fosters trademarks and brand owned by Fosters Australia but used in India could be said to have situs in India. The HC held that the situs of the property is where the owner of the property resides, which in this case is Australia, thus overturning the decision of the Authority for Advance Ruling (AAR)
EXEMPTION FROM CAPITAL GAIN ON SALE OF RESIDENTIAL HOUSE
Available only to Individual/HUF
House sold must be held for > 3 years
New house must be purchased 1 year before or 2 years after date of selling old house OR constructed within 3 years of selling the old house
Amount of exemption-
Amount of capital gain OR
Amount invested in purchase/construction of new house
(whichever is lower)
Service tax registration in Pune, Mumbai, Kolhapur, Nasik, Nagpur, or any other city can be obtained in 2 days, subject to submission of all required documents. Any person who provides any taxable service in excess of Rs. 9 lakh in a year, is liable to register for service tax. The actual liability to pay service tax starts after the turnover crosses 10 lakh. With the current provisions of the law, even renting of your property for commercial purposes will attract service tax. The penalties for non-compliance are severe and defaulters can also be prosecuted. List of documents required for service tax registration-
1. Copy of PAN
2. Identity proof any one of the following- Passport, Voter id, Aadhar, Driving license
3. Proof of ownership of premises such as agreement, index 2, electricity bill
4. Cancelled cheque
You can simply scan and email them to email@example.com. Your application will be filed on top priority.
-Registration -Post registration compliances & Returns -Scrutiny and Appeals