Articles under FAQ

E-Way Bill, an easy understanding FAQs

Frequently Asked Questions about E-Way Bill   1. What is an E-Way Bill?  E-Way Bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding fifty thousand rupees as mandated by the Government in terms of Section 68 of the Goods and Services Tax Act read with Rule 138 of the rules framed thereunder.  It is generated from the GST Common Portal for E-Way Bill system by the registered persons or tra

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FAQ on Stock Broking Sector

GST on Stock Broking Sector, FAQ   GST on Stock Broking Financial Service Sector, Frequently Asked Question(FAQ) STOCK BROKING SERVICES 1.  In the case of stock broking, whether stamp duty or securities transaction tax or other Central or State taxes would be considered as a part of the value of supply as prescribed under Section 15 of the CGST Act, 2017, for levy of GST? GST is not payable by the stock brokers on these recoveries as long as the conditions of pure a

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FAQ (Frequently Asked Questions) on Insurance Sector

GST on Insurance Sector, FAQ   GST on Insurance Financial Services Sector, FAQ (Frequently Asked Questions)   INSURANCE SECTOR 1.  What is the location of the supplier of service for fund management charges in ULIP policies? The fund management charges are charges towards managing and administering the fund. These funds are managed by the Fund Management team. The location of the supplier of service for fund management charges shall be the location / office

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Banking Sector - FAQ

GST on Banking sector, FAQ   Frequently Asked Questions(FAQ) on Banking, Financial Services Sector 1. Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’? No. Banks are not required to provide the details of ATMs while applying for registration. For the purposes of registration, ATM on its own does not constitute a place of business, as defined in the CGST Act, 2017.   2. As per RBI guidelines, B

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TDS in GST, Frequently asked questions (FAQs)

FAQ about TDS(Tax Deduction at Sources) in GST   Nature of TDS and its Rate, TDS Payment, Valuation for deduction of tax with illustrations, TDS return, Interest, Penalty and Late Fee related questions and answers are given below. 1. As a DDO I am deducting TDS from salary and also while making payment of other bills under Income Tax Act. Then why should I need to deduct TDS again?  A. TDS under Income Tax is different from TDS under GST. There was a provision of TDS unde

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