GOODS AND SERVICES TAX BLOG

FAQ- To Opt Composition Scheme( Explained under GST)

noreply@blogger.com (Akshay advisor) — Thu, 9 Jul 2020 12:41:00 +0530

1. How to opt for the Composition Scheme in GST?

You can opt for the Composition Levy under GST if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified from time to time.

However, you cannot opt for the Composition Levy if you are/you make:

- any supply of goods which are not liable to be taxed under this Act

- inter-state outward supplies of goods

- supplies through electronic commerce operators who are required to collect tax under section 52.

- a manufacturer of notified goods

- a casual dealer

- a Non-Resident Foreign Taxpayer

- a person registered as Input Service Distributor (ISD)

- a person registered as TDS Deductor/Tax Collector

2.How do I apply for Composition Scheme if I am already registered as a regular taxpayer?

To opt for the Composition Levy, perform the following steps on the GST portal:

Log in to the Taxpayers’ Interface
Go to Services > Registration > Application to Opt for Composition Levy
Fill the form as per the form specification rules and submit.

3. How do I convert from regular to composition scheme in GST?

Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.

4. When can I opt for the Composition Levy?

In order to avail this scheme, you need to file an online application to Opt for Composition Levy with the tax authorities. Taxpayers who can opt for this scheme can be categorized as below:

New Taxpayers: Any person who becomes liable to register under GST Act, after the appointed day, needs to file his option to pay composition amount in the Application for New Registration in Form GST REG-01.

Existing Taxpayers: Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.

5. What are the returns to be filed by a Composition taxpayer?

Composition taxpayer needs to pay tax and furnish a statement, every quarter or part thereof, as the case may be, in FORM GST CMP-08.

And further he has to furnish a return for every financial year or part thereof, as the case may be, in FORM GSTR-4.

Apply For GST Registration

noreply@blogger.com (Akshay advisor) — Fri, 3 Jul 2020 15:56:00 +0530

GST REGISTRATION STARTING @Rs.499 And Rs.999

CONTACT US: 7011807058 / 8800703110

WHATSAPP ME: 7011807058

We can help you get GST registration for your business within 48 hours. Our services are best in class and is at a reasonable cost (INR 499/- per registration for individual and INR 999/- per registration for company)Type your paragraph here.

How Does GST Registration help You:-

GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business. Benefits to GST registered business at glance are as follows: -

Become more competitive – You will be more competitive in comparison to your unregistered competitors since you will carry valid tax registration.
Expand your business Online – You cannot sell products or services on e-commerce platform without GST registration. If you're planning to give a blow on e-commerce platform like Flipkart, Amazon, Paytm, Shopify or through your own website, you must need a GSTIN.
Can take input tax credit – Only Registered GST holders can avail input of GST tax paid on their purchases and save the cost.
Can sell all over India without any restrictions – Without having GSTIN you cannot trade inter-state. This is possible only if you registered your business under GST.
Apply Government Tenders – Various government tenders requires GSTIN to apply tender.
Open Current Bank Account – Especially, in case of sole proprietor business Banks & Financial Institution does not open a current bank account in the name of business trade name unless you carry any government proof in the name of your business.

Some important facts:

Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit (ITC) for the taxes paid on his inward supplies.
Without registration, a person can neither collect tax from his customers nor claim any credit of tax paid by him.
Entities with turnover exceeds of Rs.40 lakhs (supply of goods in normal state), Rs.20 lakhs (supply of goods/services in normal state), Rs.20 lakhs (supply of goods in specific state) or Rs. 10 Lakhs (Supply of goods/services specific state) and above would be required to register under GST.
The eligible entities must file GST application within 30 days from the date on which the entity became liable for registration under GST law.

Documents Required for GST Registration:

Documents required for Goods and Services Tax Registration (GST)/GSTN:
FOR COMPANY

Director’s PAN CARD- All Directors
Director’s Aadhar Card
Soft copy of Photograph
Board Resolution for Authorising any Director
PAN Card of Company
List of Sale & Purchase Items
Cancel Cheque
Certificate of Incorporation
Rent Agreement
Address Proof of Shop/Branch/Godown/Store: Anyone of the following (Should not be older than 2 months)
- Electricity bill
- Water tax
- Municipal Tax/House Tax Bill

Digital Signature Certificate (DSC) of at least one director

FOR PARTNERSHIP/LLP FIRM

Partners’s PAN CARD- All Partners
Partners’s Aadhar Card
Soft copy of Photograph
Resolution for Authorising any Partner
PAN Card of Company
List of Sale & Purchase Items
Cancel Cheque
Partnership Deed/ COI of LLP
Rent Agreement
Address Proof of Shop/Branch/Godown/Store: Anyone of the following (Should not be older than 2 months)

Electricity bill
Water tax
Municipal Tax/House Tax BillDigital Signature Certificate (DSC) of at least one partner in case of LLP.

FOR PROPRIETORSHIP FIRM

Following documents of proprietor:

PAN Card
Aadhar Card
Soft copy of Photograph
List of Sale & Purchase Items
Cancel Cheque
Rent Agreement in case of rented property or NOC if owned by relatives
Address Proof of Shop/Branch/Godown/Store: Anyone of the following (Should not be older than 2 months)

Electricity bill
Water tax
Municipal Tax/House Tax BillDigital Signature Certificate (DSC) of at least one partner in case of LLP.

Penalty for not registering under GST:

According to the section 122(1)(xi) of CGST Act, 2017 any taxable person who fails to register under GST even if he/she is legally bound as per the GST Act needs to pay the following amount of penalty:

As per section 122(2)(a) for any reason, other than the reason of fraud or any wilful misstatement or suppression of facts to evade tax, shall be liable to a penalty of ten thousand rupees or ten per cent. of the tax due from such person, whichever is higher;.
Otherwise as per section 122(2) (b) is 10,000 INR or amount of tax evaded whichever is higher.

Types of GST Returns

noreply@blogger.com (Akshay advisor) — Fri, 3 Jul 2020 00:29:00 +0530

GST return is a format where a taxpayer registered under the Goods and Services Tax (GST) law has to file for each registration separately. Also, the number of GST returns to be filed will be based on the type of taxpayer, such as regular taxpayer, composition dealer, e-commerce operator, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD) etc.

1. GSTR-1

GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-1 return.

GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It is to be filed monthly, except in the case of small taxpayers with turnover up to Rs.1.5 crore in the previous financial year, who can file the same on a quarterly basis.

2. GSTR-2A

GSTR-2A is the return containing details of all inward supplies of goods and services i.e. purchases made from registered suppliers during a tax period. The data is auto-populated based on data filed by the suppliers in their GSTR-1 return. GSTR-2A is a read-only return and no action can be taken.

3. GSTR-2

GSTR-2 is the return for reporting the inward supplies of goods and services i.e. the purchases made during a tax period. The details in the GSTR-2 return are auto-populated from the GSTR-2A. Unlike GSTR-2A, the GSTR-2 return can be edited.

GSTR-2 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since the inception of GST.

4. GSTR-3

GSTR-3 is a monthly summary return for furnishing summarized details of all outward supplies made, inward supplies received and input tax credit claimed, along with details of the tax liability and taxes paid. This return is auto-generated on the basis of the GSTR-1 and GSTR-2 returns filed.

GSTR-3 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since the inception of GST.

5. GSTR-3B

GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid.

GSTR-3B is to be filed by all normal taxpayers registered under GST.

6. GSTR-4 / CMP-08

GSTR-4 is the return that was to be filed by taxpayers who have opted for the Composition Scheme under GST. CMP-08 is the return which has replaced the now erstwhile GSTR-4. The Composition Scheme is a scheme in which taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared.

The CMP-08 return is to be filed on a quarterly basis.

7. GSTR-5

GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are registered under GST and carry out business transactions in India. The return contains details of all outward supplies made, inward supplies received, credit/debit notes, tax liability and taxes paid.

The GSTR-5 return is to be filed monthly for each month that the taxpayer is registered under GST in India.

8. GSTR-6

GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD). It will contain details of input tax credit received and distributed by the ISD. It will further contain details of all documents issued for the distribution of input credit and the manner of distribution.

9. GSTR-7

GSTR-7 is a monthly return to be filed by persons required to deduct TDS (Tax deducted at source) under GST. GSTR 7 will contain details of TDS deducted, the TDS liability payable and paid and TDS refund claimed, if any.

10. GSTR-8

GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who are required to collect tax at source (TCS). GSTR-8 will contain details of all supplies made through the E-commerce platform, and the TCS collected on the same.

The GSTR-8 return is to be filed on a monthly basis.

11. GSTR-9

GSTR-9 is the annual return to be filed by taxpayers registered under GST. It will contain details of all outward supplies made, inward supplies received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes, along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.

GSTR-9 is required to be filed by all taxpayers registered under GST*, except taxpayers who have opted for the Composition Scheme, Casual Taxable Persons, Input Service Distributors, Non-resident Taxable Persons and persons paying TDS under section 51 of CGST Act.

*As per the CBIC notification 47/2019, the annual return under GST for taxpayers having an aggregate turnover which does not exceed Rs.2 crore has been made optional for FY 2017-18 and FY 2018-19.

12. GSTR-9A

GSTR-9A is the annual return to be filed by taxpayers who have registered under the Composition Scheme in a financial year*. It is a consolidation of all the quarterly returns filed during that financial year.

*GSTR-9A filing for Composition taxpayers has been waived off for FY 2017-18 and FY 2018-19 as per the decision taken in the 27th GST Council meeting.

13. GSTR-9C

GSTR-9C is the reconciliation statement to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore in a financial year. The registered person has to get their books of accounts audited by a Chartered/Cost Accountant. The statement of reconciliation is between these audited financial statements of the taxpayer and the annual return GSTR-9 that has been filed.

GSTR-9C is to be filed for every GSTIN, hence, one PAN can have multiple GSTR-9C forms being filed.

As per the CBIC notification 16/2020, GSTR-9C is waived off for the taxpayers with an aggregate turnover of more than Rs 5 crore for the financial year 2018-19.

14. GSTR-10

GSTR-10 is to be filed by a taxable person whose registered has been cancelled or surrendered. This return is also called a final return and has to be filed within 3 months from the date of cancellation or cancellation order, whichever is earlier.

15. GSTR-11

GSTR-11 is the return to be filed by persons who have been issued a Unique Identity Number(UIN) in order to get a refund under GST for the goods and services purchased by them in India. UIN is a classification made for foreign diplomatic missions and embassies not liable to tax in India, for the purpose of getting a refund of taxes. GSTR-11 will contain details of inward supplies received and refund claimed.

CONTACT US : 7011807058 / 8800703110

WHATSAPP ME : 7011807058

June GST collections stand at Rs 90,917 crore

noreply@blogger.com (Akshay advisor) — Fri, 3 Jul 2020 00:12:00 +0530

Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at Rs 40,302 crore, which included Rs 15,709 crore collected on import, the Finance Ministry said in statement.

Goods and service tax (GST) collections for June 2020 clocked Rs 90,917 crore at gross levels, 9% lower than the same month last year, the department of revenue said Wednesday.

The collections are higher than those recorded in April and May – the peak months of lockdown due to the Covid 19 pandemic – where GST collection for April was Rs 32,294 crore and Rs 62,009 crore for May.

However, for both months, the collections were lower than those in 2019. Collections in April were down 72% on-year and 38% down on-year in May.

For the month of June, of total collections of Rs 90,917 crore, CGST was Rs 18,980 crore, SGST was Rs 23,970 crore, IGST was Rs 40,302 crore, including Rs 15,709 crore collected on import of goods and Cess was Rs 7,665 crore, including Rs 607 crore collected on import of goods.

The government said GST collection for the first quarter of the year was 41% less than the revenue collected during the same quarter last year, but a large number of taxpayers still have time to file their return .

Facility for registration of IRP/RPs made available on the GST Portal

noreply@blogger.com (Akshay advisor) — Fri, 3 Jul 2020 00:05:00 +0530

The Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, can apply for new registration on GST Portal, on behalf of the Corporate Debtors, in each of the States or Union Territories, on the PAN and CIN of the Corporate Debtor, where the corporate debtor was registered earlier, in terms of Notification No. 11/2020-CT, dated 21st March, 2020 and as amended vide Notification No. 39/2020-CT, dated 5th May, 2020. The IRP / RP are required to obtain a new registration within thirty days of their appointment as IRP/RP or by 30th June, 2020, whichever is later, except in cases where the corporate debtors have filed Form GSTR-1 and Form GSTR-3B, for all the tax periods prior to the appointment of IRP/RP.

They should select the Reason for Registration as “Corporate Debtor undergoing the Corporate Insolvency Resolution Process with IRP/RP” from the drop down menu.

The date of commencement of business for IRP/RPs will be the date of their appointment. Their compliance liabilities will also come into effect from the date of their appointment.

The person appointed as IRP/RP shall be the Primary Authorized Signatory for the newly registered Company.

In the Principal Place of business/ Additional place of business, the details as specified in original registration of the Corporate Debtors, is required to be entered.

The new registration application shall be submitted electronically on GST Portal under DSC of the IRP/RP

The new registration by IRP/RP will be required only once. In case of a change in IRP/RP, after initial appointment, it would be deemed to be change of authorized signatory and not an appointment of a distinct person requiring a fresh registration.

In cases where the RP is not the same as IRP, or in cases where a different IRP/RP is appointed midway during the insolvency process, the change in the GST system may be carried out by a non- core amendment in the registration form.

The change in Primary Authorized Signatory details on the portal can be done either by the authorised signatory of the Company or by the concerned jurisdictional officer (if the previous authorized signatory does not share the credentials with his successor) on request of IRP/RP.

Relief in late fee to Taxpayers filing Form GSTR-1

noreply@blogger.com (Akshay advisor) — Fri, 3 Jul 2020 00:01:00 +0530

Government has extended dates for GST filings as notified vide Notification No. 53/2020 dt 24.06.2020. A Circular No. 141/1/2020-GST dated 24th June, 2020 has also been issued in this regard.

2.Late Fee Relief to Normal Taxpayers filing Form GSTR-1:

Tax period	Due Date	Waiver of late fee if return filed on or before
March, 2020	11.04.2020	10.07.2020
April, 2020	11.05.2020	24.07.2020
May, 2020	11.06.2020	28.07.2020
June, 2020	11.07.2020	05.08.2020
Quarterly taxpayers January to March 2020	30.04.2020	17.07.2020
Quarterly taxpayers April to June 2020	31.07.2020	03.08.2020

Note: If Form GSTR-1 for the period mentioned in Table above is not filed by the notified dates, late fee will become payable from the due dates for these returns.

Relief in late fee to Taxpayers filing Form GSTR-3B

noreply@blogger.com (Akshay advisor) — Thu, 2 Jul 2020 23:53:00 +0530

Government has extended dates for GST filings as notified vide Not. No. 52/2020 dt 24.06.2020 and No. No 57/2020-CT dated 30.06.2020.

Late Fee Relief to Normal Taxpayers filing Form GSTR-3B:

Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period	Late fees waived if return filed on or before
February	24th June
March	24th June
April	24th June

b. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY

Tax period	Late fees waived if return filed on or before (For Group A States)*	Late fees waived if return filed on or before (For Group B States)*
February	30th June	30th June
March	03rd July	05th July
April	06th July	09th July
May	12th Sept	15th Sept
June	23rd Sept	25th Sept
July	27th Sept	29th Sept

Note 1: If the registered persons fail to furnish Form GSTR-3B returns for the tax periods according to the condition mentioned in the Table 1(a) and (b) above, but furnish the returns till the 30th day of September, 2020, the total amount of late fee payable shall be completely waived if the tax payable is NIL and shall be capped at Rs 500 per return, in case of any tax liability.

Note 2: For the taxpayers having an aggregate turnover of more than Rs 5 Cr. in the preceding financial year, who fail to furnish the return in FORM GSTR-3B for the months of May, 2020 to July, 2020, by the due date but furnish the said return till the 30th day of September, 2020, the total amount of late fee shall be capped at Rs 500 per return and shall stand fully waived for those taxpayers where the total amount of tax payable in the said return is Nil.

Note 3: Taxpayers who are yet to file Form any month(s) from July, 2017 till Jan., 2020, can now file Form GSTR-3B from 1st July, 2020 till 30th Sept., 2020, without any late fee, for those months in which they did not have any tax liability. However, for the months they had a tax liability, their late fee would be capped at Rs 500 per return.

* Group A- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep.

* Group B- Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal,Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi.

Filling NIL Form GSTR-1 Through SMS on GST Portal

noreply@blogger.com (Akshay advisor) — Thu, 2 Jul 2020 23:39:00 +0530

1.A tax payer may now file NIL Form GSTR-1, through an SMS,

apart from filing it through online mode, on GST Portal.
To file NIL Form GSTR-1 through SMS, the taxpayer must fulfil following conditions:
- They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer.
- They have valid GSTIN.
- Phone number of Authorized signatory is registered on the GST Portal.
- No data should be in saved or submitted stage for Form GSTR-1 on the GST Portal, related to that respective month.
- NIL Form GSTR-1 can be filed anytime on or after the 1st of the subsequent month for which the return is to be filed.
- Taxpayer should have opted for the filing frequency as either monthly or quarterly.
NIL Form GSTR-1 for a tax period must be filed by the taxpayer if:
- There are no Outward Supplies (including supplies on which tax is to be charged on reverse charge basis, zero rated supplies and deemed exports) during the month or quarter for which the return is being filed.
- No Amendments is to be made to any of the supplies declared in an earlier return.
- No Credit or Debit Notes to be declared/amended.
- No details of advances received for services to be declared or adjusted.
Steps to File Nil Form GSTR 1 through SMS is as below:
- Send SMS to 14409 number to file Nil Form GSTR-1 - NIL space Return Type space GSTIN space Return Period
  - For Monthly Filing for Tax Period April 2020: NIL R1 07AQDPP8277H8Z6 042020
  - For Quarterly Filing for Tax Period Apr-Jun 2020: NIL R1 07AQDPP8277H8Z6 062020
- Send SMS again on the same number 14409 with Verification Code (For Example: Verification Code received here is 324961) to confirm filing of Nil Form GSTR-1.- CNF space Return Type space Code - CNF R1 324961
- After successful validation of “Verification Code", GST Portal will send back ARN to same mobile number and on registered e-mail ID of the taxpayer to intimate successful Nil filing of Form GSTR-1 .
All the authorized representatives, for a particular GSTIN can file NIL Form GSTR-1 through SMS.
Click links below on filing Nil Form GSTR-1 on the GST Portal, for details

https://tutorial.gst.gov.in/userguide/returns/index.htm#t=faq_nilreturngstr1.htm

LOSE FAT IN 10 DAYS

noreply@blogger.com (Akshay advisor) — Thu, 2 Jul 2020 17:15:00 +0530

HOW TO LOSE WEIGHT IN 10 DAYS:

USEFUL RESULTS AND A-10 DAYS DIET PLAN

Our 10 days secrets to achieve their target weight this year.

follow this simple 10 days diet plan to achieve results.

If you are trying to lose weight gained during the holidays or to fit back into your bathing suit for the summer, or simply to lead a healthier lifestyle, you know it is a task that needs time and patience. We are all guilty of trying all sorts of diets and fitness tips to lose those extra pounds. While some have been successful in meeting their goals adopting extreme measures, others have struggled and struggled to a point that have made them give up hope. So here are my 10 secrets to help to acheive your target this year.

Top 10 secrets to reboot your body and fresh start to lose weight.

Start your day with a workout.

Set up your alarm 20 minutes early and schedule your workout first thing in the morning. Studies suggest that people who exercise in the morning are relatively slimmer and healthier than the ones who exercise later in the day.

2. Skip the scale.

Don't weigh yourself daily, sometimes it just unnecessarily panics you and can be demotivating. Also, the scale can be deceiving as it ignores the fact that you might be adding muscle weight. Weigh yourself once a week and ideally in the morning.

3. Carry your own snacks.

I have realized that their main meals are well managed, however, snack is an area where most of them end up going for unnecessary foods and jeopardize their weight loss. It's a great idea to pack your own snack at work or on the go. Make small packs of nuts and seeds, fruits, plain yogurt, chaach, sprouts, dark chocolate, chills, cubes of paneer or cheese.

4. Eat An Apple.

This one is my favorite, and I tell most of my clients "eat an apple or visualize it. If you are not hungry enough to eat one full apple, you are not hungry, just bored!". Engage in fun activities or hobbies like singing, reading or whatever you fancy.

5. Try To Eat Meals At Home

For the next 10 days try to eat maximum meals at home. This gives you complete control over ingredients like sugar, fat, oil and salt that goes into your food. You will be surprised how fast you will lose all that extra flab by just doing this.

6. Become a Water Baby

Go for a swim and up your fluid intake, drink loads of water and green vegetable juices. Every season offers us an abundance of water-rich fruits; in summers you have fruits like melons, in the winter months go for amla-water or warm nimbus-paani. Go for the incredible summer fruits and vegetables that are 96% water. In fact a study showed how 14 men and women increased their metabolic rate by 30% by just increasing their water intake on a daily basis.

7. Eat Slowly

We all know this, but now put it in practice. You will be surprised how your portions will reduce and your food will be absorbed better. Eat in a state of complete relaxation for optimum absorption and digestion.

8. Eat Protein

Increase your protein intake as it helps burn fat, and build muscle. Eat cheese, eggs, sprouts, lentils chicken, fish or meat. Also, protein keeps you full as your body takes time to digest protein, hence you are satiated.

9.Don't Stock Unhealthy Food at Home

It is impossible to resist temptation if it is sitting on your kitchen shelf. Don't get evil foods, don't eat evil food. No one in your family needs processed, unhealthy, packaged food. The only way to work around it is to not buy them.

10. Think About Your Ideal Weight

Imagine yourself at your dream weight. Visualize wearing an outfit you have dreams of, and see yourself slim. Everything in existence has begun with the right thought. Positively reinforce and tell yourself "I will achieve xyz weight in 10 days, don't doubt your thought. Give it the right energy, and see yourself happy and leaner not just in thought but in reality.

Diet Chart to Follow for 10 Days

What you eat plays an important role in your weight loss journey. Here's my chart -

Day 1:

7 AM: Methi water or tea and 8 almonds
9 AM: For breakfast, 1 bowl of poha
12 Noon: For snack, a glass of buttermilk
1:30-3 PM: For lunch, 1 roti + 1 bowl veg + 1 bowl dal + cucumber salad
4-6 PM: For snack, 1 cup watermelon
7-9 PM: For dinner, 1 bowl ghia raita

Day 2:

7 AM: Methi water or tea and 4 walnuts
9 AM: For breakfast, 1 bowl of veg daliya
12 Noon: For snack, a bowl of grapes
1:30-3 PM: For lunch, 1 roti + 1 bowl veg + 1 bowl dal + cucumber salad
4-6 PM: For snack, 1 cup watermelon
7-9 PM: For dinner, 1 bowl ghia raita

Day 3:

7 AM: Green tea + 8 Almonds
9 AM: For breakfast, 1 moong dal chilla + curd
12 Noon: For snack, 1 bowl of papaya
1:30-3 PM: For lunch, 1 roti + green veg + cucumber raita
4-6 PM: For snack, 1 bowl of sprouts salad
7-9 PM- For dinner, 200gm paneer bhurji (add veggies) or stir-fried yellow and green zucchini + mint raita.

Day 4:

7 AM: ACV+ water, 4 walnuts + 4 almonds
9 AM: For breakfast, 2 idli + chaach
12 Noon: For snack, 2 slices of mango
1:30-3 PM: For lunch, boiled chana salad
4-6 PM: For snack, cold coffee or 1 banana
7-9 PM- For dinner, 1 oats chilla/ moong dal chilla + cucumber salad

Day 5:

7 AM: ACV+ water, nuts
9 AM: For breakfast, 1 bowl of papaya
12 Noon: For snack, sprouts salad
1:30-3 PM: For lunch, 1 roti + veg + onion and tomato raita
4-6 PM: For snack, tea + 70% dark chocolate (small piece)
7-9 PM- For dinner, 2 egg omelette with veggies

Day 6:

7 AM: Methi water, nuts
9 AM: For breakfast, 1 besan chilla
12 Noon: For snack, chaach
1:30-3 PM: For lunch, dal + 1 cup rice + veg + salad
4-6 PM: For snack, 1 cup grapes + coconut water
7-9 PM: For dinner, chicken tikka (5-6 pcs) + salad Or paneer tikka (120 gms) + salad

Day 7:

7 AM: Methi water
9 AM: For breakfast, veg poha
12 Noon: For snack, 1 cup watermelon
1:30-3 PM: For lunch, 1 roti + veg + curd
4-6 PM: For snack, tea + 1/2 katori peanuts
7-9 PM: For dinner, 2 eggs bhurji Or paneer bhurji (120 gms)

Day 8:

7 AM: Methi water
9 AM: For breakfast, 1 toast + 1 egg
12 Noon: For snack, chaach
1:30-3 PM: For lunch,1 bowl veg daliya
4-6 PM: For snack, 1 bowl watermelon
7-9 PM: For dinner, 1 bowl ghia raita Or 1 moong dal chilla

Day 9:

7 AM: Methi water or tea and nuts
9 AM: For breakfast, 1 bowl of daliya
12 Noon: For snack, 1 bowl of papaya
1:30-3 PM: For lunch, 1 veg stuffed roti + curd
4-6 PM: For snack, 1 cup tea + 1/2 bowl of peanuts
7-9 PM: For dinner, 1 grilled fish + 1 cup steamed vegetables or 1 cup sprouts salad

Day 10:

7 AM: Methi water or tea and nuts
9 AM: For breakfast, 1 bowl of poha
12 Noon: For snack, a glass of buttermilk
1:30-3 PM: For lunch, 1 roti + 1 bowl veg + 1 bowl dal + salad
4-6 PM: For snack, 1 cup grapes or 1 cup tea and 2-3 cubes 70% dark chocolate
7-9 PM: For dinner, 5-6 pieces chicken/ fish tikka + salad or 1 moong dal chila + curd

GST Council Meeting Live Updates: Tax Relief For Different Sectors

noreply@blogger.com (Akshay advisor) — Thu, 2 Jul 2020 13:54:00 +0530

Several decisions have been taken in GST council meeting in order to promote tourism,” Nirmala Sitharaman stated at time announcing rate cuts down on hotel bills.

The GST Council meeting on 27th, Sept announced reduction in tax rates for the hotel industry, taking the entire sector out of the 28% tax rate slab, the highest under the GST regime.
The all-powerful panel also announced tax relief on outdoor catering, move down the GST rate for the service to 5% from the earlier 18%. There was no joy for the ailing automobile sector, though, which has been clamoring for a rate cut in face of its worst sales performance in the past two decades.
In a meeting chaired by FM Nirmala Sitharaman, the GST Council decided to increase taxes on caffeinated drinks – which includes energy drinks and cold drinks to 28 percent from 18 percent.
Govt also introduced an additional 12 percent cess on beverages.
During a press meet after the GST Council meet, FM Sitharaman said that the ministerial groups under the panel should meet more often for prompt resolution of rate issues.

What are the Benefits after new rules under GST Meet:
Supply of goods and services to FIFA and other specified persons for Under 17 Women’s World Cup in India exempted from GST.
Insurance provided to Central Armed Paramilitary Forces to be exempt from GST.
Prospectively, warehousing of certain agricultural products has been exempted from GST.
Hotels with room tariff of Rs 1000 or less will attract nil GST. Those with Rs 1,000- Rs 7,500 will attract 12 per cent GST. Hotels with a tariff of Rs 7,500 and above will be taxed at 18 per cent.
Aerated drinks manufacturers no longer part of composition scheme, says the Finance minister.
Composition cess on petrol vehicles with a capacity of 10-13 persons reduced to 1 per cent. The same for diesel vehicles with similar capacity will be 3 per cent.
Uniform rate of 12 per cent for woven and non-woven polyethene bags.
supply of silver, platinum from specified agencies to be exempt from GST, says the minister.
Defence goods not being manufactured indigenously has been exempted from GST/IGST, announces Sitharaman.
The GST Council has decided to increase the tax rate on caffeinated drinks. It increases GST rates on such beverages from 18 per cent to 28 per cent and imposes an additional cess of 12 per cent.
The states have been seeking an deadline extension of GST cess till 2022 in the face of dropping GST revenue collection in the wake of an economic slowdown.
The recommendations of the GST Council will be implemented from October 1, 2019.

Goods and services tax

noreply@blogger.com (Akshay advisor) — Thu, 2 Jul 2020 13:19:00 +0530

Gst is a huge reform for indirect taxation in India, the likes of which the country has not seen post Independence. GST will simplify indirect taxation, reduce complexities, and remove the cascading effect. Experts believe that it will have a huge impact on businesses both big and small, and change the way the economy functions.

The ebook will help you understand the basics of GST, important terminologies and concepts, and how this might affect your business in the long run. Students of finance, business professionals, entrepreneurs, tax practitioners and accountants will find this e-book comprehensive and helpful in understanding GST.

Comprehensive:

GST will subsume all of the current indirect taxes. Plus, by bringing in a unified taxation system, across the country, it will ensure that there is no more arbitrariness in tax rates.

Multi-stage:

GST is levied each stage in the supply chain, where a transaction takes place.

Value-addition:

This is the process of addition to the value of a product/ service at each stage of its production, exclusive of initial costs. Under GST, the tax is levied only on the value added.

Destination-based consumption:

Unlike the current indirect taxes, GST will be collected at the point of consumption. The taxing authority with appropriate jurisdiction in the place where the goods/ services are finally consumed will collect the tax.

For example: Let’s say that cotton garments are being shipped from Karnataka to Maharashtra. Karnataka is the producer state and Maharashtra is the consumer state. Tax revenue under GST will go to Maharashtra.

Let’s understand how this will impact imports and exports. Exports are not taxable, because the place of consumption is outside India. Imports are taxable, because the place of consumption is in India.

The tax on imported goods will therefore be just the same as domestically-produced goods. Thus, the export industry will become more competitive when compared to its international peers. Also, domestic goods will be protected by making imports at par with domestic goods.

What is SGST, CGST and IGST?

Suppose goods worth INR 10,000 are sold by manufacturer A in Maharashtra to Dealer B in Maharashtra. B resells them to trader C in Rajasthan for INR 17,500. Trader C finally sells to end user D in Rajasthan for INR 30,000.

Suppose CGST= 9%, SGST=9%. Then, IGST= 9+9=18%

Since A is selling this to B in Maharashtra itself, it is an in-tra-state sale and both CGST and SGST will apply, at the rate of 9% each.

B (Maharashtra) is selling to C (Rajasthan). Since it is an inter- state sale, IGST at the rate of 18% will apply.

C (Rajasthan) is selling to D also in Rajasthan. Once again it is an intra-state sale and both CGST and SGST will apply, at the rate of 9% each.

*** Any IGST credit will first be applied to set off IGST then CGST. Balance will be applied to setoff SGST.

Since, GST is a consumption based tax, i.e., the state where the goods were consumed will collect GST. By that logic, Maharashtra (where goods were sold) should not get any taxes.

Rajasthan and Central both should have got (30,000 * 9%) = 2,700 each instead of only 2,250.

Maharashtra (exporting state) will transfer to the Centre the credit of SGST of INR 900 used in payment of IGST.

The Centre will transfer to Rajasthan (importing state) INR 450 as IGST credit used.

**Note: Custom duties are not part of this tax structure.

When is Tax Levied?

A taxable event such as manufacture, sale and provision of a good has to occur for tax to be collected. Under the current system, each taxable event is subject to multiple taxes such as excise, VAT/ CST and service tax. But under GST, products will no longer have multiple taxes, and will not incur excise duty as well as VAT at different points of time. There will no longer be any difference between goods and services in terms of taxation.

An example of this is when we go out to eat at a restaurant. Earlier, the customer paid both VAT and service tax on a single bill, but after GST there is single tax charged on the bill amount.

This leads us to an important concept in GST – Time, Place, and Value of Supply of goods and services.