The whole beauty and important feature of GST Is its so called seamless chain of input tax credit (ITC) . The purpose of ITC is to avoid the bottleneck of the existing indirect taxation system i. e cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under this new system Goods and Services Tax (GST) would mitigate such cascading of taxes.
Job work means outsourcing of manufacturing activities for completion of a product beyond the premises of the principal manufacturer. The principal manufacturer gets the manufacturing facilities through job worker to meet requirement of customers.
Here in this Article let us discuss how to generate E-Way Bill in case of Import Transactions. E-Way bill is required in the following cases : 1. When Imported Goods are Cleared by Customs from Inland Container Depot (ICD) / Container Freight Station (CFS) for Home Consumption and are being Transported to any of the Business Places of Importer.
Everyone is aware of GST and ambiguities created by it. A layman or a professional no one is left untouched by its impact, not even our economy and business. I am quite sure that everyone is aware of bitcoins and its ever fluctuating valuations
The startup culture is full of people who try to, want to but are not able to get their business up from scratch. The reason for this is, number of entrepreneurs don’t know the process of taking their venture from point A to point B. The point A is this brilliant idea they have and B is the consequent, fantasized state where the venture is established, secure and profitable.
1. What is the GST E-way Bill? E-way bill stands for Electronic Way Bill. It is usually a unique bill number generated for the movement of a specific consignment of goods. While the e-way bill was part of the original scheme of GST, it was deferred at the time GST came into existence on the […]
Section 149(1) of Companies Act, 2013 has created responsibility on every company to have minimum number of directors if we see Companies Act, 1956 there was section 252 which used to create responsibilities on companies to have minimum number of directors and only natural person can be appointed as a director (this requirement was also there in erstwhile Companies Act 1956).
Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto
JCB India Limited Vs Union of India (Bombay High Court) Bombay High Court upheld the Constitutional validity of One Year Limitation for GST Transitional Credit under Section 140(3)(iv) of the CGST Act, 2017. FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:- 1. All these petitions were heard together and are being disposed […]
High Sea Sales from the point of view of an entity incorporated in India refers to the sale of goods which is made after the goods cross the Custom Barriers of the Foreign Nation but before crossing (entering) the Custom frontiers of India by way of transfer of document of title.
