Discover the key updates under Section 74A of the CGST Act, 2017, including thresholds, penalties, and procedural changes for tax demands from FY 2024-25.
Discover the key recommendations from the 53rd GST Council Meeting held on 22-06-2024, including changes in tax rates and clarifications on GST issues.
Section 7(1)(c) of the CGST Act states that ‘supply’ includes the activities specified in Schedule I, made or agreed to be made without a consideration; As per entry 2 of the Schedule I, Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business is to be treated as ‘Supply’.
1) Introduction : The concept of input service distributor exists even in the earlier service tax law. This has been borrowed into GST, entitling a person who is registered as an Input Service Distributor (ISD) to distribute the credit in respect of input services (and not inputs) received in its name. Given that services are […]
1) Introduction : In view of the spread of pandemic COVID-19 across many countries of the world including India, The GOI has increased the due date for filling intimation to opt for payment of tax under composition scheme for FY:2020-21 to 30.06.2020 vide Notification No. 35/2020 – Central Tax dated 03.04.2020. So before advising client […]
As per the provisions of section 22(1) Every supplier shall be liable to be registered under GST Act in the State or Union territory, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds prescribed limit.
