An issue may arise as to whether GST can be levied on the transfer of the undertaking by way of demerger. Sec. 11(1) of the CGST Act, 2017 grants exemption from tax to the services by way of transfer of a going concern, as a whole or an independent part thereof.
Since the onset of GST, businesses have been struggling to comply with the provisions seeking for the reversal of the ITC along with interest on the failure to pay the taxable value along with tax amount to the vendor within 180 days from the date of the issuance of the invoice.
Understand the recent changes in reporting Input Tax Credit (ITC) claims in GSTR-3B Table 4. Explore the revised format, capturing eligible and ineligible ITC, bifurcating reversals, and ensuring accurate fund settlement between Central and State Governments. Get insights on reporting eligible ITC under various categories, the bifurcation of ITC reversed, and crucial details for compliance. Stay informed on the net ITC available and other essential aspects. Ensure correct ITC reporting in accordance with the law for seamless compliance.
Demystifying the GST Clause 44 in Form 3CD. Explore the mysterious aspects of this tax audit report clause and understand its impact on expenditure and supplies.
Now one of the reasons for the tax getting accumulated in the chain is the inverted rate structure wherein the tax rate applicable on inward supplies is higher than the tax rate applicable on outward supplies.
Stay updated on the recent changes in GST regulations for accommodation services. Learn about the withdrawal of exemptions and the introduction of reverse charge mechanisms.
Understand GST implications on pre-packaged and labelled food items with these FAQs. Get insights into the changes and exemptions from 18.07.2022.
The Government has always experienced resistance when it comes to levying an indirect tax on the transportation services supplied by a Goods Transport Agency (GTA).
Learn about the impact of GST rates on pre-packaged and labelled food products. Understand the conditions for exemption and the importance of brand name considerations.
Understanding the impact of GST on hospitals. Learn about the new regulations and how they affect the room charges for patients.
