A complete guide to understanding when IDS arises, who can claim refunds, and how GST 2.0 rate changes affect refund eligibility. Key takeaway: Refunds are allowed only for accumulated ITC on inputs where tax rates invert.
GST rates for hotel rooms up to Rs.7,500 and beauty services are cut to 5% without ITC, while some transport services increase to 18%.
GST change on granite blocks creates challenges for quarries, impacting input tax credits and working capital. Learn about key strategies.
Duty Credit Scrips are goods as held by many Courts and the supply of the same liable to GST. Duty Credit Scrips covered under HSN 4907 and exempted from 13.10.2017 under S. No. 122A of Notification 2/2017 – CGST (Rate). Prior, it was taxable under GST.
Introduction: > Where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on Output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council. > […]
Upon reading of the heading, one may feel that what could be issues faced by SEZ unit as they can procure the goods without payment of GST and export their supplies without payment of GST. SEZ units are facing many issues in GST regime due to lack of co-ordination between the associated enactments, GST portal […]
The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. We have completed three years of implementation. […]
Hotel industry is one of the major impacted industries due to Corona virus (Covid 19) Pandemic. It is high time for the industry to reduce their costs and ensure that they are not hit with GST non-compliance notices. Since, the substantial business of the industry would be B2C (business to customer), any future demands by […]
