With the introduction of Goods and Service Tax in India, crores of taxable persons have registered under GST and are now required to comply with various GST compliances. In order to make the compliance easy for businesses registered under GST, the Government has taken various initiatives such as GST Facilitation Centres and GST Practitioners.
Section 23 of the Central Goods and Service Tax Act, 2017 deals with the provisions of persons who are not liable for GST registration. Section 23 (1) states that persons who are engaged in supplying goods or services or both that are not liable to be tax or persons who are engaged in supplying of goods or services or both that are wholly exempted from tax, then, such persons are not required to obtain GST registration.
Present article would help to list down the documents required for obtaining new GST registration for different categories of entities i.e. Sole Proprietorship, Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company And One Person Company, Hindu Undivided Family (HUF) and Foreign Company. List Of Documents Required Entity-Wise for new GST Registration […]
Following article highlights various provisions affecting cancellation of GST registration and procedure thereon. It discusses Persons Who Can Apply For Cancellation of GST Registration
As per rule 18 of the Central Goods and Service Tax (CGST) Rules, 2017, every registered taxpayer is required to display the GST registration certificate in a prominent site at the principal place of business and also at every additional place of business.
Abhishek Jain Vs ITO (Delhi High Court) Abhishek Jain, as an individual, has filed the present writ petition for quashing notice dated 18th February, 2016 issued under Section 148 read with Section 147 of the Income-tax Act, 1961 (hereinafter referred to as the ‘Act’) for the assessment year 2009-10 by the Income-tax Officer, Ward No.1 (1), […]
The meaning of Input Tax Credit can be understood easily if we break the words input and tax credit. Here input is referred to the materials or services that a manufacturer/Supplier of services procures in order to manufacture a taxable product or to render a taxable service. The word ‘Tax credit’ means the tax paid on the purchase of inputs (goods to be used in taxable supply) which can be used to reduce the output tax (Tax to be paid on the supply of goods or services).
Input Tax Credit under GST is the most common word associated with the present day taxation regime. Input Tax Credit incorporated in the GST mechanism in order to minimize the cascading effect (tax on tax). In an ideal tax mechanism, taxes never become a part of the cost of a product, until it reaches the ultimate final consumer.
Input Tax Credit commonly known as ITC is the tax that a registered taxpayer pays on procuring goods or services or both and the same can be utilized in order to reduce its tax liability. In simple words, a registered person can reduce the future tax liability by claiming the input tax credit to the […]
In brief my family was met with an major accident in 2010 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident compensation amount ( without deduction of any tax as it was recovered by the court thru attachment order because insurance people never came to deposit the amount by themselves) inclusive interest of last 7 years ( 2010 to 2017). Enhancement amount is 35 lacs and interest amount is 15 lacs. The amount was received in august 2011 in which 75% of the amount i.e. 40 Lacs has been fixed by the court in the name of disable minor for next 15 years. Court has given us one facility to take quarterly interes
