Input Tax Credit (ITC) is the credit available towards tax paid on inputs which are used or intended to be used for in the course or furtherance of business. Input Tax Credit is the backbone of GST structure. The success of GST depends upon the smooth flow of ITC. Having too many restrictions on the […]
E-way bills is an electronic document generated for the specific movement of goods from one place to another and of value more than Rs. 50,000. In the background of decrease in collection of GST revenue, Govt has implemented Rule 138E of CGST rules from 1st December 2019 as per which if taxpayer has not filed […]
Refund under GST is dealt under Section 54 of CGST and SGST Act. GST refund is eligible for following cases 1) IGST paid on Zero rated supplies 2) Tax paid on inputs for Zero rated supplies (Export supplies) 3) Inverted Duty Structure 4) If taxable person has paid excess tax by mistake 5) Excess balance […]
Its 2 years for GST Law implementation but still facing issues with respect to changes in law through notifications/circulars along with the portal issues. As it is a new law, everyone understands the initial hiccups and appreciate the Government efforts to structure the system but in the process are good Assessee’s being penalised. It is […]
From 1st October 2019, well known Forms GSTR 1 and 3B of GST Era would be replaced with new Forms in a phased manner. Form GST – RET – 01 to be filed along with annexures Anx -1 for outward supplies, RCM and import of goods/services etc., and in Anx-2 details to be validated for […]
Does supply covers charitable activities? There is still a lot of confusion prevailing on whether GST applicable to Charitable Institutions. Let’s understand its applicability and its exemption. GST Act defines supply in a very broad sense. As per section 2(92) read with section 3 Supply includes- All forms of supply of goods and/or services such […]
What is Interest equalisation Scheme (IES): There are many benefits given to exporters, specially MSME sector exporters. One of the scheme is interest equalisation scheme (IES) or also known as interest subvention. This scheme was introduced with effect from 1st April 2015. This is a rebate of interest provided on pre and post shipment export credit […]
