Goods and Services Tax articles

Who Should Obtain GST Registration?

Any person or a business entity in India supplying taxable goods or services to persons with an annual aggregate turnover exceeding Rs.20 lakhs is required to obtain registration under Goods and Service Tax (GST). However, In some special category states such as Assam, Manipur, Nagaland, J&K and other, the turnover limit has been redu...

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Review of Input tax credit under GST

The GST law aims at providing seamless Input tax credit to the registered persons. While the missed ITC could be a loss to an entity, an undue or excess claim of ITC could put an entity to a trap of interest, penalty & litigation. It goes without saying that there could be several errors of […]...

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GST Regime: The Contemporary Issues Crying for Immediate Attention including need of Robust Digital Platform

India is a country with huge potential. It is an emerging business & economy, powered adequately by the political will of the present leadership which placed the new Indirect Tax Regime of ‘Goods & Services Tax’ (GST). ...

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Highlights of 31st GST Council meeting

1. GST 2.0 to be implemented on trial basis in April 2019 New return filing system to be started on a trial basis from April 1, 2019, and will be to be implemented by July 1, 2019 2. E-way bills rules made strict Taxpayers cannot generate e-way bill if they do not file GST returns for two consecutive tax […]...

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GST on Restaurant Services

The GST regime of indirect taxation has subsumed most of the indirect taxes levied on the sale and purchase of goods and services in India. The price of numerous commodities and services have been affected due to the multiple indirect taxes imposed. When it comes to the restaurant business, the rate of GST on restaurants has […]...

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Punjab State Development Act, 2018- 6 Things to Know

The date of enactment of The Punjab State Development Act is 16th April, 2018. It extends to the whole of the State of Punjab, and offices of the Government of Punjab and offices of any body, whether incorporated or not, which is owned or controlled by the State of Punjab situated in the capital of […]...

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GST on Advance Received for future supplies

GST on advances received for future supplies Time of supply:    Time of supply is earliest of following:    a) At the time of receipt or payment;or    b) At the time of issue of invoice Accordingly, GST needs to be paid with reference to the time at which advance is received. Example: An advance […]...

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Refund of accumulated ITC of compensation cess

The entities whose procurements attract compensation cess but there is no compensation cess levy on final goods manufactured could have accumulated ITC of compensation cess. There has been an ambiguity about eligibility of refund of accumulated ITC of compensation cess in GST law....

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Change in Time Limit for Claiming refund of Accumulated ITC w.e.f. 1 Feb 2019: An Analysis

Section 54(3) of CGST Act 2017 provides refund of unutilised input tax credit. As per section 54(3), refund of unutilised input tax credit shall be allowed in the following two cases only: – (i) zero rated supplies made without payment of tax;+ (ii) where the credit has accumulated on account of rate of tax on […]...

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GSTR 4 (Composition scheme Return) FAQs

Form GSTR-4 is to be filed by a taxpayers who are registered under the composition scheme. The composition taxpayer needs to provide the details of the outward supplies and inward supplies (other than attracting reverse charge and attracting reverse charge) and those received from the unregistered dealers including the details of service...

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