Goods and Services Tax - Page 30

No detention of goods for mere non-mention of Tax payment details on E-Way Bill

M.S. Steel and Pipes Vs Asst. State Tax Officer (Kerala High Court)

The issue under consideration is whether the detention of goods with the allegation that the E-way bill does not have tax amount mentioned on it is justified in law?...

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Vehicle Seized with Goods Released on complying CGST Rule 140

A K Overseas Vs State Of U.P and 2 Others (Allahabad High Court)

High Court states that if the petitioner fulfills the requirement of Rule 140 together with its explanation, Authorised GST officer will release his vehicle along with the goods within period of one week....

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Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]...

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Job Work Procedure under GST | Section 143 | CGST Act 2017

Simplified GST Series –Miscellaneous- Section 143/CGST ACT 2017 Section 143-Job Work Procedure ♣ This section provides for a special procedure to exempt supplies from payment of GST by a principal to a job worker and return from a job worker to a principal subject to certain conditions and procedures. ♣ The definition of job work [&...

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Borrowing options to meet GST Compensation requirement for 2020-21

Release ID: 1649485 (29/08/2020)

The two borrowing options to meet the GST Compensation requirement for 2020-21 consequent to the discussions in the 41st meeting of the GST Council held on 27th August, 2020 has been communicated to States,as per the document attached with this press note, to communicate their preference within seven working days....

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Launch of GSTR-2B for the month of July 2020

Release ID: 1649520 (29/08/2020)

The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B....

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GSTR-2A will now display details of import of goods

Release ID: 1649521 (29/08/2020)

Two new tables have been inserted in GSTR-2A for displaying details of import of goods from overseas and inward supplies made from SEZ units / SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs)....

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FORM GSTR-2B – Advisory- 15 Things to Know

GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). The statement will indicate availability of input tax credit to the registered person against...

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राज्यों की क्षतिपूर्ति का मामला – आखिर क्या हुआ जीएसटी की 41 वीं मीटिंग में

राज्यों की क्षतिपूर्ति का मामला आखिर क्या हुआ जीएसटी  की 41 वीं मीटिंग में कोविड -19 के प्रभाव से केंद्र और राज्यों के राजस्व में भार...

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Composition Scheme-GST Rate & Threshold Limit under GST Law

A ‘Composition Scheme’ is an alternative method of levying tax designed for small taxpayers. If your business is small, but not quite small enough to be GST-exempt, you may be able to use your company’s aggregate turnover to qualify for the composition levy scheme. A simplified ‘Composition Scheme’ has been provided; vide Sect...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.

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September 2020