Goods and Services Tax - Page 4

Value of supply of Specified Services in GST regime

For various specified services, there are specific provisions provided in GST Law to determine the value of supply. These provisions have been imported from the service tax regime. The specified services and provisions for the same have been given hereunder:...

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Applicability of GST on completed Flats

GST (goods and Service Tax) was introduced as an indirect tax chargeable on all supply of goods and services. In addition to this, GST is also made applicable to the supply of service in relation to the construction of buildings. However, the applicability of GST is not on completed constructions. In this article, we discuss […]...

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A quick grasp of clarificatory circulars issued by CBIC on 31st Dec 2018 & 1st Jan 2019

On 31st December 2018, CBIC has issued multiple circulars to clarify various issues. Besides, CBIC also issued various notifications and orders to give effect to the decisions taken at the 31st GST Council meeting as a welcome for New Year of 2019. In this article, I would give you a quick grasp of all the […]...

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GST on Gems & Jewelry A Detailed Analysis

Gems & Jewelry Industry in India The gems and jewellery market in India is home to more than 300,000 players, with the majority being small players. Its market size is about US$ 75 billion as of 2017 and is expected to reach US$ 100 billion by 2025. India is one of the largest exporters of […]...

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Steps To Enable Tax Payers To Complete GST Migration Process-2019

The GST Council, in its 32nd. meeting, approved the proposal to extend migration for taxpayers for a second time (Central Tax Notification No. 67/2018 and State Notification No. 1890 F.T. both dt. 31.12.2018), who received provisional IDs but could not complete the migration process even after activating PART A of the migration form. In o...

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GSTR2A Purchase Reconciliation Excel automated tool

This automated excel tool will reconcile the User’s Purchase book with GSTR2A returns completely, listing out matched and unmatched invoices both Invoice-wise and vendor-wise with complete details of Invoice and GST amounts against each invoice and vendor  . The user’s purchase data can be in any format ( that is, the tool do...

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Security services under GST law – Transition to RCM

Security service is a service wherein a person supplies security personnel to another person for a consideration. In the erstwhile Service tax regime, security services provided by individual, HUF or partnership firm to a body corporate were covered under Reverse Charge Mechanism (RCM). However, with the enactment of Goods & Services ...

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Reg. Advance Authorisation by CA to avail Input Tax Credit

Notification No. 1/2019-Central Tax (15/01/2019)

Notification No. 48/2017 amended to amend the meaning of Advance Authorisation by  chartered accountant (CA) to avail Input Tax Credit  vide Notification 01/2019 Dated 15th January, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS] Notification No. 1/2019-Central Tax New...

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जीएसटी एक्सपर्ट सुधीर हालाखंडी के साथ एक इंटरव्यू- जीएसटी का 18 माह का सफ़र

भारत में लगने वाले जीएसटी के बारे में सोचे तो कभी –कभी एक नाम आता है जहन में और वो नाम है जीएसटी एक्सपर्ट सुधीर हालाखंडी का . आइये आज...

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GST on Advance Payment

Generally, GST is imposed on a supplier of goods and service at the time of receipt of payment. However, in some cases, an advance payment is first made by the recipient of the goods or/and service or both to the supplier. In this article, we will discuss the applicability of GST on advance payments. GST […]...

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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.

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