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Electronic Liability Register under GST law

Hello friends, greetings for the day in the current article we will discuss about electronic liability register. On the common portal each registered taxpayer will have one electronic register called the electronic liability register and two electronic ledgers namely electronic cash ledger and electronic credit ledger. These register and ...

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What is Input Tax Credit (ITC) under GST?

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 extent of tax paid on goods/service pro...

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What is the Input Tax Credit (ITC) under GST?

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 […]...

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Return (GSTR 4) Under Composition Scheme of GST

The composition scheme provides for a very simple way of filing returns by the composition dealers. The taxpayer who has opted for composition scheme under GST Act has to file a single quarterly return as GSTR 4 for the income earned and tax paid during the preceding Financial Year....

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Concept of Mixed Supply & Composite Supply under GST

Concept of Mixed Supply & Composite Supply under GST is a new concept introduced in GST which will cover supplies made together whether the supplies are related or not. Supplies of two or more goods or services can be either ‘composite supply’ or ‘mixed supply’. The concept of composite supply in GST regime is similar [&hellip...

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What are the key highlights of the 4 GST Amendment Bills 2018?

The GST Council has proposed 4 amendment bills on seventh August 2018 to the CGST Act-2017, IGST Act-2017, UTGST Act-2017, and GST (Compensation to States) Act-2017....

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Composition Scheme Under GST and Composition Dealer

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,...

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Tax positions under GST on a few business transactions

In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India....

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GST Rate applicability on Rakhi

In earlier regime of Indirect Taxes, Rakhis were called Raksha Sutra or Kalava (like sacred Hindu threads Moli) and its HSN code or local VAT Code was given accordingly. After GST, shopkeepers were clueless about the code that should be on rachis....

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Briefing about Restaurant Service under GST Regime

Definition A full service restaurant is defined as a sit down eatery where food is served directly to the customers’ table. These establishments may sell alcoholic beverages; provide takeout, delivery or present live entertainment. The term “full service” can encompass anything from a family-style eatery to an elegant restaurant; fr...

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