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The introduction of GST regime is round the corner. It has become imperative  to understand this new law to serve the businesses. Continuing with its efforts to update the members, the Indirect Taxes Committee of ICAI has launched a Standardized PPT on Goods & Services Tax (GST) to provide a single handed knowledge on upcoming [&hell...

A credit note is issued to correct a genuine mistake or to give a credit to your customer under the following situations...

The amendment bought in the definition is that principal place of the business will be the place mentioned in registration certificate irrespective of the location of books and accounts. ...

Finance Ministry has issued Draft GOODS AND SERVICES TAX -INVOICE RULES, which set rules for invoice which will be issued after the implementation of GST. This rules is very important as this will tell us the minimum/compulsory content of the GST Invoice...

Article 254 gives power to States to prevail their own Law in respective states with the consent of President even if the parallel Central Law is in existence, thus for the purpose of this Act, the said article has been overruled by using words notwithstanding (overruling/disregarding) in the opening line of the Article 246A....

The following discussion focuses on Place of supply of Goods aspect. Place of supply (‘POS’) should mean the place where supply happened or made to be happened by some government force....

Earlier outward supply was restricted to transactions like sale, transfer, barter, exchange, licence, rental, lease or disposal, whereas in the new definition any other means has been added thereby widening the scope of the definition....

In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes....

After it was almost clear after 9th meeting of GST Council that GST may now be implemented from July, 2017 only, at the earliest, all eyes were on the Union Budget 2017-18 which has since been presented in the Parliament of India on 1st February, 2017....

Economic Survey 2016-17 discussed on major distortions in internal trade in the existing tax system and also hoped that GST will normalize the situation. Major distortions identified are:-...