In the Health sector  GST has shown several benefits in the form of improvement in operational efficiency by rationalizing the supply chain which could add 2% to the country's pharmaceutical industry. After the amalgamation of all taxes, the burden of manifold taxes on products got reduced. This would enable the companies to look after t...

Q.1 When Section 129 invokes?. Ans. Section 129 comes into play when a taxpayer transports any good or stores any good while they are in transit in contravention to the provision to this act or rules made there under. Q.2 What types of Goods are covered under Section 129?. Ans. Both Taxable and Exempted Goods. […]...

31 मार्च 2023 जीएसटी नोटिफिकेशन 1. अधिसूचना सं. 2/2023-सीटी दिनांक 31-03-2023  GSTR-4 कम्पोजीशन रिटर्न  को न भरने पर लगने वाले  विलंब शुल्क में कमी कंप�...

1. GST PORTAL UPDATES 1.1. GSTIN to GSTIN Cash Ledger Balance Transfer by GST PMT-09 (Advisory Dated: 07/03/2023) The GST Portal has been updated with a new functionality to enable taxpayers to transfer the available cash ledger balance from one GSTIN to another GSTIN on the same PAN BY Form GST PMT-09. 2. GST DEADLINES […]...

E-way Bill is an electronically generated document that is required to be carried by a person in charge of the transport of consigned goods, which is valued at more than Rs. 50,000. (Consignment value) in a vehicle from one place to another place. Requirement of E-way Bill: ❖ Invoice/ Bill of supply/ Receipts relevant to […]...

Finance Ministry observed there are a large number of taxpayers who are not filing their GST Returns on time. To put an end to this continuous default and provide an opportunity to non-compliant taxpayers to be up to date with their filings, the GST Amnesty Scheme from April 2023 has been introduced. CBIC had issued […]...

1. NOTIFICATION NO. 2/2023-CT DATED 31-03-2023 LATE FEES FOR NON-FILING OF GSTR- 4 COMPOSITION For the Composition dealers who failed to file their GSTR-4 the Late fess is reduced to Rs. 500.00 (SGST-250.00+CGST 250.00) Further if the tax payable is NIL, then NO Late fees is required to be paid.  Period of Default – From […]...

Section 130 was introduced with a view to avoid any transportation of Goods using unfair means , where the taxpayer has an intention to evade tax....

Notification 02/2023 Central Tax dated 31st March 2023 Late Fee for delay in furnishing GSTR 4 i. GSTR 4 not filed for the quarters from July 2017 to March 2019 or for the FYs from 2019-20 to 2021-22 by the due date but furnished the said return between the period from 1st April 2023 to […]...

Composite supply means a supply which comprise of two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of them is a principal supply. It means that the items are generally sold as in combination. These items cannot be supplied separately. where principal supply [&h...