Corporate Law : Overview of the Constitution (106th Amendment) Act, 2023 covering women’s reservation in Parliament and Assemblies, its scope, t...
Fema / RBI : The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with fle...
Company Law : The scheme allows companies to clear pending filings at reduced cost. It provides a major compliance relief with only 10% addition...
Goods and Services Tax : IGST refunds are not available when exports are made under LUT/Bond without tax payment. The clarification highlights eligibility ...
Income Tax : The issue covers taxation and computation of house property income under the new law. The key takeaway is clarity on annual value,...
Finance : The Authority clarifies application process, operating models, service limits, and compliance obligations under the new GIC Regula...
Corporate Law : The India–European Union Free Trade Agreement (FTA) is a comprehensive pact covering trade in goods, services, rules of origin, ...
Corporate Law : The ruling clarifies that digital processes are encouraged but not mandatory, ensuring workers rights are protected even through p...
Company Law : The law removes sector-based exclusions and extends minimum wage protection to all employees. It confirms universal coverage acros...
Corporate Law : The FAQs explain the uniform wage definition and the 50% allowance cap across all Codes. Gratuity applies prospectively from 21 No...
Corporate Law : FSSAI introduced perpetual licenses and simplified registration norms to ease compliance. The reforms reduce costs while maintaini...
SEBI : FPIs can now apply for Digital Signature Certificates directly within the CAF portal. The move simplifies onboarding and reduces p...
Goods and Services Tax : GSTN has clarified key issues on filing annual returns through consolidated FAQs. The guidance explains ITC reporting, auto-popula...
Goods and Services Tax : ITC availed for FY 2023-24 but reversed or claimed in FY 2024-25 must be reported in Table 6A1 of GSTR-9. Reversals from prior yea...
SEBI : The notice outlines detailed guidance on filing financial results under Regulation 33, covering timelines, disclosure norms, and r...
You shall be granted a single registration in the State/UT. However, you have the option to take separate registration for each of your business verticals (as defined in section 2(18) of the CGST Act, 2017) in the State/UT.
The assessment of drugs and formulations under GST would be on the basis of transaction value at each level of supply with end to end ITC chain for neutralizing the GST paid at the procurement level.
When registration under GST is required to be taken by Jewelers? A. i) Once the aggregate turnover crosses Rs.20 lakh a person becomes liable for registration. Time limit – Within 30 days from the day limit for aggregate turnover is crossed.
Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
1. What is GSTR-1? GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. 2. Who is required to file the GSTR-1? Every registered taxable person, other than […]
1. How can I download and install the Invoice Upload/Download Offline Tool in my system from the GST Portal? 1. Login to the GST Portal gst.gov.in.2. Go to Downloads > Offline Utilities> Returns Offline Utility > Download
If I buy raw material from a supplier unregistered under GST, do I have to pay GST in RCM and can I avail ITC of the same? Reply :- Yes, you have to pay GST via Reverse Charge Mechanism (RCM). You can avail ITC of the GST so paid if you are otherwise eligible.
Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: i) inter-State supply and covered under the IGST Act. ii) ‘zero rated supply’ i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage or at […]
Does the buyer of raw cotton (who is a registered person) from the farmer need to pay GST on Reverse Charge basis? Answer: Yes. As the cotton under heading 5201 and 5203 has been placed under 5% rate and the cotton farmer is not liable to registration, the buyers of raw cotton (who are registered persons) from the farmers are required to pay tax on reverse charge basis as per Section 9 (4) of the CGST Act, 2017.
Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems.
