Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
Goods and Services Tax : The article explains that architectural, accommodation, and related immovable property services are governed by Section 12(3) of t...
Goods and Services Tax : Understand the mandatory GST compliances when closing a business, including return filing and tax on stock. The guidance clarifies...
Goods and Services Tax : IGST refunds are not available when exports are made under LUT/Bond without tax payment. The clarification highlights eligibility ...
Goods and Services Tax : The issue is whether renting of immovable property is taxable under GST. The key takeaway is that residential renting may be exemp...
Goods and Services Tax : Learn how to report issues or ask questions about not receiving GST rate change benefits. Contact the National Consumer Helpline (...
Goods and Services Tax : The Ministry of Finance issues FAQs clarifying new GST rates on medicines, drones, bricks, and insurance. Learn about changes to h...
Goods and Services Tax : Key FAQs on GST rate changes from the 56th GST Council, covering goods, services, vehicles, and exemptions effective from 22 Septe...
Goods and Services Tax : Understand GST rules for restaurant services in 'specified premises' post-April 2025. Learn about tax rates, declarations, and ITC...
Goods and Services Tax : Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6...
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...
Goods and Services Tax : A new facility in Invoice Management System (IMS) has been introduced on GST portal wherein taxpayers are allowed to keep credit n...
Goods and Services Tax : Taxpayers cannot file GSTR-9 for FY 2024-25 unless all GSTR-1 and GSTR-3B returns are completed. Auto-population of relevant table...
Goods and Services Tax : Understand how to manage inadvertently rejected invoices, debit notes, and credit notes on IMS, including ITC claims for recipient...
COMPOSITION Q.1 Whether a person can avail the composition scheme on Small Retail Trading of goods if he is holding both incomes like Sale of business: Rs. 25 lakh (Small Retail Trader) and Rental income: Rs. 12 lakh, whereas the person was registered earlier in VAT Composition Scheme and was paying Service Tax on rental income? […]
The compilation of frequently asked questions on GST brought out by the apex training institute under the Central Board of Excise & Customs (CBEC) the National Academy of Customs, Excise & Narcotics (NACEN), has been extremely well received. These GST FAQs were released on 21st September, 2016 by the Honble Finance Minister and were based on the Model GST Law as on June, 2016.
FILING TRAN-1 is very important & as the due date is 28th Sept’17, Some of the important point covered as below, For all other SECTION wise & TABLE wise QUERIES, you can view the VIDEO in the link below, must subscribe my YouTube CHANNEL for more updates
This article attempts to simplify the miscellaneous transitional provisions under GST for better understanding. What types of forms are required to filed in relation to Transition to GST from earlier laws? 2 different types of forms have prescribed in relation to GST transition. Summary of these forms is as below
ARE ALL SERVICES PROVIDED BY THE GOVERNMENT OR LOCAL AUTHORITY EXEMPTED FROM PAYMENT OF TAX ? No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or a vessel, inside or outside the precincts of an airport or a port; (iii) transport of goods or passengers; or (iv) any service, other than services covered under (i) to (iii) above, provided to business entities are not exempt and that these services are liable to tax.
Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or a vessel, inside or outside the precincts of an airport or a port;
What is form GSTR-3B? Form GSTR-3B is a simple E-form introduced by the CBEC for the month of July and August. In GSTR-3B we don’t have to provide invoice level information, only total consolidated values for each supply have to be provided.
Question 1: Whether advertising and communication material (banners/hoardings/posters) provided to distributors would be treated as supply in the course of business by the company thereby not requiring any reversal of ITC. Answer: (a) Where the material is provided free of cost: This would not amount to a supply and hence no tax is payable on […]
Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property right are treated as services. But, if […]
Under GST, a trader would be entitled to avail input tax credit paid on his domestic procurements of goods and services unlike the present indirect tax regime. Presently, a significant portion of indirect taxes namely Central Excise and Service Tax form part of the cost component for a trader. This will not be the case under GST. He will now be able to take credit of all taxes paid by him.
