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...
CBEC released FAQ on GST in English, Hindi, Assamese, Gujarati, Malayalam, Punjabi Telugu and Kannada for the benefit of General Public
Enrolment of existing taxpayer on GSTN Portal www.gst.gov.in and FAQs on registration and migration of existing taxpayers
Articles Answers FAQs on Enrolment of Existing Taxpayer currently registered under Central Excise, Service Tax, State Sales Tax / VAT, Entry Tax, Luxury Tax & Entertainment Tax on GST System Portal
Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the taxpayer; ii. to expedite payment of GST involved in disputes by avoiding costly and time consuming litigation process; iii. to provide an opportunity to tax payers to come clean who may have evaded payment of tax;
The FAQ compilation covers broadly 24 topics with Chapters on Registration, Valuation, Input Tax Credit, Assessment, Audit, Refund, Demand and Recovery, Appeals, Advance Ruling, Offence and Penalties etc.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.
Quick understanding of Composition levy under section 8: Who is eligible: Registered Taxable person whose aggregate turnover as defined by section 2(6) of Draft Model GST Law, 2016 which includes both taxable and non-taxable supplies, exempt supplies and exports in a financial year does not exceed Rs. 50 Lakhs.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services.
