GST articles

GST on Ocean Freight in Relation to Import of Goods

International Trade is one of the main pillars of economic growth. In this globalization era, both imports & exports play a vital role in the development of growing economies like India. Although, one can argue that an economy should export more & import less since the more a country exports, the more domestic economic activity [&...

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Export of Services and Implications under GST/ FEMA

The term Export generally refers to Exports of Goods but that reference is a passé now. Export of Services is the emerging trend as it widens the scope of exports, bringing in the diversification and increasing India’s Foreign Exchange Earnings. The Indian Economy has witnessed a major boost in the last decade in the services […...

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All About ITC & RCM on Purchase / Hiring of Motor Vehicle

Section 17 Sub-Section 5 of CGST Act has made it clear that even though a Vehicle is used in business, still Tax-Payer will not be entitled to claim Input Tax Credit (ITC) on purchase or hiring of the same. Before 01-02-2019, Tax Payers were restricted from availing ITC on purchase of all type of Motor […]...

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The Perpetual journey of Long Standing Controversy of Section 9(4) read with Section 74(1) of CGST Act, 2017

This article covers the history of amendments in Section 9(4), the issues arising out such amendments. The action taken by GST Department for violation of Section 9(4) and the remedy available to taxpayers to safeguard their interest. We will also prove that though Section 9(4) was deferred and suspended by yet the taxpayer may not be com...

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4TH Year of GST regime: Taking proper shape

The Goods and Service Tax was launched at midnight on 1 July 2017 by the President of India and the Government of India. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. Now soon it will […]...

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How to rectify mistakes in furnishing data through Form GSTR-1 & GSTR-3B

Guidance Notes on How to rectify Common mistakes in furnishing data through Form GSTR-1 & Form GSTR-3B under GST Act, 2017 Dear Professional Colleagues, Good Day to you. Today I am providing my guidance Notes on rectifications of mistakes in furnishing the data through Form GSTR-1 & Form GSTR-3B under GST Act, 2017. I have [&helli...

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Dynamic QR code on B2C invoices under GST applicable from 1st July, 2021

1.0 Background: All supplies made to unregistered persons or consumers are referred to as B2C transactions. B2C invoices are those invoices where the end-user will not be claiming input tax credit (ITC). CBIC vide Notification No. 14/2020-Central Tax directs all taxpayers with an annual turnover of more than Rs.500 crore in any preceding ...

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Dynamic QR code on B2C invoices: Government issues additional clarifications

The Government vide the Notification No 14/2020 – Central Tax dated 21st March 2020 made it mandatory for taxpayers with aggregate turnover exceeding INR 500 crores to mention Dynamic QR code on B2C invoices. However, the Government vide Notification No 6/2020 – Central Tax dated 30th March 2021 waived off the penalty for non-complian...

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QRMP Scheme under GST

Introduction of QRMP Scheme The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis and...

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A Comparison – GSTIN, PAN, TAN & TIN

Deciphering a Comparison of Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), Goods and Services Taxpayer Identification Number (GSTIN) and Taxpayer Identification Number (TIN) Basis Expansion PAN Permanent Account Number GST Number / GSTIN Goods & Service tax Number / Goods & Service Tax Identific...

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June 2021