Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
Goods and Services Tax : Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of th...
Goods and Services Tax : The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Calcutta High Court grants a final opportunity to a business owner to comply with WBGST Sec. 28(1) after non-compliance led to the...
Goods and Services Tax : Calcutta HC directs GST registrant to file delay condonation application under Limitation Act for appeal rejection despite pre-dep...
Goods and Services Tax : Calcutta HC overturns GST appeal dismissal, condoning the delay caused by technical issues on the GST portal. Case sent back for r...
Goods and Services Tax : Delhi HC upholds bail granted to Sanjeev Malhotra in GST fraud case, ruling against the petition for cancellation of bail....
Goods and Services Tax : Calcutta High Court rules that a Show Cause Notice without date, time, and venue for a hearing is invalid, directing a fresh adjud...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
Input tax credit on input, input services and capital goods is the most contentious issue where always are lot of litigation on admissibility . This is common problem in case of lack of clarity of the provisions and rules under the existing indirect tax as well like Excise , Service Tax and VAT.
As GST implementation date approaches it is time that businesses get ready for it. There are few important things that businesses need to take care of before the implementation date to be GST ready.
In this editorial, the eligibility and conditions for taking Input Tax Credit under Central Goods and Services Tax Act, 2017 is being covered. The aim is to decipher various aspects of Input Tax Credit.
Since GST is all set to roll out in July 1, 2017, the major and important task is to Register under GST and while registering, one should be very careful, as registration can be cancelled as well, if the proper procedure is not followed.
As per Section 31(1) of CGST Act 2017, a registered person supplying taxable goods shall, before or at the time of,— (a) Removal of goods for supply to the recipient, where the supply involves movement of goods; or(b) Delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as prescribed in Revised Invoice Rules, 2017.
“SUPPLY” This word has become the foundation stone for all the future financial transactions in India. All the beams, pillars, walls, rather the complete structure of the indirect taxation in India have been built on and around this one word. Under the proposed GST regime, any transaction which is not a supply cannot be taxed and a transaction may be taxed under GST only if it is a supply.
How to fill Form GSTR-2: GSTIN – Each taxpayer will be allotted a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). GSTIN of the taxpayer will be auto-populated at the time of return filing.
Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the supplier of goods or services are matched. GSTR […]
Goods include: Every kind of movable property, Actionable claims, Growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply.
The power of charging tax in a statute is created by charging section. So, before charging tax on any transaction it must fall within the ambit of taxable event, also the person liable to pay tax must get covered within the ambit of charging section.
