As per the provisions of section 22(1) Every supplier shall be liable to be registered under GST Act in the State or Union territory, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds prescribed limit.
I have tried to explain the basic provision, rules as well as notification which are very important to understand the GST on the export of Goods as well as services.
Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division **** […]
Meaning of Capital Goods According to section 2(19) of the CGST Act Capital Goods means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. A. Input Tax Credit […]
जीएसटी के तहत गिरफ्तारी के प्रावधान आज आपसे हम जीएसटी कानून से जुड़े एक बहुत ही संवेदनशील मुद्दे पर चर्चा कर रहें है और वह है जीएसटी कानून में गिरफ्तारी के प्रावधान . जीएसटी जिस समय भारत में लगाया गया था उस समय एक सवाल सबसे अधिक चर्चा का विषय था वह था क्या जीएसटी […]
Form PMT-09 enables taxpayer to transfer amount from one minor head/ major head to another minor head/major head. For instance, taxpayer has paid ₹5,000 under interest of CGST. Now by filing PMT-09, he can shift that amount to late fess of SGST also.
Gold has traditionally been a major investment product available for the generations upto our parents. Even in the present era where various financial products available, financial planners advise investment of certain percentage in gold for diversification. Indian and specially females, are obsessed with gold, a major part of which is imported. Due to import of […]
1. A free flow of input tax credit is a backbone of GST Law for eliminating cascading effects of taxes. However , section 17(5) of the CGST Act,2017 specifies certain Goods and Services as Blocked Credit . It means , a taxable person is not eligible to take Input Tax Credit ( ITC) on the […]
1. All Individuals & HUF can choose to pay tax as per new slab rates without availing exemptions & deductions Option has been given to all individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, […]
In today’s business Bill to – ship transactions are often occurrence. The main benefit of any subsequent sale during the movement of goods is exempt from tax leads to do a proper tax planning’s in current regime.
