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GST Guide

June 30, 2020

Usually when the GST paid is more than the GST liability, a situation of claiming GST refund arises. Under GST, the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same. 

GST Notifications

June 26, 2020

To give effect to recommendations of the 40th GST Council Meeting conducted in Delhi on 12th June 2020, the government has notified trade relaxations & applicability of certain sections of the Finance Act, 2020 on 24th June 2020.

GST Guide

June 22, 2020

The concept of Reverse Charge Mechanism was introduced in the erstwhile Service Tax laws. Generally, the tax mechanism follows a Forward Charge concept wherein the tax is payable by the person who makes a supply (i.e. Supplier).

GST Guide

June 17, 2020

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for each tax period. A supplier will find out the extent of his tax liability which he has to discharge on a continuous and regular basis only after assessment.

GST

June 15, 2020

The 40th GST Council Meeting was conducted in Delhi on 12th June 2020 chaired by Union Finance & Corporate Minister Smt. Nirmala Sitaraman. This is the first video conference council meeting held after the country was under lockdown due to the Covid-19 pandemic.

GST Guide 

June 12, 2020

GST is one of the biggest reform in the tax regime, is considered as the most volatile tax law which is yet to see stability in terms of user friendly. It is often addressed as data-hungry compliance as it requires line item details o be provided by the taxpayer unlike legacy laws in India.

Vendor Management

June 10, 2020

A vendor portal is a system that helps you manage and stay connected with your vendors in a secured environment which helps you in vendor/supplier on-boarding, invoice reconciliations, initiating and checking payment status.

GST Guide

June 4, 2020

Electronic Way Bill (E-Way Bill) is a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates an e-way bill on the GST portal.

GST Guide

June 1, 2020

Under the GST Regime, businesses are required to maintain various accounts and records for ready verification by an authorized GST Authority either in electronic or physical format. There are different kinds of documents that are required to be issued in different circumstances.

GST Guide

May 29, 2020

GST registration applies to all individuals and entities supplying goods or services in India. The Ministry of Finance has simplified the GST registration procedure to ease the tax filing process. In this article, let us look at the eligibility for…

GST Guide

May 27, 2020

GST is a destination-based tax levied on supply. As per the charging section of GST (Section 9 of CGST Act), the value of supply on which GST is to be levied will be determined as per Section 15. 

GST Guide

May 8, 2020

A distinguishing factor of GST from the earlier Indirect Tax Regime is that GST is a Destination-based tax. This means that the goods & services will be taxed at the place where they are consumed and not where they originate.

GST Guide

April 20, 2020

GST is required to be paid by the taxpayer on the basis of the time of supply of goods or services as the case may be. In order to calculate and discharge tax liability, it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred.

GST Guide

April 14, 2020

Job work is very lucrative and most commonly pursued a business in the Indian Economy. This led to the requirement of extensive provisions to be inbuilt in the GST law. The concept of job work already exists in Central Excise…

GST

April 8, 2020

This article contains the special relief provided by the government to the taxpayers in view of the spread of Corona Virus (COVID-19). The spread of the Novel Corona Virus (COVID-19) across many countries of the world, including…

GST Guide

March 27, 2020

The objective of the composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. The composition scheme under GST is similar to…

GST Guide

March 26, 2020

GST enables a seamless flow of Input Tax Credit (ITC) on all goods and services procured for providing outward supply (apart from the ineligible supply) There are numerous services that are…

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