GST Guide

GST Guide articles are detailed by our GST experts that share all the relevant information regarding GST and related concepts under GST.Subscribe and stay updated.

TDS: New Provisions On The Corner

The new Tax Deduction at Source (TDS) provisions introduced.

Introduction The Indian Government in the last few years has been actively trying to formalize the economy by adopting various measures. The intent behind such measures is to widen the tax base and eliminate the cash or the parallel economy. Various steps are being taken in both the GST domain and the direct tax domain so …

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Accounts & Records Under GST

Accounts & Records Under GST

GST is a self-assessment regime wherein taxpayers are required to assess and deposit tax themselves. Periodical returns are required to be filed with revenue authorities. Such returns filed, are later assessed or scrutinized by the Government to identify any deviations. To further corroborate the assessment or scrutinization process, the Government relies on the accounts and …

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Provisional Attachment Of Property Under GST

Provisional Attachment Of Property Under GST

Provisional attachment of property is a legal term which essentially means seizing or blocking property including bank accounts of an assessee, who is being subject to a department inquiry/ investigation/ assessment. Provisional attachment is a measure which is resorted to safeguard the interest of Government revenue to ensure a tax defaulter does not go absconding …

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Fraudulent GST Practices – Impact On Businesses & Possible Safeguards

Fraudulent GST Practices Impact On Businesses And Possible Safeguards

Introduction India has always been suspected to have a gigantic parallel cash economy which was primarily the reason for tax evasions and frauds. With the intent to curb transactions happening under such a parallel cash economy, the Government took various significant steps such as demonetisation, GST roll-out, etc.  However, even after such drastic measures, the …

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GST Offences And Penalties

GST Offences and Penalties

Every business or taxpayer wishes to be tax compliant. Efficient tax administration helps and encourages businesses to become compliant. Filing tax returns correctly and timely is not the only compliance. There are several other factors that decide whether a taxpayer is compliant such as maintaining nooks of accounts, filings forms, and fulfilling procedures, etc. However, …

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Foreign Trade Policy

Foreign Trade Policy

Export promotion has always been one of the top priorities of the Government of India. Boosting exports is important as it ensures trade balance and is good for the economy of a country. The policy which determines the export and import related rules and norms is called the Foreign Trade Policy or the FTP. LIST …

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GST Constitutional Remedies And Validity

Constitutional Remedies and Validity- GST

The Indian Constitution is the utmost law of India. It has 470 Articles which are divided into 25 parts. It has been amended 104 times since its inception. LIST OF TOPICS COVERED: Background Constitutional Remedies Constitutional Validity Issues From GST Perspective Implications For Businesses Key GST Rulings Background A Constitution of a country is a …

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Anti-Profiteering

Anti-Profiteering

India had its first experience with Anti Profiteering provisions when GST came into play in 2017. The idea behind introducing anti-profiteering in India was to control inflation which was observed in other countries where GST had been rolled out such as Australia, Malaysia, etc. LIST OF TOPICS COVERED: Background & Definition NAA – Constitution, Duties, …

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TCS On Sale Of Goods

TCS on Sale Of Goods

Section 206C (1H) -: TCS on Sale of Goods According to Section 206C (1H), Seller of goods is required to collect tax at 0.1 % of the amount in excess Of Rs. Fifty lakhs from buyer. “Seller” means a person whose turnover exceeds rupees ten crores during the financial year immediately preceding the financial year …

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