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.

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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GST Returns In Relation To Job Work

GST Returns In Relation To Job Work

Job work is a vertical of the business wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing. GST law is devised in a way to ensure the compliance liability for the job worker rests with the principal to the extent possible. ITC-04 is a return form required …

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Liability To Pay Tax In Certain Cases

Liability To Pay Tax In Certain Cases

While the ultimate burden of an indirect tax is to be borne by the consumer, under the Central Goods and Service Tax Act, 2017 (‘CGST ACT’) the responsibility to collect and deposit the tax with the government rests with the supplier. A supplier shall be liable for the collection and deposit of GST, provided he …

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Deemed Exports And Zero-Rated Supply

Deemed Exports And Zero-Rated Supply

Exports are incredibly important to modern economies because they offer businesses many more markets for their goods. One of the core functions of diplomacy and foreign policy between governments is to foster economic trade, encouraging exports and imports for the benefit of all trading parties. Therefore, the government has taken various steps from time to …

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