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.
The GST law, like most of the other countries, is based on self-assessment. Nonetheless, tax evasion and frauds are still widely prevalent in the country. The GST law embodies certain provisions that empower the proper officer to inspect, search, seize, and investigate cases to check this evasion. One of the key authorities which investigate cases …
Taxability of charitable trust Charitable trusts, religious trusts and Non-Governmental Organizations (NGO) are entities, the objectives of which are not to make profit or enhance their revenues but to work towards the greater good of the society. Due to this, they are eligible for multiple exemptions and relaxations as far as taxes are concerned. In …
All laws, whether taxation or otherwise, grant certain powers to officers which enable the officers to execute the law in the right spirit. Similarly, the GST law also grants certain powers to GST officers. In this blog, we shall discuss the powers of GST officers. each taxpayer should be aware about the powers of a …
Introduction In another attempt to convince the taxpayers to file their Income Tax Returns or ITR, the Central Board of Direct Taxes or the CBDT has introduced Section 206AB and 206 CCA of the Income Tax Act, 1961. The said sections prescribe for a higher rate of Tax Deduction at Source (TDS) and/or Tax Collection …
Solution to a higher rate on TDS on account of non-furnishing of returns Read More »
In the year 2000, India first dreamt of the GST law. However, it took eight years for the Indian Government to conclude that India would need a dual GST model to befit the political structure and the allocation of tax revenues. What is the dual model of GST? The dual model of GST is where …
GST software simplifies the GST filing process and makes it easier for many businesses. The software has a wide range of features that eliminate a lot of complexities. The efficiency of the filling process is improved, allowing business owners to file GST before the due date. The software can generate invoices with all the necessary details without …
A recent change in GST in the Finance Bill 2021 is the removal of the requirement of the GST Audit annually and the inclusion of self-certification. It was proposed due to a variety of reasons such as small taxpayers suffer from the CA’s high cost of compliance fees, who audit GST accounts annually. Advantages of …
Impact of the abolition of GST audit provision on taxpayers: How technology can help Read More »
What is annual aggregate turnover? Annual Aggregate Turnover (AATO) is a significant variable in the GST regime. It is the total annual turnover of one legal entity which may be registered in multiple states. As per Section 2(6) of the CGST Act, 2017, aggregate turnover has been defined as ‘aggregate value of all taxable supplies (excluding the value of inward supplies on …
The Goods and Services Tax (GST) Act, 2017 provides for a mechanism to compensate the states for the revenue loss on account of the rollout of GST. Such compensation is to be provided by the Centre to the States. An Act namely the Goods and Services Tax (Compensation to States) Act, 2017 has been enacted to seamlessly …
Seamless availability of Input Tax Credit (ITC) is the highlight of the GST regime. For any tax regime, the flow of credits is an integral part. It determines the cascading effect of taxes and the tax cost that forms part of each product to the ultimate consumer. Under the GST regime, the law specifies conditions …
Claiming GST Input Tax Credit? Here’s a checklist for you! Read More »
