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.

Compensation Cess under GST

Compensation Cess under GST

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 …

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Impact of GST and industry-specific issues related to real-estate

Impact of GST and industry-specific issues related to real-estate-01

Introduction The Indian real estate sector is one of the most prominent sectors – both in terms of value and employment generated. Notably, the real estate sector is the second-highest employment generating sector in India. It is anticipated that by 2040, the real estate market will grow to INR 65,000 crores and would contribute 13% to the country’s …

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Goods and Conveyance in transit - Inclusive Reforms

Goods & Conveyance in transit - Inclusive Reforms

The tax laws have several penalties prescribed for non-compliance or violating the laws. One such penalty that indirect taxes have had for ages are the detention and seizure of goods. Even during the VAT regime, there were vehicle detention and seizure of material provisions in place. In common parlance, detention means not permitting the owner of the goods or …

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How technology can assist businesses in mitigating GST Errors

How technology can assist businesses in mitigating GST Errors

Background Before the GST regime, Indirect taxes in India were extremely complex and intricate. There were multiple levies governed by varied laws and regulations. This complicated the indirect tax domain further. Hence, there were high probabilities of mistakes being committed by taxpayers.  However, once the roll-out of GST was announced, it was anticipated that these complexities would …

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GST Audits: The Road Ahead!

GST Audits The Road Ahead

What is an audit under GST law? An independent examination of books of accounts of an organization by an expert to provide a true and fair opinion on the same is referred to as audit in general terms. The definition of audit can vary from one law to another; however, the principle remains the same. …

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Confiscation Of Goods And Conveyance And Levy Of Penalty

Confiscation Of Goods And Conveyance And Levy Of Penalty

Each law has penal and corrective provisions which ensure and encourage taxpayers to adhere to the legal provisions in their entirety. However, laws are different and so are the penalties prescribed. GST law also has certain penalties prescribed for specified offences. These offences and penalties can be read in our previous knowledge blog. This blog attempts to detail out one such …

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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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