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.
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, …
GST law seeks to ensure the accurate transfer of input tax credit (ITC) between the states and the parties in the transaction. Invoice matching is a concept wherein all the taxable supplies procured by a buyer and supplied by a seller are matched. The law has mandated the reconciliation with transactions reported by the vendor …
GSTR 2A: Background, Return Filing Status, GSTR 2B Content Read More »
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 …
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 …
Electronic Commerce or E-commerce is a business transaction wherein the selling and purchasing happen over an electronic platform or the internet. The explosion of E-commerce in the 21st century has changed the way of life. Thus, it is imperative to understand the implications of taxation on the E-commerce industry. This article aims to cover the …
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 …
GST known to be One Tax – One Nation is a combination of Integrated GST, Central GST, State GST, and Cess. GST has replaced a number of indirect taxes and levies under Union and state legislation. Before the introduction of GST, there were various types of Cess applicable like Krishi Kalyan Cess, Swachh Bharat Cess, …
GST is levied on any taxable outward supplies by a person. The complete responsibility of calculation, chargeability, and payment of tax has been assigned to the person making outward supplies. It is a self-assessment tax without any interference from the department. However, it may happen that a person has short paid or not paid taxes …
Sigmund Freud, the father of psychoanalysis once said “History is just new people making old mistakes”. While it can be said that the GST council has tried hard to not repeat the old mistakes of the erstwhile Indirect taxes, but certain issues have been gummed to the Indian Indirect tax scenario; Input Tax Credit (ITC) …
Letting Out The ITC Woes Of Let-Out Real Estate Properties Read More »
For any law to be effective, it is important that persons should comply with the legal requirements specified in the law. A fear of interests and penalties instills timely compliances and adherence to the legal requirements mentioned in the law. Here we will try to decipher the provisions laid down for interests and penalties under …
