Goods and Service Tax
Prerequisites for e-Way Bill Generation
Prerequisites for e-Way Bill Generation There are some prerequisites for generating an eway bill (for any method of generation): Registration on the EWB Portal The Invoice/ Bill/ Challan related to the consignment of goods must be in hand. If ...
What are the Latest Improvements in GSTR-1?
A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, ...
GST: Self Invoicing Under RCM ( Reverse Charge Mechanism)
In GST, Section 9 of the CGST Act 2017– related to levy and collection, There are 2 types of charges under GST (1) Forward Charges (2) Reverse Charges Under reverse charge, there are two type of payments i.e. Taxable supplies provided by register ...
How to take GST Tax Credit without Invoices
GST consolidates multiple taxes into one. It is important to have rules in place to ensure that a registered business smoothly transitions to GST. Input Tax Credit Provisions have been made for the smooth transition of Input Tax Credit available ...
GST – Export related clarification
In order to facilitate and promote the export of Goods and Services from India and make it hassle-free, CBIC has issued three nos. of clarification circulars dt. 20.09.2021 to clarify certain issues which are being litigated/disputed by the ...
What is meant by Distinct Person under GST?
Distinct persons are persons with different GSTINs belonging to one legal entity (single PAN) situated within the same state or in two different states or in a different country. In this article, we shall see instances when a taxpayer is considered ...
Table 6A of GSTR-1 : Refund on Export
Table 6A of GSTR-1 needs export details to be reported. Under GST, exports are considered to be zero-rated supplies. The suppliers of zero-rated supplies enjoy certain benefits under the GST law very similar to customs law. Latest Update 29th August ...
Exports Under GST: How to Use Bond or LUT?
LUT and bonds are instruments that evidence an undertaking by the taxpayer for exports. Here we give an insight into the details about when to opt for LUT and when to opt for Bond. Not only this but also how to claim the refund of IGST paid on ...
what are the GST Departmental Audit Applicability?
GST Departmental Audit GST has been one of the biggest tax reforms of our country. July 2021 marked four years of GST Implementation and though it has stabilized to a large extent, the taxpayers are still grappling with some issues and compliances ...
Implication of GST on FMCG Sector
INTRODUCTION Fast moving consumer goods (FMCG) is the 4th largest sector in the Indian economy. There are three main segments in the sector – food and beverages, healthcare and household and personal care which accounts for almost half of the sector. ...
what are the process of name change under GST ?
Change of Firm Name in GST Registration Certificate In this article, we will discuss an important question that "Can we change name of firm in GST Registration". Though many people think that once GST Registration is obtained, it is not possible to ...
GST on Service Providers, Bloggers, Youtubers & Freelancers
GST is applicable in India from 1st July 2017 and it is also applicable to Bloggers, Youtubers, Service Providers and all other types of Freelancers and the rate of GST in such cases is 18%. There is no confusion regarding this and it is fairly clear ...
When can someone be Arrested under GST?
In our previous articles, we discussed inspection, search, seizure and also offences and penalties, and prosecution. In this article, we will discuss the arrest under GST. When can someone be arrested under GST? If the Commissioner of ...
Inspection, Search and Seizure under GST
Updates on Seizure 1st February 2021 Union Budget 2021 Outcome 1. With respect to orders received on detention and seizure of goods and conveyance, 25% of the penalty needs to be paid for making an application for appeals under section 107 of the ...
Meaning of TDS & TCS under GST
TDS and TCS under GST is an acronym for tax deduction at source and tax collection at source. These terms are even present under the Income Tax law. TDS and TCS under GST came into effect from 1st October 2018. TDS refers to the tax which is deducted ...
Liability To Pay Unpaid GST Dues
Offences Under GST What is an offence? An offence is a breach of a law or rule, i.e., an illegal act. Similarly, an offence under GST is a breach of the provisions of the GST Act and Rules. Offences under GST and respective applicable penalties are ...
Offences and Penalties under GST
Offences under GST and respective applicable penalties are enlisted under the CGST Act. The provisions of offences and penalties are dealt with from Section 122 to Section 128 of the CGST Act. 1st February 2021 Union Budget 2021: Section 129 is ...
What are Mutual Funds? - Mutual Fund Definition
Mutual funds are one of the most popular investment options these days. A mutual fund is an investment vehicle formed when an asset management company (AMC) or fund house pools investments from several individuals and institutional investors with ...
what is QRMP Scheme under GST ?
The Central Board of Indirect Taxes & Customs (CBIC) introduced the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme ...
How to File Application in Form GST EWB-05 For Unblocking of e-Way Bill Generation Facility
A taxpayer’s e-way bill (EWB) generation facility could get blocked if he fails to file his returns in Form GSTR-3B or Statement in Form CMP-08, for two or more consecutive tax periods. Hence, the taxpayer will need to file an application in Form GST ...
Blocking of GSTR-1 if GSTR-3B is not filed
Blocking of GSTR-1 filing has been notified by adding a new sub-rule (6) under Rule 59 of the CGST Rules. The Central Board of Indirect Taxes and Customs (CBIC) issued the update vide notification no. 94/2020 dated 22nd December 2020. This rule deals ...
Cancellation of GST registration by the tax officer
Cancellation of GST registration means that the taxpayer will no longer be a registered person under GST and will not have to pay/collect any GST, claim an input tax credit or file returns. GST registration cancelled is covered under Section 29 of ...
How to furnish LUT in RFD-11 on GST Portal
LUT is an acronym for the letter of undertaking used while exporting goods. The article covers this in detail. What is LUT and why is it used? All registered taxpayers who export the goods or services will have to furnish a Letter of Undertaking ...
Cancellation of registration under GST- Why & How?
In case you want to cancel your GST registration because GST does not apply to you or you are shutting down your business or profession, or the tax officer calls for cancellation, this article will guide you through the process. Latest Updates on ...
Guide to File CMP-02 on GST Portal
When a dealer wants to opt for Composition Scheme under GST, they have to intimate the government about it. This can be done by filing Form GST CMP-01 or Form GST CMP-02. CMP-01 is a form to be filed by a migrated taxpayer who wants to opt for ...
GST Composition Scheme Transition
A composition scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. Latest Update Attention GST registered taxpayers! 31st March 2018 is the ...
Steps to Pay GST liability in CMP-08 on GST portal
CMP-08 filing must be done by all composition taxpayers (including service providers opting for composition scheme under Central Tax (Rate) Notification number 2/2019 dated 7 March 2019). The GSTN has, after much delay, opened the facility to declare ...
Restaurants Under GST Composition Scheme
GST rates for restaurants have been a matter of a lot of discussions and the rates on the same have undergone a series of changes at the 28th GST Council Meeting. In this write up we will give a picture of the tax options available for restaurants ...
Composition Scheme Rules under GST
Composition Scheme Rules under GST provide for all the procedural compliance w.r.t. intimation for Composition Scheme, the effective date for levy, conditions, and restrictions on the levy, validity of levy and rate of tax. Intimation and Effective ...
Lower GST Rate Composition Scheme for Service Providers
The Government introduced the composition scheme to assist small taxpayers and reduce the compliance burden. A dealer under a composition scheme is required to maintain fewer records/books of accounts and is not required to file monthly ...
Drawbacks of Registering under the GST Composition Scheme
The GST Composition Scheme is extremely important for those traders who have a turnover below Rs. 1.0 crore* annually. While it has its benefits, there are also several drawbacks of registering under the GST Composition Scheme, and that will be ...
What is the Dual GST Model in India?
The dual GST model refers to a concept where both the Centre and states simultaneously levy taxes on the supply of goods and services while the administration is run separately. It is dissimilar to the Single National GST model, where the taxes are ...
What is the Difference Between GST and VAT
The Goods and Services Tax (GST), which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, was implemented from 1st July 2017. In this article, you can understand the differences between VAT and GST and their ...
Forms under New GST Returns for claiming a refund on Exports
The new GST return filing system is expected to make the process of filing regular returns and tracking ITC smooth and easier. In this article, we analyse in detail the process for claiming GST refunds on exports. It includes both goods and services. ...
How to file form PMT-09 on the GST Portal?
The CBIC has recently introduced Form PMT-09 (i.e. a challan) for shifting wrongly paid Input Tax Credit. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to ...
Ministers Appointed for Rationalisation of GST in India
Two groups of ministers have been appointed to look into the rate rationalization under the GST, which will also include the current tax slab structure. The GST council secretariat on Monday 27th of Sept 2021 notified the setting up of two GoM, one ...
Exemptions Under GST – Taxed @ 0%
Understanding the taxability also involves knowing whether an item is exempt or not under GST. Due to the scope of taxable supplies being widened under GST, GST Exemptions have clearly been defined. Not just knowing the Exemption list, but also ...
Should You Opt for Voluntary Registration Under GST?
Every business is eligible for voluntary registration under Goods and Services Tax irrespective of the threshold limit. You may opt for voluntary registration under GST even if you are not liable to be registered. All the provisions of GST applicable ...
Input Tax Credit – Various Return Type to be filed
Input Tax Credit – ITC Input credit means it is the tax paid by the buyer at the time of purchase of any services or goods. TYPES OF ITC RETURN ON GST PORTAL GSTR-2A: Details of auto drafted supplies It is a purchase-related dynamic tax return that ...
When was Goods & Service Tax Started in India?
India's two of the major problems are tax evasion and corruption. So, to come out of these problems a big step has to be taken by the government which is in the form of GST. India's tax system is more complex and GST will help in the simplification ...
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