Goods and Services Tax
Understanding GST on Reverse Charge Mechanism (RCM) for Security Services The implementation of the Goods and Services Tax (GST) in India brought significant changes to the taxation system. One such change is the Reverse Charge Mechanism (RCM), which shifts the responsibility of tax payment from the supplier to the recipient. In this article, we will …
Understanding GST Input Tax Credit: How to Optimize Your Claims The Goods and Services Tax (GST) has revolutionized the Indian taxation system, bringing about a unified tax structure across the country. Under the GST regime, businesses can claim Input Tax Credit (ITC) to offset the taxes paid on inputs against the output tax liability. This …
Filing of Appeals under GST The Goods and Services Tax (GST) is a comprehensive indirect tax law that was introduced in India in 2017. The GST law provides for a number of appeal mechanisms for taxpayers who are aggrieved by the decisions of the tax authorities. The authority passing the order may be GST officer, …
The CBIC has reduced the E invoice limit for business from the existing 10 Crores to 5 Crores. This is w.e.f. 01st Aug 2023. Accordingly, if the turnover of the business has exceeded more than 5 Crores in any of the Financial years starting 2017-18, E invoicing will be applicable w.e.f. 01st Aug 2023. The …
E Invoicing Limit reduced to 5 Crores w.e.f 01st Aug 2023 Read More »
Whether e way bill is required for goods sent for weighment to the weighbridge
GST on Renting of Immovable Property Have queries in GST on Renting of Immovable properties ? Click here to send an enquiry/appointment
Lady opportunity for Tran 1 & Tran 2 filing for availing the GST Transition credit
The recent 45th GST Council meeting had suggested changes in GST Rates in respect of various goods and services. These changes in rates are w.e.f. 01st Oct 2021. For giving effect to these changes, the below notifications arere issued :- 06/2021-Central Tax (Rate) ,dt. 30-09-2021 07/2021-Central Tax (Rate) ,dt. 30-09-2021 08/2021-Central Tax (Rate) ,dt. 30-09-2021 …
Filing of GST Returns on due dates is very important in GST regime which not only ensures seamless flow of Input tax credits but also to keep the GST Registration active. Due to various reasons, if you have not filed your GST returns for any months between July 2017 to April 2021, here is an …
Filing NIL GST Returns may cancel your GST Registration
As per Section 16(2) Second & Third Proviso of CGST Act,2017 , if a Tax payer fails to pay the supplier of goods or services or both, within 180 days from the date of Invoice, the amount equivalent to the Input tax Credit (ITC) availed by the recipient shall be added to the output liability …
Input Tax Credit (ITC) Reversal for Non Payment to your suppliers Read More »
In order to help the Small Businesses and GST tax payers and also as per the decision taken at the 43rd GST Council meeting held on 28th May 2021, a new amnesty scheme for relaxation in return filing, late fees, etc., has been announced. Period of Applicabilty The Tax return periods from Jul 2017 to …
GST AMNESTY SCHEME 2021 , LATE FEE & OTHER RELAXATIONS Read More »
There are lot of queries regaring the numbering of the Invoices at the Start of the Financial year under GST. Many people ask is it mandatory to start a new series of invoice numbering at the start of a Financial year under GST? The relevant Rule 46 of the CGST Act dones not mandate the …
Is it mandatory to start New invoice series for FY 2021-22 under GST? Read More »
Due to Covid 19, the Government of India had provided concession in the rates of Tax Deducted at Source (TDS) in the form of reduction in TDS rates by 25%. (i.e.,) Where the regular TDS is 10%, it is sufficient if TDS is deducted @ 7.5%. This concession is available only till 31st March 2021. …
The New GST Notification No 78/2020 mandates taxpayers with aggregate turnover above 5 crores in a year to mention minimum of 6 digit HSN number in their invoices w.e.f 01.04.2021. Also in respect of certain chemicals as provided in Notification 90/2020 , 8 digit HSN code need to me mentioned. You can find the correct …
HSN / SAC Code New requirement w.e.f 01st April 2021 Read More »
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