Understanding GST Implications for Nursery Businesses: Composition Scheme vs. Regular Scheme
In India, the Goods and Services Tax (GST) regime offers different schemes for small and medium businesses, primarily the Composition Scheme and the Regular Scheme. For nursery businesses, understanding these options and their implications is crucial for optimal tax management. This blog will delve into the GST rates applicable to nursery businesses and discuss the […]
A Quick Guide to Reverse Charge Mechanism (RCM) in GST
Introduction The Goods and Services Tax (GST) framework in India typically mandates that the seller of goods or services is responsible for collecting and remitting tax. However, under the Reverse Charge Mechanism (RCM), this responsibility shifts to the recipient of the goods or services for specific categories. The primary objective of RCM is to expand […]
How to Avoid Getting a Show Cause Notice in GST
Goods and Services Tax (GST) compliance is crucial for businesses to avoid legal complications and maintain smooth operations. Receiving a Show Cause Notice (SCN) from the GST authorities can be a daunting experience, indicating potential non-compliance with GST laws. To steer clear of such notices, businesses must adopt proactive measures to ensure strict adherence to […]
Emerging Sports Industry in India: A Deep Dive into GST Implications
The sports industry in India is witnessing a significant transformation, with numerous government and private organizations hosting major sporting events. From the high-octane Indian Premier League (IPL) and the thrilling Pro Kabaddi League (PKL) to the action-packed Indian Super League (ISL), sports have become a major source of entertainment and business. As this sector grows, […]
Comprehensive Guide to Managing GST Refund Applications on the GST Portal
Managing GST refund applications is crucial for businesses to maintain cash flow and ensure compliance. This guide will help you navigate the GST Portal to view, track, and respond to your applications, whether you filed before or after September 26, 2019. Viewing Applications, Tracking Status, and Viewing Notices/Orders For Refund Applications Filed Before September 26, […]
The Impact of GST on the Indian Art Industry
The introduction of the Goods and Services Tax (GST) in India has significantly affected various industries, including the art world. While GST has been beneficial for some sectors, its impact on the art industry has been less favorable. For art enthusiasts and collectors, understanding GST’s effect on the art market is crucial. This blog explores […]
“Attention Non-Filers: Tax Officials Can Freeze Your Bank Accounts Now!”
When individuals or businesses neglect filing their Goods and Services Tax (GST) returns, it can lead to serious repercussions. These include attaching bank accounts and canceling GST registration. According to BusinessLine, the finance ministry has added these measures to the Standard Operating Procedure (SOP) to address non-compliance with GST return filings. Filing Requirements and Non-Compliance […]
Understanding Suo Moto Registration under GST
What is Suo Moto Registration? In the realm of Goods and Services Tax (GST) in India, tax officials can unilaterally initiate and complete the registration process for businesses or individuals who are liable to be registered but have failed to do so voluntarily. This mechanism is called Suo Moto Registration. Tax authorities generate and allot […]
Non-Taxable Supplies Under GST: Article 265 and Section 7(1)
Article 265 of the Indian Constitution clearly prohibits the collection of taxes without the authority of law. This principle is foundational to the applicability of the Goods and Services Tax (GST) in India. GST is levied only on supplies that are clearly defined under the law. While the application of GST might sometimes seem illogical […]
Understanding FORM GST ITC-02: A Comprehensive Guide
Filing for Input Tax Credit (ITC) transfer in FORM GST ITC-02 is essential during business reorganizations like mergers, acquisitions, or demergers. This blog clarifies the pre-conditions, the types of ITC transferable, the procedural nuances for the acquiring entity, and other relevant details to help businesses navigate this aspect of the GST regime efficiently. Pre-Conditions for […]