Understanding GST Input Tax Credit (ITC) Reversal and Re-Availment under Rule 37A
The concept of Input Tax Credit (ITC) is ensuring seamless taxation and preventing cascading effects. However, with the implementation of GST, the process of availing and utilizing ITC has presented challenges for taxpayers, particularly concerning the reversal and re-availment of credits under Rule 37A of the CGST Act, 2017. Introduction to Rule 37A Rule 37A […]
Understanding GST Application to Freelancers in India
In recent years, the landscape of employment has undergone a significant transformation, with freelancing emerging as a popular choice for many individuals seeking flexibility and autonomy in their work. However, with this shift comes the need to navigate various regulatory frameworks, including taxation. One such taxation system that applies to freelancers in India is the […]
GST Facts about 1% payment of tax liability in cash.
Goods and Services Tax (GST) introduce Rule 86B. This rule, under Notification number 94/2020 dated 22nd December 2020, came into effect from 1st January 2021. Its primary purpose is to limit the use of input tax credit (ITC) available in the electronic credit ledger for discharging the output tax liability, thereby having an overriding impact […]
Understanding Input Tax Credit on Food: What You Need to Know
In the realm of Goods and Services Tax (GST), understanding the intricacies of Input Tax Credit (ITC) is crucial for businesses to optimize their tax liabilities. While most inputs are eligible for ITC, food and beverage supplies often present a unique scenario. Let’s delve into the nuances of claiming Input Tax Credit on food and […]
Don’t Know How to Build a Business Model?
A Beginner’s Guide to Building a Solid Business Foundation Are you someone with a brilliant business idea but unsure how to transform it into a viable venture? Or perhaps you’re already running a business but struggling to define or refine your business model? You’re not alone. Many aspiring entrepreneurs and even established owners find themselves […]
The Impact of GST on Export Businesses in India
India, a significant exporter of goods and services, plays a crucial role in the global economy. Businesses that export from India are categorized as zero-rated suppliers under the Goods and Services Tax (GST), making certain supplies GST-exempt. This special categorization allows exporters to claim a refund of the GST paid on the inputs and input […]
Advance Payments and GST: Your Roadmap to Tax Compliance
Advance payments are a common practice in business transactions, allowing parties to secure goods or services ahead of delivery. However, when it comes to taxation, particularly under the Goods and Services Tax (GST) regime, understanding the treatment of advance payments is crucial. Here’s a breakdown of the key aspects: GST Advance Receipt Voucher Essentials Issuing […]
Implications of the Supreme Court’s Judgment on Employee Secondment and Instruction No. 05/2023-GST
Introduction In a recent directive from the Government of India’s Ministry of Finance, the Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing, has addressed a critical issue that has been the subject of much debate in the corporate world. The directive, dated 13th December 2023, pertains to the Supreme Court’s […]
Improve Team Dynamics for Business Success !
Efficiency is the secret ingredient to a successful business. Efficiency is the secret ingredient to a successful business. It’s what keeps the wheels turning smoothly and helps you stay ahead in a competitive market. But achieving efficiency isn’t just about working harder; it’s about working smarter. And one of the keyways to do that is […]
Decoding the Impact of Soft Drink Composition on GST
Soft drinks, ubiquitous in our daily lives, have recently found themselves under the spotlight yet again due to the implementation of Goods and Services Tax (GST). The complexity surrounding their tax structure in India has long been a matter of discussion, owing to the absence of clear guidelines in the realm of service tax. Understanding […]