Demystifying GST on Rent of Residential Properties: What Landlords and Tenants Need to Know
Are you navigating the Complex of GST regulations surrounding residential property rentals? Whether you’re a landlord renting out your property or a tenant leasing a space for your business, understanding the nuances of Goods and Services Tax (GST) is crucial. Let’s delve into the essentials to demystify GST on rent of residential properties. Understanding GST […]
Navigating GST in E-commerce: Operator vs. Seller Responsibilities
In the intricate world of e-commerce, the realm of Goods and Services Tax (GST) can be a labyrinthine maze for both operators and sellers alike. One of the crucial distinctions lies in discerning who holds the responsibility for collecting and remitting GST to the government. Let’s embark on a journey to unravel this complexity and […]
Advisory on Reset and Re-filing of GSTR-3B: A Step Towards Tax Compliance
In the realm of taxation, accuracy and transparency are essential for maintaining the integrity of the system. Recently, the Goods and Services Tax Network (GSTN) has implemented a significant update to facilitate the revision of GST returns for certain taxpayers. This move comes in response to discrepancies identified during the filing process, particularly concerning Input […]
Understanding Blocked or Ineligible Input Tax Credit under Section 17(5) of the CGST Act
Input Tax Credit (ITC) forms the cornerstone of the Goods and Services Tax (GST) system in India. It allows businesses to offset the tax they’ve paid on inputs against the tax they are liable to pay on output, thereby preventing the cascading effect of taxes. However, not all input taxes are eligible for credit under […]
Supreme Court confirms service tax on secondments to Indian entity from overseas group entities.
While this is a judgment under the pre-GST service tax laws, the legal provisions analyzed in this judgment are similar to corresponding provisions under GST and to that extent, this judgment has the potential to re-open the Pandora box of service tax/GST issues on secondment/deputation of manpower, whether from outside India to India or within […]
Auto-population: A New Feature in “Table 12 – HSN Wise Summary of Outward Supplies” in GSTR-1
In the intricate landscape of Goods and Services Tax (GST) compliance, one key element often overlooked is the precise reporting of Harmonized System of Nomenclature (HSN) and Service Accounting Code (SAC) details in GSTR-1. Yet, these codes hold the key to seamless tax reporting and compliance for businesses under the GST regime. Breaking the Silence: […]
Biometric-Based Registration Helps to Reduce Fake GST Registration in Gujarat
In recent years, the issue of fake GST registrations has become a significant concern for authorities in Gujarat, leading to substantial losses in revenue due to tax evasion. However, a recent initiative involving biometric-based registration has shown promising results in curbing this fraudulent activity. Since November 2023, when biometric authentication was introduced as part of […]
GST Treatment on Discounts: A Comprehensive Guide
Discounts serve as powerful tools for businesses to stimulate sales and prompt timely payments. However, understanding the intricacies of Goods and Services Tax (GST) treatment on discounts is vital for both suppliers and recipients. Let’s delve into the legal provisions and practical scenarios to gain a comprehensive understanding of GST treatment on discounts. Legal Framework: […]
Understanding the Essentials of e-Invoicing: A Quick Guide for Businesses
In today’s digital age, where technology is seamlessly integrated into various aspects of business operations, it’s crucial for enterprises to stay abreast of the latest regulatory requirements. One such development is the implementation of e-Invoicing in India, aimed at streamlining the invoicing process and enhancing compliance. If you’re a business owner whose turnover exceeds INR […]
Affordable Housing Scheme Under GST: Making Dreams of Homeownership a Reality with Tax Benefits
In recent years, the Indian government has taken significant steps to address the housing needs of lower and middle-income households. One such initiative is the affordable housing scheme under the Goods and Services Tax (GST). This scheme aims to provide relief to aspiring homeowners by offering lower tax rates on affordable housing units. Along with […]