7 Years of GST Has Benefited the Indian Economy
Since its implementation, GST has undergone several phases of evolution, facing both achievements and challenges. Here is a detailed analysis of the 7 years of GST in India. Year 1: Implementation and Initial Challenges (2017-2018) Achievements: Challenges: Year 2: Stabilization and Adjustments (2018-2019) Achievements: Challenges: Year 3: Enhancements and Rationalization (2019-2020) Achievements: Challenges: Year 4: […]
Navigating GST Payment Grievances: A Simple Guide
Dealing with payment issues on the GST Portal can be frustrating. However, knowing when and how to raise a grievance can make the process much smoother. Here’s a guide to help you understand the types of issues for which you can raise a grievance and the steps involved. Issues Eligible for Raising a Grievance You […]
Detailed Look at GST Implications on Sponsorship Services
Introduction In the world of business, Sponsorship Services play a pivotal role in promoting brands, logos, and products. Understanding the Goods and Services Tax (GST) implications on these services is crucial for compliance and efficient tax management. What Are Sponsorship Services? Sponsorship services refer to contractual agreements where a service provider promotes or displays a […]
New GST Portal Feature: Search GST Numbers Using Mobile Numbers
The Government of India has introduced a new update to the Goods and Services Tax (GST) portal, allowing users to search for a GST number using a mobile number. This update aims to enhance the ease of use and improve the verification process of taxpayers. What’s New? Previously, users could search for a GST number […]
Essential Compliance Deadlines: July 2024 – Your Ultimate Guide
Staying on top of tax and regulatory filings is vital for every business. Here’s a detailed, easy-to-follow guide to the key compliance deadlines in July 2024. Mark these dates to ensure you remain compliant and avoid penalties. Key Compliance Dates for July 2024 1st July LLP BEN-2 and Form No. 4D Filing:Make sure to submit […]
CBIC Clarifies GST Liability and ITC for Warranty/ Extended Warranty Cases
The Ministry of Finance released Circular No. 216/10/2024-GST. This circular provides further clarification on GST liability and input tax credit (ITC) availability for warranty and extended warranty scenarios. It continues the explanations from Circular No. 195/07/2023-GST dated 17th July 2023. Key Points and Clarifications: Detailed Breakdown: Replacement Under Warranty: Distributor Handling: Extended Warranty Clarifications: Conclusion […]
Understanding Advance Ruling: A Comprehensive Guide for Taxpayers
Advance Ruling is a significant aspect of the Goods and Services Tax (GST) framework that provides clarity on tax-related matters to businesses. In this blog, we will explore who can apply for Advance Ruling, the matters on which it can be sought, and the detailed process involved. Who Can Apply for Advance Ruling? Both registered […]
Simplify GST Compliance: Expert Services from Fantasies for Your Business
What is GST? Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax levied on every value addition. It replaced multiple taxes levied by the central and state governments, creating a single taxation system for the entire country. GST is designed to make tax compliance easier and more transparent, benefiting both businesses and consumers. […]
Avoiding Interest Penalties: Section 50(1) Under GST
Introduction According to Section 50(1) read with Rule 88B of the CGST Act 2017, anyone liable to pay tax but failing to do so within the prescribed period must pay interest at 18% per annum for the period the tax remains unpaid. Amount Subject to Interest Charges Tax authorities typically charge interest on gross payments, […]
New GSTR-1A Form to Allow Changes Before 3B Filing
Introduction The Goods and Services Tax (GST) Council has introduced a new form, GSTR-1A, aimed at simplifying the tax filing process for businesses. This optional form allows taxpayers to make corrections to their GSTR-1 before submitting the GSTR-3B, ensuring accurate tax liability. Key Features of GSTR-1A 1. Amendment Capability The GSTR-1A form permits taxpayers to […]