Understanding the Costly Structure of GST Compliance: Addressing Common Fears
The Goods and Services Tax (GST) was introduced in India to simplify the taxation process and create a unified market. While its implementation has streamlined many processes, GST compliance remains a complex and often costly affair for businesses. This blog post aims to break down the GST compliance structure, highlight its associated costs, and address […]
GST on FTWZ Transactions: A Case Study of Haworth India Pvt. Ltd.
Introduction A recent ruling by the Tamil Nadu Authority for Advance Rulings (AAR) has provided important insights about the Central Goods and Services Tax (CGST) on transactions in Free Trade and Warehousing Zones (FTWZ). Background M/s Haworth India Pvt. Ltd., a subsidiary of Haworth Inc. (USA), manufactures and sells office furniture under the ‘Haworth’ brand. […]
Grievance Redressal on GST Portal: A Comprehensive Guide
Raising a grievance is an essential aspect of ensuring smooth and transparent operations on the GST Portal. Understanding the types of issues for which you can raise grievances, who can report them, and how they are addressed is crucial for effective problem resolution. This guide will provide you with a detailed overview of the grievance […]
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 […]