Tag: Indirect Tax

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 […]

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 […]

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 […]

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 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 […]

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 […]

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 […]

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 […]

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 […]

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 […]