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 […]
GST for India’s Hospitality and Food Service Industry
In the vibrant world of Indian hospitality and food services, delivering top-notch experiences is key. But behind the scenes, dealing with Goods and Services Tax (GST) can be a headache. From budget hotels to fancy restaurants, understanding GST rates and Input Tax Credit (ITC) is crucial. Let’s break it down: Types of Services and Applicable […]
Understanding Late Fees for GSTR 3B in GST Filing
Tax compliance is a crucial aspect of any business operation, and in the realm of Goods and Services Tax (GST) in India, adherence to filing deadlines is paramount. GSTR 3B, a summary GST return, requires meticulous attention from taxpayers, ensuring accurate reporting of sales, input tax credit (ITC) claimed, and net tax payable. However, missing […]
Who Needs to Register for GST? A Simple Guide
In our series on GST, we’re tackling an important question: Who needs to register under GST? Let’s break it down into easy-to-understand points: Who Must Register? Special Situations How It Works What’s on Hold? International Transactions and Special Cases Wrapping Up Understanding who needs to register for GST is key to following the rules and […]