Understanding TCS in GST for the E-Commerce Sector: A Comprehensive Guide
In the dynamic landscape of e-commerce, where transactions are brisk and boundaries blurred, the introduction of Tax Collected at Source (TCS) under the Goods and Services Tax (GST) regime marks a significant shift. This article aims to dissect the nuances of TCS in GST, particularly its implications for e-commerce aggregators and operators. The Basics: What […]
Navigating Change: Understanding the Impact of Rate Fluctuations on Tax Applicability
Understanding how these changes affect the applicability of taxes is crucial for navigating the complexities of compliance. In this article, we’ll delve into the factors that influence applicable rates and dissect the provisions outlined in the Central Goods and Service Tax (CGST) Act, 2017. Factors Affecting Applicable Rates: Determining the applicable rates in the event […]
Advisory on GSTR-1/IFF: Introduction of New 14A and 15A Tables
In the dynamic world of taxation, staying updated with regulatory changes is paramount for businesses to ensure compliance and smooth operations. A recent notification, No. 26/2022 – Central Tax dated 26th December 2022, has brought forth significant adjustments to the Goods and Services Tax Return-1 (GSTR-1) framework. Two new tables, Table 14A and Table 15A, […]
Telangana High Court Rules Transfer of Development Rights as Service under GST: Implications for the Real Estate Industry
The Hon’ble Telangana High Court in the case of M/s. Prahitha Constructions Private Limited v. Union of India and Ors. [Writ Petition No. 5493 of 2020 dated February 09, 2024] dismissed the writ petition and held that transfer of development rights would be considered as service and is, therefore, subject to levy of GST. What […]
GSTN and RBI Collaboration: Paving the Way for Frictionless Credit through Data Sharing
In a significant move towards enhancing credit accessibility for businesses, the Indian government has recently given the green light for the GST Network (GSTN) to share data of GST-registered entities, with their consent, to the Reserve Bank of India’s (RBI) new ‘Public Tech Platform for Frictionless Credit’. This initiative marks a pivotal step in leveraging […]
Navigating GST Refunds for SEZ Units: A Financial Perspective
The Special Economic Zone (SEZ) scheme in India has been a game-changer for businesses, offering a platform for growth and export promotion. Central to the success of SEZ units is understanding and efficiently navigating the Goods and Services Tax (GST) refund process. In this article, we explore the essentials of GST refunds for SEZ units, […]
Reverse Charge Mechanism (RCM) on Commissions Charged by Global E-Marketplaces to Indian Sellers
In the realm of e-commerce, Indian sellers leveraging global e-marketplaces for exports often encounter complexities regarding taxes, particularly concerning commissions and other fees deducted by these platforms. This blog aims to shed light on the applicability of the Reverse Charge Mechanism (RCM) under the GST Act to such transactions. Background: Global e-marketplaces, while facilitating transactions […]
E-Way Bill Penalties: A Comprehensive Guide to Avoid Mistakes
What is an E-Way Bill? The e-way bill contains vital information about the consignment, including about the consignor, consignee, point of origin, and destination. It is an important document in which all relevant shipment information is uploaded in the GST portal before shipping. It is part of the compliance mechanism and helps curb tax evasion. […]
Understanding HSN Codes: A Comprehensive Guide
What is an HSN Code? The Harmonized System of Nomenclature (HSN) code is an internationally accepted system of product classification developed by the World Customs Organization (WCO). It assigns a unique code to each product, facilitating uniform classification across borders. Originally developed in 1988, the HSN system has undergone several revisions to accommodate evolving trade […]
Navigating the Maze of Taxpayer Audits in the GST Regime
In the maze of tax rules, audits are like guards making sure taxpayers and the taxman do everything right. In India, under the GST system, audits are super important for checking if taxpayers follow the rules in the CGST Act, 2017. Let’s explore the details of taxpayer audits and understand the basic principles, rights, and […]