Tag: Virtual CFO

GST refund processes are designed to ensure that businesses do not face a cash crunch due to accumulated input taxes. It’s crucial for businesses to understand the specific conditions under which they can claim a refund and ensure that their documentation and filings are accurate and timely to avoid delays or rejections in the refund […]

Input Tax Credit (ITC) is a crucial concept under the Goods and Services Tax (GST) regime in India. It allows businesses to claim credit for the tax paid on inputs used to produce taxable goods or services. Here’s a detailed overview of ITC under GST: What is ITC? Input Tax Credit (ITC) is the credit […]

The E-commerce means the supply of goods or services, or both, including digital items, through a digital or electronic network. (E-Commerce Sector Described in Section 2(44) of the CGST Act, 2017) In E-Commerce Sector Operator has been defined as any person that directly or indirectly owns, maintains, or manages a digital or electronic facility or […]

The introduction of GST in the real estate sector has brought several changes aimed at simplifying the tax structure, reducing costs, and increasing transparency. While there are challenges in terms of compliance and cash flow management, the overall impact of GST is seen as positive for the sector, providing benefits to both developers and homebuyers. […]

Introduction Recent IGST Act amendments clarify clause (ca) of Section 10(1) regarding the place of supply for goods and addresses. Effective October 1, 2023, the amendment clarifies the place of supply for goods to unregistered persons with different addresses. Key Provisions of Clause (ca) The newly inserted clause (ca) in Section 10(1) of the IGST […]

Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 223/17/2024-GST on July 10, 2024. This circular amends Circular No. 1/1/2017-CT, reassigning specific functions under the Central Goods and Services Tax (CGST) Act, 2017, and CGST Rules, 2017. The main change is the transfer of duties from the Assistant or Deputy Commissioners […]

Insurance companies frequently encounter questions about the eligibility of Input Tax Credit (ITC) on expenses related to motor vehicle repairs, particularly in reimbursement claim scenarios. It’s vital to offer clients precise and transparent guidance on these issues. This blog explains the latest clarifications from the Central Board of Indirect Taxes and Customs (CBIC) to promote […]

Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST to clarify the time limit for availing input tax credit (ITC) under Section 16(4) of the Central Goods and Services Tax (CGST) Act, 2017. This clarification addresses concerns regarding supplies received from unregistered persons under the reverse charge mechanism (RCM). Issue […]

The Ministry of Finance issued Circular No. 215/9/2024-GST on June 26, 2024. This circular provides essential clarifications on the taxability of salvage or wreck value in motor vehicle insurance claims. Understanding these clarifications is crucial for both insurance companies and policyholders regarding their GST obligations. Here’s an overview of the key points: Definitions and Context […]

In a recent update, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No.-208/2/2024-GST. This circular provides essential clarifications on the special procedures for manufacturers of specified commodities. These procedures, detailed in Notification No. 04/2024-Central Tax, were revised to streamline compliance and address various industry concerns. Here, we break down the key points […]