While paying taxes to the Government, businesses can use the credit of GST paid on the purchases like raw materials/services used for manufacturing or selling products. It is known as an Input tax credit (ITC). If the input tax credit is wrongly claimed, then it should be reversed by making payment to that extent next month.
Electrical machinery and equipment and parts thereof; sound recorders and re-producers, television image and sound recorders and reproducers, and parts and accessories of such articles
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With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have increased drastically. Even everyone in the finance field like
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What is GSTR-10?
A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called as final return.
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Meaning of Electronic commerce-means the supply of goods or services or both including digital products over digital or electronic network.
Electronic commerce operator means- any person who owns, operates or manages digital or electronic facility or platform for electronic
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After the implementation of GST, the GST Council announced the GST on hotels and GST on Restaurants. The GST Council determines the GST Rates for all the goods and services is determined by the GST Council in India. GST Council consists of members from the Central Government and State Government to regulate all aspects of GST implementation and administration in India. With GST set to be implemented in India from 1st July 2017, GST
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IN the recent past, many instances of financial fraud pertaining to banks have come into light. The quandary of non-performing assets has also severely impacted the operations of banking and financial institutions in India. It is expected that the lending to corporates would be choked as a fallout of the recent fraud involving public sector banks. It is also likely that the banks will squeeze lending operations and focus on scattering their
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1. Inverted Tax Structure in the pre-GST regime
In the pre-GST regime, a situation of Inverted duty structure arose in cases where import duty on raw materials that were used in the production of finished goods was higher than the import duty on finished goods.
An example which shows a case of Inverted Duty Structure :
Duty on the import of tyres (Finished Good) = 10%
Duty on the imports of natural rubber (Raw
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1. What is the New GST Return System?
In the 31st GST Council Meet, it was decided that a New Return System under GST would be introduced for taxpayers. This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this
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The Goods and Services Tax (‘GST’) Regulations have been introduced from July 2017, in India. Since the inception, the compliance under the said law has been a turbulent roller-coaster ride. One of the major challenges in implementation of the existing GST compliance framework lied in its complex
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GST rule 86B, 99% ITC restricted, 1% of Output liability to be paid in cash
As per GST Notification number 94/2020-Central Tax dated 22nd Dec 2020, GST rule 86B has been introduced which has imposed 99% restricted on ITC (Input Tax Credit) available in electronic credit
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India witnessed the "tryst with destiny" twice in last 74 years. First, on August 15th, 1947, when the country got freedom from the British colonial rule. Second, on July 1st (June 30th) 2017 when at the “stroke of midnight” the overhang of colonial era indirect tax system was overhauled and Goods and Service Tax (GST) was introduced. GST was expected to be the answer to all questions related to the
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