AMC stands for Annual Maintenance Contract. AMC provides security on the on all the components let that be the large manufacturing machine of the company or the basic components like the printer or the computer. It gives the benefit of repair and maintenance to such products and the time period of the contract might vary from 1 year to 3 years according to the need.
This time period can also be

Input tax credit (‘ITC’) under Indirect Tax Laws has always been one of the subject matters which invites
close attention by taxpayers, revenue and professionals. There are numerous matters relating to ITC under

Article on GST rate and classification on supply of LPG for Domestic Use

On daily basis all of us come across shops in our localities which would not issue proper bills or use simple paper to issue bills in case some one asks for it and transact business mostly on cash. They don’t carry any account books or detailed records in respect of their stocks and sale. Does that mean that they are tax exempt? The answer is NO as the threshold

1. Who can opt for Composition Scheme
A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.

Article on Cross Charge Under GST

The taxable event in GST is  “supply” of goods or services or both. So a transaction to become taxable it must covers within the meaning & scope of “supply”.

As per Sec 7 of the CGST Act, 2017, the

In simple terms ‘intermediary’ means someone who acts to arrange an agreement between people who are unwilling/unable to communicate directly. Simplifying further, Intermediary can be explained as a firm or a person (such as a broker or a consultant) who acts as a moderator or a link between the parties to a business deal, investment decision, etc. In this article,

Under GST, Supply is considered a taxable event for charging tax. The liability to pay tax arises at the ‘time of supply of goods or services’. Thus, determining whether or not a transaction falls under the meaning of supply, is important to decide GST’s applicability.

Concept Before GST
Under the erstwhile indirect tax regime, there was no concept of Supply. The stage at which indirect taxes were levied varied under different

Introduction

Determination of value of supply is one of the key considerations while levying Goods and Services Tax (GST) on any supply of Goods or Services. The value of supply under GST Act is governed by Section 15 of CGST Act, 2017 and Rule 27 to 35 of Central Goods and

Understanding Special Economic Zone

A special economic zone (SEZ) is a dedicated zone wherein businesses enjoy simpler tax and legal compliance. SEZs are located within a country's national borders, however, they are treated as a foreign territory from taxability

Query: Whether Orders for Supply of Aluminium Windows or Doors and installation thereof amounts to Supply of Goods or Supply of Services? The Supply of Aluminium Windows under HSN Code No. 7610 attracts 28% GST whereas the Works Contract Services attracts 18% GST:

The orders

The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing the compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a system of seamless flow of credit, however, the word

Amendment in Section 7 of CGST Act, 2017
Clause 99 of the bill proposes to amend section 7 of the act i.e. the term supply by inserting a new clause (aa) in sub section 1 with retrospective effect from 1st july,2017 ,so as to ensure levy of tax on activities or transactions involving supply of goods or services by any person, other than an individual ,to its members or constituents or vice-versa ,for cash, deferred payment or other

Maintenance of Accounts by Registered Persons
(1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true
and

The indirect tax implication on renting of motor vehicles service has always driven the attraction because of its complicated abatement/ exemption treatment in the erstwhile law. In recent years, renting of motor vehicle service (also more popularly known as rent-a-cab service) has increased in leaps and bounds. Now, even a common man is aware and are frequently using the cab service.

Under the current article, we would understand

GST is applicable for the supply of goods or services in the course of business, and the definition of business includes any provision of benefits provided by a club, association of person, society, or any such body to its members. However, considering the principle of mutuality, there is a lot of controversy over the levy of GST on supplies by clubs to its

GST on Activity or Transaction between Body of Individual (BOI)/Association of Person (AOP) and its Member and Vice Versa proposed vide finance bill 2021

Original Section 7 of CGST Act 2017 effective from 01.07.2017 was as under:

All About GST on ocean freight and scope of delegated legislation