Given the ambiguity and litigation in the present tax regime, GST has been an important point of discussion in recent times. GST is expected to provide relief from the current hurdles. For e-commerce companies, GST is particularly interesting because the model GST law specifically proposes a tax collection at source (TCS) mechanism as well.

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The Gujarat Authority of Advance Ruling (AAR) ruled that the Gujarat Industrial Security Force Society to pay 18% GST on the entire amount received from their clients, including wages etc. to be paid to the Security Guards, establishment charges. The applicant, M/s. Gujarat Industrial Security Force Society has submitted that there are more than 5000 security guards

In GST law, outward supplies are reported through GSTR-1 which serves a lot of purpose for:

Supplier – GSTR 1 Helps in determination of Outward liabilities

Recipient- GSTR 1 helps in

Start-up India initiative is one of the pertinent initiatives that every budding entrepreneur should be aware of. It enables the start-up to gain various benefits under Income-tax Act, 1961. The requirement is nothing but registration on the Start-up India portal. However, there are some pre-requisites for being eligible to get registered as a

Goods and service tax or GST subsumed most of the indirect taxes. It has brought us to the “One nation one tax” regime. Accounting under GST is more simple compared to the erstwhile VAT and excise.

However, one must understand and pass accounting entries in the books of

Will Recipients Be Obliged to Reverse ITC In Case Suppliers Do Not Pay their taxes:

Critical Provisions for Denial of ITC Mismatch

The following are the provisions for conditions for

What is Cryptocurrency?

Cryptocurrency is a Digital currency that can be exchanged online for goods and services,but uses an online ledger with strong cryptography to secure online transactions.

All About GST applicability on Inter Corporate Guarantees

The history of cryptocurrencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning. Bitcoin

Imports of COVID-19 relief material, including vaccines, medical oxygen and Remdesivir vials, will get a conditional ‘ad-hoc’ Goods and Services Tax (GST) exemption till June 30, the Finance Ministry said on Monday.

The government had already exempted the import of these

The Indian textile industry provides employment to a large number of skilled and unskilled workers in the country. It contributes about 10% of the total annual export, and this value is likely to increase under GST. GST would affect the cotton value chain of the textile industry including all garments for men and women like shirts, trousers, saree, apparels, shoes

Circular No: 141/11/2020 dated 24 June 2020

The clarifications given in this circular pertain to CGST notifications 51/2020 and 52/2020, as follows:

Guidelines For Common Errors made while Filing GST Returns & How to avoid them!

1. Nature and structure of ITAT
The ITAT is a quasi-judicial body set up by the Central Government to deal with appellate matters under the Income Tax Act, 1961. The ITAT functions under the Ministry of Law and Justice. There are different benches of the ITAT for different

Who is required to pay Dividend Distribution Tax(DDT) and at what rate
Any domestic company which is declaring/distributing dividend is required to pay DDT at the rate of 15% on the gross amount of dividend as mandated under Section 115O. Therefore the effective rate of DDT is

Input Tax Credit
Provisions have been made for the smooth transition of Input Tax Credit available under VAT, Excise Duty or Service Tax to GST.  A registered dealer opting for composition scheme will not be eligible to carry forward ITC available in the

The department audit round has begun, and it will not be long before it will be in full swing. The first year(s) of the audit would be crucial in the sense that it would reflect revenue’s approach towards a number of controversial tax positions. One such critical tax position being, ‘taxability under S. No. 2 of Schedule I’ to the Central Goods and Services Tax Act,

The Finance Act 2021 has introduced Section 194Q providing for TDS on purchase of goods with effect from July 1, 2021. Section 194Q is similar to Section 206C(1H) which was introduced by Finance Act 2020, to collect tax at source on transactions between a buyer and a seller.

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