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

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

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

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

Equalisation Levy in Income Tax Act

As per sec 165 of Finance Act 2016 any Resident Person carrying Business or Profession or Non - Resident having Permanent Establishment in India have to deduct 6 % of Payment made for Online Advertisement or any provision of digital Advertisement space or any other facility or services for Online Advertisement purpose. Deduction of

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,

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

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

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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