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Important of Debit & Credit Notes in GST Era

Accounts and Records

The debit notes and credit notes are a very essential part of any relationship between the debtor and the creditor which are required to be issued under various circumstances. GST law has its own requirements for issue of these documents which must be met. This...

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GST audit in case of Provision of services

Under GST law the point of taxation in case of services arise at the time of supply of services which is to be determined based on the principles laid down under section 13 of the CGST Act. 1.General rule: a) Timely issue of invoice: –...

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Will Composition dealer have to pay GST on advance receipts?

Today, we will understand the scenario of GST on advance received by a Composition Dealer. Provision under Section 10 of the CGST Act, cover a composition dealer which says that: Section 10 (1) Notwithstanding anything to the contrary contained in this Act but subject to...

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How GST effect you on day to day life?

You need be a tax expert to know basics of GST. In fact you are duty bound as business owners, executives, accountants etc. to know the basics of GST because GST affect you on a day to day basis. Some highlights of those basic things....

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Certain Services covered under GST : CBEC Clarification

New Development in CGST

Clarifications issued by CBEC regarding whether GST is application or not on certain services Whether activity of bus body building, is a supply of goods or services? CBEC Clarification: In the case of bus body building there is supply of goods and services. Thus, classification...

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GST on Charitable and Religious Activities

Charitable and religious activities were not chargeable under Service tax vide various notifications, the rationale behind this exemption was to encourage charitable activities and not burden these activities with tax burden. The similar provisions are also incorporated under Goods and Service Tax, most of the...

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National Anti-profiteering Authority (NAA) under GST

  The Government approves in cabinet meeting the establishment of the National Anti-profiteering Authority (NAA) under GST, after sharp reduction in the GST rates of many of items of mass consumption on 15th November, 2017. This paves the way for the immediate establishment of this...

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Unregistered Taxpayer and Composition Scheme : GST

Unregistered Taxpayer and Composition Scheme – GST : Section 10 of the CGST Act 2017 provides option to any registered taxable person having turnover up to Rs 75 lacs per annum to pay tax at lower rates subject to the condition that he should not...

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Refund of Unutilized ITC under GST

The GST Law provide for refund of unutilized ITC, where credit accumulation is on account of inverted duty structure, subject to certain riders. Time lines have been set for processing of refund claims and claims not settled within 60 days will be paid with interest...

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Cases not eligible for GST Refund

Cases not eligible for GST Refund : Refund is subject to restriction and in certain circumstances, refund is not available to the taxpayer in following cases:- a. Time bound Application for GST refund. As per Section 54(1) any application made after expiry of two year...

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