Home » Archive by category "GST" (Page 4)

A brief extract of 26th Meeting of GST Council held at New Delhi

26th Meeting of GST Council headed by Finance Minister Mr. Arun Jaitley being held on 10th of March, 2018 at New Delhi. The GST council has decided following main points during the meeting. Reverse Charge Mechanism: In the 26th Meeting of GST, Council has also...

Read More

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...

Read More

Arrest under GST Law : Two Mumbai base businessmen

First arrest under GST law by Commissioner (CGST) : Two Businessmen arrested by Officers of CGST in Mumbai for  availing ineligible credit on fictitious tax invoices Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The persons have...

Read More

User friendly filing of GSTR-3B : GSTN

Guidelines issued by GSTN for User friendly filing of GSTR-3B: a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. Tax liabilities as declared in GSTR 3B along with the credits gets updated in the...

Read More

What is the taxable value of Second hand goods?

There is a very huge market share of used car & second hand goods sales in India and gradually growing with e-commerce platform also like Carwale, Justdial, Olx, Zigwheels etc. Even books, cloths and other low value items also getting attention in this industry. Now,...

Read More

Composition Levy Scheme and Small GST Taxpayers

An Important notification issued by Govt. notification no. 1/2018, it is related with Composition Levy Scheme. This notification came on January 1st, 2018, by virtue of this notification the tax liability for manufacturer under the composition levy scheme, reduced from 2% to 1%, i.e.,1/2% each...

Read More

Bombay High Court on Goods and Service Tax Tran-1 blockage

Bombay High Court on Goods and Service Tax Tran-1 blockage Abicor and Binzel Technoweld Pvt Ltd v Union of India [Writ Petition (L) No 2230 of 2018] ✍ Bombay High Court has taken serious notice of the fact that GST Network (GSTN) is not working...

Read More

Trade Discount related Guide in GST Regime

In Indian context giving trade discounts and price reductions during negotiations after supply of goods and services is very common in business. However, if such post supply discounts were not anticipated at the time of supply, it is not allowed to be deducted from value....

Read More

Wrong Input Tax Credit claim in GSTR-3B

Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized these common...

Read More

Key points of 25th Meeting of GST Council at New Delhi

Key Points of 25th Meeting of GST council :The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of GST Council in New Delhi today. The Council has recommended policy changes and  certain changes in GST/IGST rate and clarifications in respect of GST rate...

Read More