Home » Posts tagged "IGST"

New Provision relating to set off of input tax credit (ITC) under GST

Introduction:- The GST Regimes has three tax mechanism i.e. CGST, SGST/UTGST, IGST. Igst is leviable on inter-state supplies. While CGST & SGST/UTGST leviable on intra state supplies. Section 49(5) of CGST Act, prescribes the manner of utilization of credit remains in Electronic credit ledger. However,...

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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...

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What needs to be included in GST invoice?

Effective July 1, 2017, the Indian government is moving towards the Goods and Services Tax (GST) regime, which would substantially transform the current Indirect Tax landscape. GST is the single biggest tax reform in the country and a lot of progress has been made in...

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CBEC issues 8 Notifications related to CGST & IGST

In a bid to roll out GST from 1st July, 2017, the Central Board of Excise and Customs (CBEC) has notified 6 notifications for Central Goods and Service tax (CGST) and 2 notifications for Integrated Goods and Service Taxes (IGST) includes two rules — registration...

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GST related Clarifications by CBEC on Twitter

CBEC on Twitter Implementation of GST is knocking the door on 1st July, 2017, every Business houses, Traders, Retailer, Aam Admi, Tax Professionals etc,are chating about it and checking that to what extent GST is affecting to their business activity. The Government, Professionals and Business...

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Implication of GST laws on SEZs

GST_RETURN-01

Supplies made to SEZ units and SEZ developers were exempted from payment of duty under the earlier law as deemed exports. Day by day the number of SEZ units and SEZ developers are increasing. So also the domestic business sector supplying goods and service to...

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Related Parties Transactions in GST Regime

The uneven distribution of economic resources across the world and limited local markets are the key drivers for expansion of international trade. Noticeably most international transactions are arranged between related parties. The concept of ‘related parties’ is defined under the tax statutes to include certain...

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Place of Supply of goods under IGST Act, 2017

1.FUNDAMENTAL ISSUES 1.1.Dual nature of GST GST is destination tax has two components one is Central Tax and other is State Tax. In the course of Intra-State Supply (Intra-UT Supply), CGST and SGST shall be payable, these two components shall be collected and segregate by...

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Supply without consideration : GST

This article deals with the concept of supply without consideration under the GST. Transfer or disposal of business assets Normally unless the supply is made for a consideration no GST would be leviable. However permanent transfer or disposal of business assets is one exception to...

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Even The Google will not have solution to GST

The new indirect tax “GST” has reached the doorstep of Indian indirect tax home to replace old traditional taxes (CST, Excise, Cesses, Entertainment taxes, Entry tax and others). It’s not only replacing the old laws but has come with lots of new provisions. Through it,...

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