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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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Concerns of Textile Sector over GST Implementation

Textile Sector

India’s largest employment generator, textile sector is concern over GST implementation The textiles and garment sector is one of the biggest and the largest sector in the India. Textile sector is also big employment generator. Before GST this big sector was out of taxes network....

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TCS under GST : E-Commerce Operator

Every electronic commerce operator (e-commerce operator), not being an agent, is required to collect an amount calculated at the rate of one percent (1%) of the net value of taxable supplies made through it where the consideration with respect to such supplies is to be...

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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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What to do with Inventory Before GST kicks in ?

There is a lot of apprehension about what to do with inventory before GST kicks in. Some people are of the opinion that inventory should be increased. Others are of the view that inventory should be reduced. Many are apprehensive that there will be loss...

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Composition scheme under the GST Law

The purpose of composition scheme is to ensure minimum compliance is put on small business entities. The various features of composition scheme as contained in section 10 and draft rules are as follows Eligibility: A registered person, whose aggregate turnover in the preceding financial year...

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Decoding of ITC Rules : CGST & SGST Provisions

The Draft GST ITC Rules made public by Council, which is a complete set of provisions pertaining to the Input Tax Credit combining with the provisions of CGST/SGST Acts. The provisions of ITC Rules broadly contain broadly the following issues: • How much credit of...

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GST – Composition Scheme : Summary

Meaning-Small taxpayers with an aggregate turnover in a financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. The scheme is, however, optional for the taxpayer. Tax payer needs to present ‘Bill of supply’ instead ‘Tax invoice’ to the tax authorities. Also,...

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Preparing for GST ? Here are some leads…

GST

Background The GST Council has, in the recent past, made quick progress towards its goal of implementing a new tax across India viz. Goods and Services Tax or simply “GST”. GST has been implemented in more than 140 countries across the world. However, India’s journey...

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