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e-Invoicing under GST is live & in the working for large scale businesses. So far, it has achieved its objectives & proved its usefulness for both businesses & the Government. The Government will have a closer eye on business transactions that will eventually reduce the tax frauds that lead to massive revenue leakages. Which may […]
Read moreReverse Charge Mechanism is a frequently occurring but complex provision of GST. Many businesses come across this situation at one point in time or the other. Which makes it important for you to be familiar with the concept, and understand how RCM really works. So, to make the job simpler for you we have explained […]
Read more‘Input Tax Credit’ is the reversal of the tax to a taxpayer, who has paid such tax on any goods or services that he utilized in his business. In other words, a taxpayer can claim the credit refund for the GST that he paid while buying any goods or services in the direct interest of […]
Read moreIn this Changing Taxation regime of Goods and Service Tax (GST), one needs to understand the current GST ITC or Input Tax Credit Setoff Rules applicable under Normal Charge Mechanism or Reverse Charge Mechanism(RCM). Every person has two legs for doing their work, similarly every business or profession has two legs. Inward leg– It refers […]
Read moreIn Goods and Service Tax (GST) regime, selling the second hand or old used things brings some new concepts. Normally, GST is charged on Transaction value of Goods, which is nothing but the price actually paid or payable for the goods when following two conditions are satisfied. The Supplier and the Recipient of supply are […]
Read moreMany questions arise prior of taking Input Tax Credit on Capital Goods like car, office building, Furniture, software, etc in Goods and Service Tax (GST) Regime. Before we start the discussion on this topic, it is important to understand few definitions to go ahead. 1. Capital Goods As per section 2(19)of CGST Act, 2017 , […]
Read moreGST is not easy. Since the implementation of GST, CBIC has made many amendments. It even gave a lot of clarifications to simplify the GST process. Also, it took steps for easy understanding or to make it better for overcoming the faced problems and difficulties. Through these steps the GST became Good and simple Tax […]
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