CGST

Section 2(107) taxable person means: A person who is registered or liable to be registered under section 22 (i.e. registration required if turnover exceed threshold limit and so on) or section 24 (i.e. Compulsory registration under GST). A…

Credit Notes OR Debit Notes to be issued by ISD: A registered person is required to issue credit note or debit note under certain circumstances. GST is considered as an indirect tax for the whole nation that would make India one unified…

Advantages and Disadvantages of GST (Goods and Service Tax). GST is one of the biggest taxation reform in India aiming to integrate state economics and boost over all growth by creating a single, unified Indian market to make the economy…

Transition Provisions under CGST Act, 2019 & Transition Rules 2019. The section numbers referred to in the Chapter pertain to CGST Act, unless otherwise specified. The expression ‘the Act’ refers to CGST Act, unless otherwise specified.…

Advance Ruling on Supply of food and beverages in trains: Till now many rulings have been given by the AAR under GST, one of the examples for the same is the recent ruling on supply of food and beverages in trains, where the issue was…

GST Refund - Refund of tax, interest, penalty, fees or any other amount. GST Refund Draft Rules. Procedure of Refund in GST is time bound and if not paid in time will be subject to interest. It seems to be simple . Circumstances are defined…

Receiving Intimation of ITC Blocked by Tax Official: Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of…

After 1 year of successful implementation of GST, the government had finally give his nod on the applicability of the provisions related to TCS and TDS under GST with effect from 01.10.2019; all provisions related to TCS are covered under…

GST and Working Capital Management: Goods and Service Tax (GST) has replaced all indirect taxes levied on goods and services by the Government, both Central and States. GST is one of the biggest Tax Reforms in India since its independence.…

Margin Scheme in GST: Normally GST is charged on the transaction value of the goods. However, in respect of second hand goods, a person dealing is such goods may be allowed to pay tax on the margin i.e. the difference between the value at…