CGST

When consideration is not wholly in money (valuation of supply under GST): Rule 27: Value of supply of goods or services where the consideration is not wholly in money... Where the supply of goods or services is for a consideration not…

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…

Cannot Claim ITC under GST Act, Who Can not Claim ITC under GST: 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…

Accounting Ledgers in GST, Accounting Entries in GST: About nine months back Goods and Service Tax is introduced in India from 1st July 2017 and for many of the taxpayers it is knee jerk reaction as they were not prepared. Now we are…

Determination of Inter and Intra State Supplies under GST:  The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc.…

Export Refund Procedure, Frequently Asked Questions on IGST refunds on goods exported out of India. At present Duty Drawback Scheme under Section 75 neutralises Customs duty, Central excise duty and Service Tax chargeable on any imported…

Really A Good and Simple Tax?: A tax should never be a fine for doing right. In these almost 9 months, the definition of “Good and Simple tax” has been changed so far. The multiple forms, poor technology and improper grooming of tax…

Submission of GST Audit Report: The concept of audit by a Chartered Accountant in the area of Indirect Taxes was confined to State Value Added Tax and Central Sales Tax laws of certain States. In Central Excise and Service tax only in case…

GST ITC: Goods and Service Tax (GST) 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.One of the Key benefits of GST…

Advance Ruling Mechanism Tool for Dispute Resolution under GST: Advance rulings enable the tax payers to get an insight into tax consequences of contemplated transactions so that corrective actions may be taken expeditiously. The concept of…