On 23.02.2018, CBEC has issued a Circular CIR-33/07/2018-GST in relation to Disputed and Blocked Transitional Credits (CENVAT Credits) carried forward under GST during Transition to GST. To prevent misuse of transitional credits and non-adherence to GST provisions, CBEC has…
Generally, accounts and records are prepared using general accepted accounting principles in India. These principles include Ind-AS, Accounting Standards, Companies Act, Other Industry specific laws, etc. These laws also prescribed the manner of maintenance of records, their time…
Like ‘Tax Audit’ under Income Tax Act, in GST, there is also a provision for Statutory Audit under GST. As per Section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the…
Tax rate of services in relation to Job Work on physical inputs (goods) owned by others are mentioned at Serial Number 26 of CGST Rate Schedule of Services. Following is the rate schedule for various job work activities:-…
Recently, GSTIN system has issued an advisory in respect of Refund of IGST Paid on Export of Goods. This advisory is basically issued with reference to the processing of invoices of GSTR 1 pertaining to the export of goods…
Under GST law, Two types of inward supplies are prescribed where reverse charge provisions are applicable:- Inward Supplies as notified by government through notification (Compulsory Reverse Charge) Inward Supplies from Unregistered Persons In this article, we will go…
In this article, we will go through the GST refund procedure and applicable law in case of Zero rated supply of goods or services or both (in case of Exports) under Bond or Letter of undertaking (LUT). This article…
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