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GST on transactions between Principal and his Agent for supply of goods

Schedule-I of CGST Act 2017 specifies certain Activities which shall be treated as supply even if made without consideration. Entry no. 3 of this schedule specifies transactions of supply of goods between principal and his agent and are…

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GST on Sales Promotion Schemes (Credit Notes) – Clarification by CBIC

There was so much ambiguity among the professionals, businessmen and other tax consultants with respect to sale promotions schemes in various forms where suppliers issue credit notes, providing free samples, or others.¬†Some of consultants were saying that the…

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Composition Scheme for Service Providers w.e.f. 1st April 2019

Initially, under GST laws, composition scheme was restricted only for traders, manufacturers and restaurant service providers. With the implementation of CGST Amendment Act, 2017 as applicable w.e.f. 01.02.2019, a relatively small portion of services is allowed to be…

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Threshold for GST Registration enhanced to Rs 40 Lakh w.e.f. 01.04.2019

In its 32nd meeting, GST Council has decided to increase the threshold limit for registration under GST laws from the erstwhile limit of Rs 20 Lakh to Rs 40 Lakh. On 7th March 2019, CBIC has issued a…

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