What is GST ?
GST stands for Goods and Services Tax (a good and simple tax) GST is an indirect tax imposed by State governments and Central governments simultaneously on each transaction of purchase of goods or services or both. Indirect tax…
What is the Procedure and document requirements to register as new dealer under GST
In GST, every registration as new dealer is automated through online portal of GST network. Fresh registrations are started from 25th June 2017. GST portal will first verify user credentials for the followings: Legal Name of Business (Name as…
Composition Scheme under GST
Concept of Composition Scheme is commonly known to every person because it was also available in Central Excise Duty laws and in State VAT law too. Composition scheme is an opportunity provided to small traders, manufacturers and restaurant…
Input tax credits: Where a registered person opts Composition Scheme
In this article we will understand the impact on Input tax credits, where a normal registered person under GST opts to pay tax under Composition Scheme A person was registered under normal provisions under GST (i.e. claiming input…
Reversal of ITC where Capital Goods used for both taxable & exempt sales
Section 17(1) and Section 17(2) of CGST Act 2017 provides that where Capital Goods are used in the business for common purposes (i.e. to effect taxable as well as exempt supplies) or used for business as well as…
Input Tax Credits : Where the inputs or Input services used partly for the purpose of business and partly for others
In this article, we will discuss following two situations in respect to Input Tax Credits of Inputs and Input services:- Where the goods or services or both are used by the registered person partly for the purpose of…
Job Work : Meaning and Procedures under GST
It is normal course of business by big corporations to get their branded products manufactured by others by providing their own raw material. Such manufacturing includes, processing of inputs, re-processing of inputs, testing of goods or any other…
Invoice System in GST
Types of Invoices in GST There are various types of invoice (s) to be issued under GST at different situations : Situation Type of Invoice Registered person supplying taxable goods/services/both Tax Invoice Registered person supplying exempted goods/services/both Bill…
Transitional Period – Return Forms and their relevancy
During transition phase, every dealer registered under existing laws like VAT / Excise / Service Tax / Luxury Tax etc., is obliged to file the return forms to claim benefits provided under transitional provisions under GST. There forms…
What are various situations where Input Tax Credits not allowed in GST
In GST, every tax paid on purchases of goods or services or both for the furtherance of business are allowed as Input Tax Credit. However, there are some purchases which are specified under law for which such input…
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