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…
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…
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…
Schedule- II to CGST Act, 2017 provides a list of activities and transactions to determine whether it is a supply of Goods or a supply of Services. Such determination is very much important to select appropriate category while…
There are certain activities or transactions which are not liable for GST in India. These transactions are kept out of purview of GST. Schedule-III to CGST Act 2017 or State/UT GST Acts 2017 contains such Activities or transactions which shall…
Section 49(5) of CGST Act, 2017 prescribes the pattern of utilisation of eligible Input Tax Credit (ITC) for payment of tax under different heads of GST i.e. CGST, SGST, UTGST, and IGST. ITC Utilisation pattern has very crucial…
Section 12 of IGST Act, 2017 determines the place of supply of various services where location of both supplier and recipient of services are within India. In case of some of services, it is provided that if such…
“Export of services” has been defined under IGST Act 2017. As per section 2(6) of such act, it means the provisioning/supply of services which have following components:- (i) the supplier of service is located in India; (ii) the…
Before general assembly elections, the government is regularly trying to amuse ‘aam aadmi’ by continuously amending GST laws. As of now, It’s core focus sector is ‘MSME’, the highest portion by “number of people involved” in business where…
GST Council met on 22.12.2018 for the 31st meeting in New Delhi to discuss primarily to reduce the number of item in tax slab of 28% on goods. Along with this, there are other numerous matters which were…
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