GST Impact on Educational Institutions
As per Constitution of India, Education is a right to every citizen of India. Moreover, education can’t be sold and one can not earn profits by selling Education in India. So, education is a services and not a…
What is the reason behind filling Table 5(b) of TRAN 1?
In Table 5(b) of TRAN 1, GST department seeks details of statutory forms received for which credit is being carried forward As per erstwhile Central Sales Tax Act, 1956 (in short “CST”), concessional rate of tax was charged on…
What is Letter of Undertaking (LUT) under GST? What are eligibility conditions for this?
Letter of undertaking (LUT) is an undertaking to be given by Owner/Proprietor/Working Partner/Managing Director of an entity in case such entity is doing export business (i.e. export of goods or services or both) or supplying Zero rated goods…
Soon E-Way Bill becomes reality for Whole India under GST
In the GST Council meeting on 16/12/2017 held through Video Conferencing, “implementation of e-way bill system” was discussed. Some of the states (not all) are already using their own way bill systems with their own old rules. Due…
SAC Code for Services- GST India
SAC Code Stands for Service Accounting Code for Service Sector. Likewise, HSN Codes for Goods, SAC codes are used for Service Sector. As per Invoicing and return rules in GST, SAC codes are mandatory if turnover in preceding…
What is the procedure to claim input tax credits on stock at the time of registration under GST
First of all, we will discuss the scenarios where input tax credit (ITC) allowed on stock in hand at the time of registration: Scenario 1: Where registration required where turnover crossed threshold limit or it obligatory to get…
Recommendations – GST Council Meet – 06.10.2017 (for Exporters)
EXPORT PACKAGE GST PRESS BRIEF-06.10.2017 The GST Council Meeting under Chairmanship of Union Finance Minister Shri Arun Jaitley (22nd Meeting) at Delhi today (06.10.2017) approved a major relief package for exporters. Mindful of the difficulties faced by exporters…
Recommendations – GST Council Meet – 06.10.2017 (for Small Units)
PRESS RELEASE 6th October, 2017 Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017 GST package for Small Units The GST Council, in its 22nd meeting held at New Delhi…
What are documents required for Letter of Undertaking (LUT)
What is Letter of Undertaking (LUT) ? A Letter of Undertaking is an undertaking by authorized persons of an entity that they will not pay tax on their export sales and will always abide by GST laws at…
Advisory by CBEC for filing of GSTR-1
Few days ago, government issued advisory for taxpayers on filing of GSTR-1 for the month of July 2017 to avoid confusions and errors on first time filing at GSTN Portal and to provide know how of this system.…
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