August 21, 2023
‘Banquet’ means a splendid feast which is arranged to cater for a large number of people. Accordingly, ‘Banquet Service’ in today’s time means an elaborate meal (other than a regular family dinner) along with various other facilities due to the scope of an event or the size of the crowd.From a GST perspective, ‘Banquet Service’
August 17, 2023
The concept of the ‘Electronic Way Bill’, shortly and popularly known as an e-way bill, was for the first time introduced and implemented under GST. Basically, an e-way bill under GST is to be generated by the registered person under GST for the movement of inter-state supply of goods of value above INR 50,000.Talking about
June 26, 2023
The term ‘education’ is not defined under GST. However, the generalized meaning of the term ‘education’ means that it is a process of training and developing the skills, knowledge and character of the student through normal schooling.As ‘education’ is viewed more as a social activity rather than commercial, the levy of taxation on the Education
May 22, 2023
In simple terms, input tax credit (ITC) means claiming credit of the tax paid on the purchase of goods and/ or services which are used for the furtherance of the business. Notably, the seamless and easy flow of input tax credits is the backbone behind the implementation of Goods and Services Tax (GST) in India.
May 3, 2023
‘Tobacco’ the name itself sounds so much hazardous to health. However, inversely, India is the second largest producer of tobacco and the third largest exporter of tobacco in the world. Figuratively, tobacco is a booming market and is likely to grow by 4.72% annually. Various taxes like National Calamity Contingent Duty, Goods and Services Tax, Compensation
April 21, 2023
With each passing year, Goods and Services Tax (GST) law is trying to stabilize. Remarkably, GST collection for the last Financial Year i.e. 1st April 2022 to 31st March 2023 has touched the new height of INR 18 Lakhs Crores. Notably, the total collection for the Financial Year 2022-2023 is INR 18,07,679 Crores. Looking at the