July 1, 2022
As we know, the Goods and Services Tax (i.e., GST) is a consumption-based tax. Due to this many manufacturing States will obviously face a loss of revenue. Consequently, ‘GST Compensation Cess’ is levied as per provisions of section 8 of the Goods and Services Tax (Compensation to States) Act, 2017. Accordingly, the Goods and Services Tax
June 24, 2022
Now, each one of us is fairly familiar with the GST portal i.e. https://www.gst.gov.in. The said GST portal contains some significant GST ledgers and register, the understanding of which is essential for each and every registered person under GST. Article contain detailed guide on Electronic Cash Ledger/Credit & Liability Register in GST and its steps
June 22, 2022
Powers relating to inspection, search and seizure under GST are covered under section 67 of the Central Goods and Services Tax Act, 2017. The gist of all the three powers are covered under the table belowProvisionRelevant powerDesignation of an officer who is granted the powersSection 67(1)Inspection of any place of business of taxable person; orInspection
June 14, 2022
Article broadly speaks on how to handle Departmental audit under GST, document and the risk parameter to avoid the notices and penalties in GST. As we know, GST (Goods and Services Tax) works on the ‘trust-based system’. Accordingly, the registered taxable person himself carries out the following compliances/ tasks under GST –Measures the tax liability on
May 27, 2022
The ‘Goods and Services Tax’ journey was started, in the year 2000, when the GST committee was set up. It took long 17 years for the GST law to evolve in India. In this article we broadly discussed on GST on Healthcare Services, GST on medicine, what is exempted form GST.1st July 2017 became the historic
May 24, 2022
Recently, matching and mismatching of Input Tax Credit (ITC) have created a huge havoc, within the trade and industry, under Goods and Services Tax (GST). In the FAQ on ITC article, let us go through some of the frequently asked questions relating to ITC mismatch which will be helpful for clearing the relevant concept to
