September 15, 2022
Since the inception of Goods and Services Tax (GST) i.e., 1st July 2017, the refund of the unutilized input tax credit on account of inverted duty structure under GST has undergone the following notable amendmentsParticularsDetailsThe formula under GST refund rules 89(5) as insertedMaximum Refund Amount = {(Turnover of inverted rated supply of goods) X Net
September 15, 2022
CBIC has issued certain circular under GST law on 6th July 2022 clarification regarding amendments in form GSTR-3B. Article briefly explained step by step changes in form.With regard to the return filing in Form GSTR-3B, the 47th GST Council Meeting recommended the following – In order to streamline the compliances under GST, it was proposed to
September 2, 2022
India’s 50 million small and medium-sized companies provide about 40% of the country’s GDP (MSMEs). In addition, the industry contributes to the nation’s industrial output, employment, and exports. e-Invoicing for MSMEs beneficial for the all small and medium sized firms, article speaks on 5 critical challenges business might be face in future.The daily operations of
August 31, 2022
47th GST Council Meeting was conducted on two days i.e. 28th June 2022 and 29th June 2022 under the Chairmanship of the Finance Minister of India Shrimati Nirmala Sitharaman. In that meeting, it was recommended to revise the scope of exemption with regard to pre-packaged and labelled goods. This article brief on GST applicability on
August 31, 2022
Lots of recommendations, some in favour of the registered person and some against, were done vide the 47th GST Council Meeting. Two such favourable recommendations with regard to interest on late payment of GST were –It was recommended to notify section 111 of the Finance Act, 2022 at the earliest.Notably, vide section 111, provisions of
August 30, 2022
What is Goods Transport Agency (GTA)Under GST, ‘Goods Transport Agency’ means any person engaged in providing service in relation to transportation of goods by road and also issues a consignment note, by whatever name called. Goods Transport Agency under GST comes with latest amendment are going to discuss in descriptive manner what are they?Following two