February 26, 2021

Table of Contents Coverage of the term capital goods as per GST lawProvision of ‘supply’ in connection with the capital goodsThe different possible situation with regard tothe sale of capital goodsAmount of GST (tax) payable on the sale of capital goods: Due to the complex provisions prevailing under the GST law, GST impact on the

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February 23, 2021

Recently, the e-Invoice portal of the Government of India has enabled an option for sandbox testing for businesses whose turnover falls in the bracket of 50 Cr. – 100 Cr. This move indicates that the GST Council may soon start applying e-Invoicing system to the businesses falling under this turnover bracket.  It is most likely that

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February 17, 2021

Table of Contents List of companies required to apoint internal auditorIn case of GST, a very detailed checking is required.Following areas need to be checked by internal auditor under GST:GSTR-1 Details of Outward SuppliesGSTR-2A Details of Inward supplyGSTR-3B (Monthly/ Quarterly Return)E-way billInput service distributor (ISD) Internal audit is a very crucial aspect especially where the

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February 15, 2021

Table of Contents CENTRAL GOODS AND SERVICES TAX ACT, 2017Interest payable on net cash liability [Section 50(1)]INTEGRATED GOODS AND SERVICES TAX ACT, 2017 India’s first-ever digital budget was presented by the Finance Minister, Smt. Nirmala Sitharaman, on 1st February 2021. The present article covers the analysis of ‘Goods and Services Tax’ amendments as proposed vide the

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February 10, 2021

Table of Contents Revised Conditions for Input Tax Credit What is the new update on ITC under GST? What was the GST Act, 2017 provision before?Why is Section-16 (Input Tax Credit) important?Tell me more about the update on Input Tax CreditDo not worry! We’ll put it in simpler words.Important Rules In connection With ITC AmendmentIllustrative ExampleConclusion Revised Conditions for Input

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