Skip to content

GST

Composition Scheme under GST – Eligibility, Tax Rate, Conditions

Under GST the Composition Scheme is simple scheme for small taxpayer. They can get relaxation from formalities of monotonous GST and can pay tax at a fixed rate of Turnover too. This composition scheme is applicable only to those persons whose turnover is not exceeding INR 1.5 Crores. What is the Eligibility for Composition Scheme? A taxpayer whose turnover is less than INR 1.5 Crores can go for composition scheme,… Read More »Composition Scheme under GST – Eligibility, Tax Rate, Conditions

E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

‘E-way bill’ is popularly known as ‘Electronic Way Bill’. The main motto behind the e-way bill under GST is controlling tax evasion; tracking the movement of goods and ensuring adequate compliance with the GST law. E-way Bill System- An e-way bill can be generated as and when there is a movement of goods whose value is more than INR 50,000 through a vehicle or conveyance. The movement of goods can… Read More »E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

Impact of GST on Bitcoin or Cryptocurrency

In this article we will discuss how the traders of cryptocurrency should liable to pay GST on exchange of Cryptocurrency in India. Treating Bitcoin or Cryptocurrency as a Goods Definition of Goods and Services Definition of Goods –GST Act’ 2017- Section 2(52) The term “Goods’’ means each type of movable property other than money & securities but includes actionable claims, growing crops, grass & things attached to or land’s forming… Read More »Impact of GST on Bitcoin or Cryptocurrency

Input Tax Credit – Restriction on ITC Utilisation in Electronic Credit Ledger

The CBIC (Central Board of Indirect Taxes and Customs) vide notification no. 94/2020 on 22nd December, 2020 has introduced new rule which is Rule 86B. Rule 86B has been effective from 1st January 2021. According to the new Rule 86B, ITC has been reduced from 10% to 5% of eligible ITC if Input Tax Credit to be availed in respect of invoices does not uploaded by suppliers in their GSTR-1/… Read More »Input Tax Credit – Restriction on ITC Utilisation in Electronic Credit Ledger

Applicability of GST on Reverse Charge Mechanism for Import of Service

Goods and Service Tax is Levy in accordance with the concept of supply. As per the CGST Act’ 2017- section 7(1) (b), supply includes “import of services” for a consideration whether or not in the course or furtherance of business. As per the IGST Act’2017- section 7 (4), if Supply of services imported into the territory of India will be counted to be a supply of services in the course… Read More »Applicability of GST on Reverse Charge Mechanism for Import of Service

ITC availability on COVID supplies provided by Corporates to Employees & Others

In a month ago, Country was in requirement for a lot of medicine, equipment supplies and now the vaccinations. There are no. of employers who had come forward to either help their employees or the society by providing such materials at free of cost. In this pandemic time, supplies like masks, sanitizers, thermal scanners, vaccines are going to be a regular procurement which shall be provided for employees as the… Read More »ITC availability on COVID supplies provided by Corporates to Employees & Others

How to Avail Two GST Registration on One PAN Card

The Goods and Service Tax (GST) is a value-added tax inflicted on the supply of non-exempted goods and services. GST was implemented with an aim- One Nation One Tax, as it replaces various indirect taxes such as CST, service tax, VAT, and many more. According to the Section 25 (1) of the CGST Act, GST registration is essential to all the suppliers of non-exempted goods & services regardless of their… Read More »How to Avail Two GST Registration on One PAN Card

Procedure or Checklist: GSTR-9C

Every registered person whose turnover during a FY exceeds the prescribed limit of INR 2 crores shall get his/her accounts audited by a CA or a cost accountant. GSTR-9C is a statement of reconciliation between: The Annual Returns in GSTR-9 filed for a financial year The figures according to the taxpayer’s audited annual Financial Statements. It can be presumed to be similar to that of a tax audit report evolved… Read More »Procedure or Checklist: GSTR-9C

Analysis of GST Amensty Scheme & Relaxations in GST Return

As per 43rd GST Council meeting which was held on 28 May 2021, we are going to do analysis of GST Amensty Scheme & Relaxations in due dates of GST Returns. Today we will discuss GST Amensty Scheme and new due dates for Month of March, April and May 2021- Amnesty Scheme is for providing relief to taxpayers regarding late fee for pending returns: To provide relief to taxpayers ,late… Read More »Analysis of GST Amensty Scheme & Relaxations in GST Return

Impact of GST on Accounting & Financial Statements

GST has been introduced on 1st July 2017, India has moved towards a single indirect tax regime for goods & services with uniform accounting system under GST for entire country. Some provisions which have directly affected on accounting such as Works Contract, Composite Supply and many more. What is Dual model of Tax? All transaction of supply would be subject to 2 Levies (State and Union government) and levied is… Read More »Impact of GST on Accounting & Financial Statements