Benefits of Filing GST Returns on Time
Goods and Services Tax for short: GST Returns is a document that contains all the details of input (purchases), output (sales), input tax (tax paid on purchases) and output tax …
Goods and Services Tax
Input Tax Credit: Know How Does It Work?
Input tax credit means that the taxpayer can reduce the taxes it has already paid on inputs from the taxes it has to deposit on output. In simple words, he can take the credit of the amount of tax which has been paid on procuring of inputs. By doing so, the taxpayer is avoided from paying the double taxes on a single input.
Inspection, Search, Seizure & Arrest under GST
nspection, Search or Seizure can only be carried out when an officer, of the rank of Joint Commissioner or above, has reasons to believe the existence of any exceptional circumstances. In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit. Further, the arrests under GST Act can be made only under authorisation from the Commissioner.
Get to Know About 43rd GST Council Meeting
43rd GST Council Meeting heading by Finance Minister Smt. Nirmala Sitharaman was held through video conferencing at New Delhi on May 28, 2021.
Know the Relevance of Supply under GST Laws
GST is applicable at the time of supply of goods or services. The origin of goods or services is of no relevance for the purpose of liability to pay tax under GST. Supply is considered to be the main taxable event for charging of tax.
GST Calculator: How to Calculate GST?
Goods and Services Tax or GST is an indirect tax which is levied on manufacture, sale and consumption of goods and/or services. Goods and services tax laws came into force …
Myths And Facts of CGST Notification Dated 22.12.2020
GET YOUR GST REGISTRATION NOW common myths and facts of CGST In order to curb fake invoicing and malpractices by taxpayers to evade tax or claim more Input Tax Credit …
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Goods and Services Tax: Basics and its types
Article 265 of the Constitution of India empowers Central Government to levy and collect tax. Further, it empowers the State Governments to levy sales tax or Value Added Tax(VAT) on …