Continuing with the amendments of the GST portal, here are some more points for the same: 2. Insertion of Table 3.1.1 in Form GSTR-3B 3. Additional mode for payment of GST Earlier the modes for payment of GST were: E-Payment, Over the Counter, NEFT/RTGS. Now, the government has provided additional modes for payment of…
Goods and Services Tax (GST) has been against indirect tax structure reform designed to support and enhance the economic growth of our country. It has replaced multiple indirect taxes, which were existing under the previous tax regime. The tax payers registered under GST have to file returns monthly or quarterly and annually, based on the…
The transfer of a going concern in a simple way can be described as the transfer of a running business, which is capable of being carried on by the purchaser as an independent business. To have more understanding regarding the GST applicability on the transfer of business between distinct persons as a going concern, there…
GST is touted to be India’s most comprehensive tax reform in decades, it is based on the principle of ‘one nation, one market, one tax’. GST was introduced with a promise and outlook of streamlining the tax system from inception, it subsumed 17 local levies like excise duty, service tax, VAT, and 13 cases. But…
Mergers and Slump sales are not defined in the GST law. In General, a “Merger” involves a process of combining two or more companies into one single entity. Example: Company A and Company B agree to merger and create Company C. As per Section 2(42C) of the Income-tax Act 1961, ‘slump sale’ means the transfer…
Introduction: Co-operative Housing Societies are entities registered under the co-operative laws of the respective States. According to Section 2(16) of the Maharashtra co-operative society act, 1960, “housing society” means a- society, the object of which is to provide its members with open plots for housing, dwelling houses, or flats; or if open plots, dwelling…
Any service provider that provides a total service value of more than Rs 20 lakh in a year, requires GST registration. Any business which is engaged in the supply of goods having a total turnover of more than Rs 40 lakh is also mandated to get GST registration. Apart from this, GST registration is necessary…
Refund has always been considered the most peculiarized feature of the GST regime. The mechanism of sanctioning refund is an essential process as it facilitates trade through the release of blocked funds.RoDTEP (Refund of duties and taxes on exported products) is one suchexport refund schemethat ensures that the exporters receive the refunds on the taxes…
The main objective of any economy is developing, and trade plays an important role in achieving that objective of development. To stay competitive on a global scale, meet the customer demands and make available the quality goods, imports are done. Considering the significance of Imports, lawmakers had placed their specific sights on Imports and various…
GST council in its 39thmeeting held on 14th March 2020 at New Delhi had a detailed discussion on the matter “Increase in rate of Textiles” etc. to correct the inverted duty structure prevailing in the industry. But it was passed over to future meetings for further consultations and examinations. In the 45th GST Council…
