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…
To bring clarity to the provisions of GST and to reduce the ambiguity of the law, Advance Ruling Authority (AAR) was established. An Advance ruling is a written decision provided by the Authority or the Appellate Authority to an applicant on matters or questions relating to the supply of goods/services, etc. An advance tax ruling…
Uninterrupted and seamless flow of input tax credit (ITC) is one of the key features of the Goods and Services Tax (GST) law. It is a mechanist avoid cascading taxes. As per the provisions of GST Law, every registered person is eligible to claim ITC on the purchase of goods or services or both…
Beware of Sham Entities Being Created Using Your Details “Caution is the parent of safety” With the development and access to technology across the globe, cybercrime is the biggest challenge in today’s world. Sharing personal information with others should always be in a secure manner which maintains the confidentiality of the data. In this digital…
Money as a medium of exchange helps us in acquiring different necessities to live a comfortable life. In a historical era, people used the barter system for purchasing things that they required but because of its inherent limitation of having people’s requirements coincide with each other to fructify the transaction, there comes the era of…
The government of India aims at supporting million-plus taxpayers to adopt E-Invoicing. It is also relevant that it must take an active approach in screening fraudulent GST evasion practices by registered persons. This electronic real-time exchange of invoicing data will help the Government plug the GST gap and help businesses to streamline the operation of…
People who want to start or take over a business can call on the services of an accountant to find the answers more easily to all their questions regarding the implementation of their project. This professional has the skills necessary to keep the accounts of your business. With chartered accountant service in GST, it becomes possible…
