Refund of ITC on Input Services Within GST, the term “Inverted Tax Structure” represents the situation when the GST rate paid on inward supplies (or purchases) is higher than the GST rate paid on outward supplies (or sales). According to section 54 of CGST, claiming a refund of any tax and interest paid may require…
Procurement of services like an advocate, auditor, etc. by the head office on behalf of all entities is a common practice nowadays. Entities of a company in different states are considered as a distinct entity under GST, is well known to all, therefore GST charged on these types of services needs to be allocated to…
In the recent scenario, the role of government officials is no longer restricted to passing laws rather making everyone adhere to these laws is a new challenge faced by them. Some Taxpayers are intentionally or unintentionally getting themselves engaged in the activities of evading tax which ultimately results in the loss of revenue of the…
Since the implementation of GST, it has been clear that health care services provided by an authorised medical practitioner or para medics through a clinical establishment are exempt vide Notification No. 12/2017-Central tax (Rate) dated 28-06-2017. But there have been certain grey areas in health care services regarding the availability of Input Tax Credit (abbreviated…
Will it resolve monthly Compliances Ailment? In India, tax laws have always favoured small businesses as they constitute a major portion of country’s growth and GDP. With the introduction of GST, taxpayers need to file monthly return i.e. GSTR-3B, which comprises of details of outward and inward supplies. Any delay in the filing of return…
GST was implemented with several unique provisions which intended to reduce the complexities of pre-GST era. One of such provision stated in rule 46 of CGST rules, 2017 which conferences about unique series of invoice under GST. As per law,a valid invoice is required to claim ITC absence of which results is inadmissibility of credit….
