The indirect tax system in India is extremely complex. It has long been felt that the complexity of tax structure and the general legal framework dampens entrepreneurship and hinders growth of businesses. India, in spite of being a single country, faces internal barriers to interstate trade, commerce, and business because of prevailing multiplicity of tax…
Are sampling services for laboratory diagnostic testing exempt from GST? The collection center has no laboratory. Collects samples from patients and deliver them to the laboratory for testing. There are two different approach exists that is presented by our Hon’ble Supreme Court of India, which says that, when the activity of a collection agent for…
It is generally assumed that individual lawyers and law firms are exempt from GST on legal services. However, whether GST applies to lawyers, legal firms, and their services is not answered yet. Let us discuss the GST on Advocates and Legal Services. Table of Contents GST on Legal Services Is GST applicable on legal fees…
The Goods and Services Tax Act, 2017 mandate every registered person to maintain true and correct books and records. Failure to maintain them may result in the non-payer being punished with penalties and even confiscation of the goods. Let us discuss the books of accounts and records under GST. Table of Contents Books of Accounts…
In this article, we will discuss the cancellation of registration under GST. Any GST payer can file an appeal if he is not satisfied with the order passed by the designated officer. An appeal against an order against a registration application must be filed on Form GST APL-01. Table of Contents Application for GST registration…
Joint development agreements are becoming a common form of real estate development in India as the government formulates policies and laws that facilitate the meeting of various stakeholders to participate in mutually beneficial propositions. Therefore each party also must have a clear understanding of the joint development agreements and how they work. Let us discuss…
Many multinational companies (MNCs) have a practice of seconding/representing one or more of their employees to sister companies in their country and abroad. Such transactions have come under the scrutiny of the ministry where the service tax requirement has been increased. Let us discuss the GST on the Secondment/Deputation of Expats. Table of Contents Facts…
GST has introduced a few concepts which are new or unheard of by Indian taxpayers. Few are levies of tax on stock transfer of goods, taxation of gifts distributed to employees, etc. In terms of Section 7 read with Schedule I to CGST Act 2017, there are specified activities that would be subject to GST…
The goods and Services Tax is the single most important tax reform since independence and it covers all goods and services. It replaces the complex levy of goods and services at the center and at the state levels. The new GST will merge the aforementioned indirect central and state taxes into a single tax. Table…
Tax is generally levied on the profit margin only. In general, tax is not levied on any reimbursement expense or cost. Reimbursement is the amount paid to either a customer or an employee for a business expense, taxes, insurance, or other costs. Expense reimbursements consist of out-of-pocket expenses, such as those for food and travel,…