Under the GST, a taxpayer registered with the GST may claim a refund of any taxes and interest paid or any other GST amount by applying for a GST refund within 2 years from the due date. In this article, we look at the process of obtaining GST refunds and non-refundable input tax credit under…
In terms of Section 2 (119) of the CGST Act, 2017 as a ‘work contract’ means a contract of construction, building, fabrication, completion, fitting out, installation, erection, development, repair, renovation, modification, alteration, maintenance, or authorization of any immovable property where the transfer of goods (either by goods or otherwise) is involved in the execution of…
Section 39 of the Central Goods and Services Tax (‘CGST’) Act, 2017 provides that every registrant is required to complete a monthly electronic return. Details such as the outward and inward supply of goods or services, taxable input tax available, taxable payable, taxable paid, etc. are required to be announced in that return. However, a…
In the 21st Century, “Influencers” have almost the same recognition as TV personalities. Moreover, when we hear the word Influencer we correspond it with Instagram. We are engaged in social media every day. Further, most of us are eager to keep up to date with every post from our favourite influencers. Are you an Influencer? Moreover, due to…
Every taxpayer has to file their Income Tax Returns (ITR). Further, every businessman has to pay their GST returns. Moreover, they have to do so in time. On filing, if there is any inconsistency or error present in the information declared, the tax officers will conduct a scrutiny of your GST returns. In this article, we will discuss,…
India ranked 8th in terms of revenue from the e-commerce market and its growth in 2020. While the importance of the electronic marketplace, namely e-commerce, will never diminish soon, domestic tax laws are a matter of great confusion. The GST regime has made perception of complexity in understanding the e-commerce system in India. This article…
Any litigation under various tax laws, including the GST, may take a long time. Dependence on any measures may delay the receipt of government revenue. In addition, the taxpayer may transfer his property to another person before the end of the case. To protect profit interests during the suspension of any measures, the government has…
Are you planning to start your own Business? There are many things that you need to keep in mind before starting your own business. Knowledge is power. Further, there is nothing better for a businessman than to be prepared. In India any business with a turn over of more than Rs. 20 crores has to…
Do you want to start an export business? Setting up a business in a Special Economic Zone (SEZ) may be the best option for you. You can take advantage of the government’s policies. Further, can conduct your business in a much simpler way. Some of the SEZs in India are Noida, Kandla, Falta, Madras, etc….
The provision of two or more commodities or services might be classified as a ‘composite supply’ or a ‘mixed supply.’ This is a new GST concept that will encompass supplies manufactured together whether they are connected or not. In the GST framework, the idea of composite supply is akin to the concept of organically bundled…