From 1st July 2017, goods and services taxes were implemented in India. GST simplifies the tax system and its procedural aspects, which is one of its primary advantages. With the GST law, a variety of tax schemes have been established to simplify taxes. Margin schemes are among them. Let’s explore this tax scheme in detail. …
The implementation of GST has been hailed as a major tax reform that will unify the entire country for taxation. While this has benefited a variety of industries, the implementation of the GST will have societal ramifications for charities and non-profit organisations. Let’s have a look at the impact of the GST on Renting of…
Introduction GSTR-2B is another static month-wise auto-drafted statement for citizens (whether or not selected into the QRMP scheme) presented on GST portal. The statement was launched from the August 2020 tax period time onwards. Table of Contents What is GSTR-2B? What are the features of GSTR-2B? What are the benefits of GSTR-2B? Steps to view…
The format of Annual Return as announced on the GSTR-9 form is an in-depth document wherein transactions associated with previous years should be reported. article discusses the annual return under GST Law. Table of Contents- What is the annual return for GSTR-9? Who should file GSTR-9, annual return? What details are required to complete GSTR-9?…
The GST is perhaps the largest tax-related change in India since gaining independence that brings uniformity to the tax structure and removes the payment of taxes levied in the past. The GST Council meets from time to time to review GST prices for various products. Several states and industries commended the deduction of GST tax…
Living in 21st century, everyone became very much comfortable and used to electronic mode of transaction. Considering the rapid change and innovation made in the field of e-commerce mode of transaction the government has brought in new changes through GST to tax those negotiations which simultaneously happen across the portal 24*7 and for every transaction…
We are the world’s fastest-growing economy. India ranks the seventh number in the world for its economy. The most important factor that ensures the economic growth of a nation is trade that comprises imports and export. Hence, a nation to have a good economy should maintain its trade performance at domestic and international markets. After…
The concept of GST been on face for goods and service taxes since 2017 which is a new concept with new tax structure designed and are applicable on consumable goods and services. The collections of GST are based on the territory which further classified as CGST, SGST and IGST. With varying GST payment there are…
Corporate sector is supposed to follow various laws applicable on them. It includes corporate laws as well as taxation laws. GST Act and Companies Act, 2013 both laws are applicable on companies. In this article we will discuss the topic of GST on CSR Expenses, where we need to understand the impact of the provisions…
All the taxpayers registered under GST Regime are required to file monthly/quarterly returns as per applicability. In addition to that they also need to file annual return in Form 9C. This return form was also accompanied by an audited reconciliation statement. However, with a view to simplify things and make compliances easier some amendments are…