Through this comprehensive walkthrough, taxpayers will find essential insights into adhering to the new compliance mechanisms, thereby mitigating the risk of tax credit discrepancies and ensuring smoother tax operations.
"Export of goods" as per Sec 2(5) of The IGST Act, 2017 with its grammatical variations and cognate expressions, means taking goods out of India to a place outside India.
As we all are aware Hotel Industry is one of the dominating Industries in India Having Market size(2024) of 247.31 Billion USD & which will be around 475.37 Billion USD by 2029 with CAGR of 13.96%. Pre-GST Hotel industry need to pay municipal taxes (VAT, luxury tax, and service tax) under the previous VAT regime.
GST audits are regularly undertaken by the department under Sec 65 of the CGST Act. These audits are conducted by the department either at their own premises or at the premises of the taxpayer.
A Show Cause Notice is a significant instrument in maintaining due process within organizations, courts, and various administrative actions. It serves as a formal communication requiring an individual to explain or justify their actions or conduct, which is allegedly in violation of company rules or codes of conduct.
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the data that was actually submitted regarding ITC claims, tax payments, etc.
Sandeep Kumar Gupta, the chairman of GAIL, suggests that the government should promote the use of natural gas and reduce emissions in various industries. He also proposes bringing natural gas under the GST regime and extending production-linked incentives to LNG-powered vehicles.
Goods and Services Tax (GST) is a self-assessment-based tax scheme wherein a taxpayer is required to determine its tax liability and avail the eligible credit on a periodical basis.
In this article, we have highlighted 70 GST checkpoints that one may consider for the financial year end, i.e. March 2024 as a safeguard.
The Indian GST Department has issued new guidelines Instruction No. 01-2023-24 dated 30-Mar-2024, to CGST field formations on maintaining ease of doing business while engaging in investigations with regular taxpayers.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
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