Ocean freight is a process through which merchandise goods, cargo and commodities are transported by ships via shipping lines. Over 90% of all the world's trade is carried by sea.
Section 17 of the CGST ACT 2017 talks about Input Tax Credit Apportionment and Blocking of Ineligible GST Credits.
1) Motor Vehicle used for transportation of Persons(A) ITC is blocked for motor vehicles have approved seating capacity ≤ 13 persons (including the driver)IT..
Section 16 of CGST ACT 2017 talks about Input Tax Credit mechanism, which allow Taxpayers to offset the GST Input Tax Credit with the GST Output Tax Liability. This helps in avoiding the cascading effect of taxes and promote seamless flow of credit through the entire supply chain.
The government has notified amnesty scheme for small businesses, non-filers of final returns, and taxpayers whose Goods and Services Tax (GST) registration has ..
Section 68 talks about the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may be prescribed to carry with him such documents and such devices as may be prescribed.
New Time Limit for E-Invoice Reporting: Ensuring Compliance and Streamlining Invoicing for Businesses in India
The Indian government issued several notifications related to Amnesty & Compensation Cess giving effect to proposals of the 49th GST Council Meeting.
Section 12 talks about the time of supply of goods which is when the liability to pay tax arises on goods.
Real estate is an important pillar of the India Economy. Taxation of real estate sector has always been critical issue, before GST was introduced in 2017 various taxes like Vat, Central Excise duty Service tax etc, were paid by the buyer. The cost incurred of these taxes by builder was then transferred to the buyer.
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"
CAclubindia
