GST Articles

In this article, attempt has been made to enlist various thresholds (as amended from time to time)as prescribed under the GST law for normal registration in different States/UTs, thresholds for Composition registration and a snapshot on Notification No. 2/2019- CT (Rate). Read on. Normal Re..

Principal commissioner(GST) of Central Board of Indirect Taxes and Custom vide its letter dated 7th March 2019 has clarified the following issues:- 1. The issue of availability of ITC on Free Sample and Gifts distributed: As per Section 7(1)(a) of CGST Act, supply includes all forms of suppl..

As per newly inserted Section 49A, ITC on account of CGST and SGST can be utilised towards payment of CGST, SGST and IGST as the case may be only after ITC available on account of IGST has been fully exhausted towards payment of such taxes. It means that IGST has to be fully exhausted first and ther..

The festival of holi is celebrated with great enthusiasm all over India. Various colors of holi denote various circumstances that a taxpayer has to face because of recent Amendments and circulars. Lets see what the taxpayers have to face this holi! Arjun (Fictional Character): Krishna, the fes..

Desk review is the first and foremost step taken by an Auditor to conduct an audit . It simply means performing initial audit procedures in the office itself without going to auditee's place of business. It involves collecting some important information from the assessee to understand the operat..

The GST Council in its 33rd GST Council Meeting on February 24th, 2019,  has given in principle approval to the new tax rates for Real Estate Sectors, which are as under: Affordable Housing: 1% without Input Tax Credit (ITC) as compared to 8% with ITC currently. Other than Afforda..

Background of GST: 'Goods and Services Tax (GST)'was proposed and given a go-ahead in the year 1999 during a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisory panel which included three former RBI governors IG Patel, Bimal Jalan and C Rangar..

This circular was on sales promotional schemes and the availability of tax credit (ITC). It clarified the position of GST as under: A. Free Samples/ Gifts: In business free samples or gifts are given to increase sales and get new customers, wean back those who shifted their loyalty. This is in furth..

Background: The Interim Budget 2019 did not propose any changes with respect to Indirect Tax. In as much as GST is concerned, the GST Council in its 28thmeeting held on July 21, 2018, recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act, 201..

The proposed GST returns Normal, Sugam and Sahaj have been released by the CBIC. Assessees with a turnover of up to Rs. 5 crores will have an option to choose from any of the three returns to file the quarterly returns. The returns will be available from 1st April 2019 and will become mandatory f..