A combined reading of Section 16(1) of CGST Act, 2017 and definitions it is concluded that registered persons can avail ITC (IGST & CGST & SGST) u/s 16(1) of CGST Act, 2017 and not separately under respective Acts.
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 104, 107, 110, 111 and 112 of the Finance Bill, 2021 with respect to amendments in Section 74, 107, 151, 152 and 168 of the CGST Act.
Discussing the latest updates w.r.t GST as issued under various circulars by CBIC, including due date compliances for the upcoming months, and facilities made available on the GST Portal.
An applicant is required to aggregate the value of exempted interest income earned for the purpose of calculating the threshold limit of Rs. 20.00 Lakh for obtaining registration under GST law.
Rule 42 of the CGST Rules provides the methodology for apportionment of ITC on inputs and input services and reversal of ineligible credit. Discussing steps involved in calculating Common Credit under GST.
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 108 and 109 of the Finance Bill, 2021 with respect to amendments in Section 129 and 130 of the CGST Act.
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. Know all about the Key Highlights of Departmental GST Audit.
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 105 of the Finance Bill, 2021 with respect to recovery of self- assessed tax.
This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 106 of the Finance Bill, 2021 with respect to provisional attachment of property/bank account.
More transparency has been brought into the GST System by introducing the "Know Your Supplier" facility. This facility will help in reducing the non-compliance by the suppliers as if any supplier has defaulted in filing his returns, it will be shown on the portal.
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