GST Articles

GST Basics

Posted by The Consultant Guru 13 May 2021 3200 Views

GST was introduced on 1st July 2017 to replace various indirect taxes like VAT, Service Tax, Excise, Customs and all the other indirect taxes. Let us understand the basics of GST.

Impact of GST on Accounting & Financial Statements

Posted by CAJayprakash Pandey 11 May 2021 10117 Views

Discussing the impact of GST on Accounting and Financial Statements w.r.t the 4 types of levies under the GST Law, i.e. CGST, CGST, IGST and Compensation Cess....

GST relaxations during COVID period

Posted by CAJayprakash Pandey 09 May 2021 19164 Views

Discussing all the relaxations given by the Central Board of Indirect Taxes and Customs, under the GST Law keeping in view the effect of the second wave of the COVID-19 pandemic.

Recent GST Notifications issued by CBIC

Posted by CAJayprakash Pandey 09 May 2021 10101 Views

The Central Board of Indirect Taxes and Customs has issued various relaxations under the GST Law, keeping in lieu the drastic effect of COVID-19. Discussing the same in this article.

GST on Inter Corporate Guarantees

Posted by CA Subba Reddy Bonam 07 May 2021 8104 Views

A corporate guarantee is a contract between a corporate entity or individual and a debtor. The supply of corporate guarantee is a supply of service, accordingly liable to GST.

Interest on Reversal of Unutilized ITC

Posted by CA PIYUSH KAPOOR 07 May 2021 7733 Views

There is no specific mention of Interest on Unutilized Credit reversal. Rules marked regarding the charging of Interest u/s 50 (1) cannot override the section in which there is no Interest mention on reversal of unutilised ITC.

Rule 86B: Analysis of Rule mandating the payment of GST in cash irrespective of availability of ITC

Posted by Suyash Tripathi 06 May 2021 11264 Views

CBIC has introduced a new rule 86B under Goods and Services Tax which restricts the use of input tax credit for discharging liability to 99%. The Rule is effective from 01st January 2021.

Buyer cannot be punished 1st for default of the seller under GST

Posted by CA Umesh Sharma 05 May 2021 11119 Views

Madras HC has recently given some relief to the recipient of goods from the reversal of ITC when no action was taken by the GST department against the defaulting Seller who has not paid the tax collected from the recipient.

GST Compliance Relaxation in GST Regime issued on 1st May 2021

Posted by Suhasini

05 May 2021 5026 Views

In a bid to provide relief to COVID-19 hit businesses, the finance ministry had on 1st May, 2021 notified nine changes in the compliance requirements under the Goods and Services Tax (GST) regime.