Section 25(5) of CGST Act, 2017 provides that every person shall have a Permanent Account Number issued under the Income-tax Act, 1961 to be eligible for grant of registration.
Facts about Composition scheme under Good and Services Tax:The Government of India successfully rolled out the Goods and Services Act from July 2017 and also it..
Let's look at the critical provisions of the GST law which have enabled reverse charge mechanism :-
It may be noted that in the GSTR 1 return, following declarations has to be filed by the supplier
The GST liability for supplies after 1st July is applicable for all the contracts where the exemption under ST got omitted due to law itself being changed.
GST as we all know is the 'Goods and Services Tax' has came in effect from the 1st of July 2017, a destination based consumption taxation which is introduced with an objective of eliminating the Cascading effect of taxation under current regime.
FAQs on GST, covering almost all the aspects relating to Registration
Presently the GST challenges include that on classification which may take some months to become clear.
CGST (Fourth Amendment) Rules, 2017
Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices.