Reverse Charge Mechanism (RCM) and Forward Charge Mechanism (FCM) are two different methods of levying tax on goods and services. RCM is a system in which the recipient of goods or services is liable to pay tax to the government instead of the supplier.
A event of uncertainty and financial paralysis engulfed Guntupalli Marble and Granites (GMG) in November 2023 when the GST department froze their bank accounts....
In the era where Artificial Intelligence is gaining prominence, the GST department has also become pro-active and has started to adopt automated notices. The last one and half years has seen a sudden rise in litigation.
Under GST Amnesty Scheme, specified GST taxpayers who disagree with a GST tax demand order issued under Section 73 or 74 are eligible for the GST Amnesty Scheme and can file an appeal till January 31, 2024.
As per Section 2(13) of CGST Act, 2017, GST audit means the examination of records, returns and other documents maintained or furnished by the registered person under this act or the rules made thereunder or under any other law
This tax impacts the pricing of medicines and healthcare services, influencing the overall cost structure for manufacturers, distributors, and consumers.
Navigating the intricacies of the E-Way Bill (EWB) mandate can be tricky, especially when it comes to the often-confusing Part B. But fear not, dear reader! This guide unpacks the essential details of Part B and offers insightful case studies to help you avoid the dreaded penalty under Section 129(3) for non-filing.
LUT application is required to be completed before 31st March of starting of the financial year or before supply for Exports and SEZ for example for FY 2024-25 need to file before 31st March, 2024.
The Government has notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers to report correct information regarding ITC availed, ITC reversal, ITC re-claimed, and ineligible ITC through Notification No. 14/2022 - CT. Circular 170/2022-CGST also was issued to clarify disclosure practices that can be followed.
BackgroundIn the GST law, the export of goods/services are zero-rated supplies under the IGST act. The intention of the Government is to promote exports from th...
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