The GST law specifically provides that the importers are required to discharge IGST on ocean freight charges under the reverse charge mechanism. However, in case of import of goods on CIF basis, freight amount till Indian ports is beared by supplier of goods who is located outside India. Whether IGST is payable on freight in …
IGST on ‘Ocean Freight’ under reverse charge in case of CIF! Read More »
Table of Content DRC-01C- Part A and Part B under GST E-Invoice JSON download functionality Live on the GST E-Invoice Portal GSTR 5A updates dated 01.10.2023 Click here to read about October – GST updates and Notifications Part 1 1. DRC-01C- Part A and Part B under GST What is Input Tax Credit in GST? …
The 52nd GST Council Meeting held on October 07, 2023, has recommended various changes. One of such measures is the taxability of Corporate Guarantee and Personal Guarantee. To know the other notification refer to GST Circulars dated 27-10-2023. Notification No. 52/2023 – Central Tax, dated 26.10.2023: For implementing the changes recommended in 52nd meeting, a …
GST on Personal Guarantee and Corporate Guarantee! Read More »
The Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration is a new initiative by the Goods and Services Tax Network (GSTN) to streamline the GST registration process and enhance its security. For implantation of this initiative, the GSTN has issued advisory for Biometric Aadhaar authentication and document verification pilot projects in Gujarat and …
The Section 15 of the CGST ACT 2017 states that the Value of Supply of Goods or Services or Both shall be the Transaction Value, which is the Price actually paid or payable for the supply of goods or services or both where the supplier and recipient of the supply are not related and the …
Notification No. 52/2023 – Central Tax dated 26.10.2023 covers various changes related to FORM GST REG-01, FORM GST REG-08, FORM GSTR-8, FORM GST PCT-01 and FORM GST DRC-22 and some rules. Let’s understand these changes: FORM GST REG-01 Form GST REG-01 is an application for GST registration. In Part B of this form, a new …
Amendment in GST REG-01 , GST REG-08, GSTR 8 and DRC 22 Read More »
As per Section 9(5) of CGST Act, Electronic Commerce Operator (ECO) is required to pay tax on supply of services such as Passenger Transport Service, Accommodation services, Housekeeping Services & Restaurant Services, if such services are supplied through ECO. Does this provision apply if the electronic platform only connects drivers with passengers and not involved …
CGST section 9(5) does not apply to Namma Yatri! Read More »
CBIC has issued 2 circulars on 31st October, 2023 w.r.t. following issues based on recommendation of the GST Council in its 52nd meeting held on 7th October, 2023 : Clarification regarding GST rate on imitation zari thread or yarn Clarifications regarding applicability of GST on certain services as follows: Passenger transport service and renting of …
CBIC issued three important GST circulars on October 27, 2023, to provide clarity on various aspects of GST. You can also read more about the Notifications released on October 19, 2023. These notifications are aimed at addressing specific issues related to the export of services, the determination of the place of supply in different scenarios, and …
The consignor or consignee, as a registered person or a transporter of the goods can generate the e-way bill. An e-Way Bill can be cancelled within 24 hours of generation. Will penalty provisions will apply if e-way bill is cancelled by the buyer, but seller is not aware of it and consignment is in the …
Penalty u/s 129- Cancellation of e-way bill by the purchaser! Read More »
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