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 »
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 …
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 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 …
Section 16 of the CGST Act lays down the conditions to be fulfilled by GST registered buyers to claim ITC. One of such conditions is that the buyer should make payment to the vendor within 180 days. However, can ITC be denied if such credit is not reflected in GSTR 2A due to non payment …
GST ITC can not be denied only due to mismatch with GSTR 2A! Read More »
The Goods and Services Tax Network (GSTN) has transformed India’s taxation landscape, introducing efficiency and transparency to the tax system. One of GSTN’s crucial components is the Electronic Credit Reversal and Re-claimed Statement. It is designed to simplify tax compliance and prevent errors in reporting Input Tax Credit (ITC) reversal and reclamation. This article explores …
Electronic Credit Reversal and Re-claimed Statement Read More »
Rule 88D under the Central Goods and Services Tax (CGST) Rules plays a pivotal role in addressing the mismatch of Input Tax Credit (ITC) between two crucial GST returns, namely GSTR-2B and GSTR-3B. This rule serves as a significant mechanism to harmonize the ITC claimed by taxpayers and the data available in their GSTR-2B. To …
Based on the recommendations made in the 50th GST Council meeting, a series of changes in GST are effective from 1st October 2023. In this blog, we have discussed in brief the important changes in GST law Key GST Changes Effective from October 2023 Benefit of Composition levy under Section 10 of CGST Act made …
Rule 88C of CGST Rules was inserted based on the recommendations made in the 48th GST Council meeting. This rule has been introduced vide CBIC Notification No. 26/2022– Central Tax dated December 26, 2022 This rule has brought about a modification in how discrepancies in liability, as reported in GSTR-1 and GSTR-3B, are addressed. In …
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