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GST

GST on Rental Income – A Complete Concept of taxability

With the recent 47th GST Council meeting and a lot of notification issued by CBIC, one of the major topic of discussion is GST on “Rental Income”. According to the Schedule II of CGST Act, 2017:- Land and Building (a) Any lease, tenancy, easement, license to occupy land is supply of service. (b) Any lease or letting out of the building which includes a commercial, industrial, or residential complex for… Read More »GST on Rental Income – A Complete Concept of taxability

What is GSTR 3B?

GSTR-3B is summary of GST return which self-declared filed every month (quarterly for the QRMP scheme). Taxpayers should report the summary figures of sales, input tax credit claimed, and net tax payable in GSTR-3B. A separate GSTR-3B need to be filed for every GSTIN The GST liability should be paid on or before the date of filing GSTR-3B, earlier of their due date The GSTR-3B once filed can’t be revised… Read More »What is GSTR 3B?

CBIC Issued New Guidelines for GST Refunds

Recently Central Board of Indirect Taxes & Customs has issued detailed guidelines for sanctioning, post-audit and review of refund claims. Let us discuss the Key feature and short summary of the guidelines. Instruction No. 03/2022-GST dated 14 June 2022. Central Board of Indirect Taxes & Customs has been observed that proper speaking orders have not been issued while issuing the orders for GST refund claims & also currently different GST… Read More »CBIC Issued New Guidelines for GST Refunds

Implications of GST on Imports

Imports and exports play an important role in determining the economic health of the country and also ascertaining the company’s economic health. Though Imports are discouraged, but no country is self-sufficient to meet their economic and consumption needs. In 2020-21, Indian imports were valued at approximately US Dollars 390 billion. These are the Types of Imports: 1. Import of Goods The definition of import of goods is in IGST Act,… Read More »Implications of GST on Imports

Composition Scheme under GST – Eligibility, Tax Rate, Conditions

Under GST the Composition Scheme is simple scheme for small taxpayer. They can get relaxation from formalities of monotonous GST and can pay tax at a fixed rate of Turnover too. This composition scheme is applicable only to those persons whose turnover is not exceeding INR 1.5 Crores. What is the Eligibility for Composition Scheme? A taxpayer whose turnover is less than INR 1.5 Crores can go for composition scheme,… Read More »Composition Scheme under GST – Eligibility, Tax Rate, Conditions

E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

‘E-way bill’ is popularly known as ‘Electronic Way Bill’. The main motto behind the e-way bill under GST is controlling tax evasion; tracking the movement of goods and ensuring adequate compliance with the GST law. E-way Bill System- An e-way bill can be generated as and when there is a movement of goods whose value is more than INR 50,000 through a vehicle or conveyance. The movement of goods can… Read More »E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

Impact of GST on Bitcoin or Cryptocurrency

In this article we will discuss how the traders of cryptocurrency should liable to pay GST on exchange of Cryptocurrency in India. Treating Bitcoin or Cryptocurrency as a Goods Definition of Goods and Services Definition of Goods –GST Act’ 2017- Section 2(52) The term “Goods’’ means each type of movable property other than money & securities but includes actionable claims, growing crops, grass & things attached to or land’s forming… Read More »Impact of GST on Bitcoin or Cryptocurrency

Input Tax Credit – Restriction on ITC Utilisation in Electronic Credit Ledger

The CBIC (Central Board of Indirect Taxes and Customs) vide notification no. 94/2020 on 22nd December, 2020 has introduced new rule which is Rule 86B. Rule 86B has been effective from 1st January 2021. According to the new Rule 86B, ITC has been reduced from 10% to 5% of eligible ITC if Input Tax Credit to be availed in respect of invoices does not uploaded by suppliers in their GSTR-1/… Read More »Input Tax Credit – Restriction on ITC Utilisation in Electronic Credit Ledger

Applicability of GST on Reverse Charge Mechanism for Import of Service

Goods and Service Tax is Levy in accordance with the concept of supply. As per the CGST Act’ 2017- section 7(1) (b), supply includes “import of services” for a consideration whether or not in the course or furtherance of business. As per the IGST Act’2017- section 7 (4), if Supply of services imported into the territory of India will be counted to be a supply of services in the course… Read More »Applicability of GST on Reverse Charge Mechanism for Import of Service

ITC availability on COVID supplies provided by Corporates to Employees & Others

In a month ago, Country was in requirement for a lot of medicine, equipment supplies and now the vaccinations. There are no. of employers who had come forward to either help their employees or the society by providing such materials at free of cost. In this pandemic time, supplies like masks, sanitizers, thermal scanners, vaccines are going to be a regular procurement which shall be provided for employees as the… Read More »ITC availability on COVID supplies provided by Corporates to Employees & Others