India got ranking on the World Bank’s Doing Business Report, India has improved from 142nd position in 2014 to 63rd position in 2020. The ease of doing business index of India has been improved over the past few years. To set up business in India needs diverse process and procedures, which should be adhered to so your business can run with ease and result in maximum profits with smooth compliances.… Read More »Setting Up of Business in India
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
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
Major Change in GST to be executed in GSTR 1 filed from 01st May 2021 onwards. 01st April 2021 marked the new change for imposition of 4 digit/6 digit /8 digit Harmonized System of Nomenclature (HSN)/ Services Accounting Code (SAC) codes. These are the important points need to be noted for the GSTR-1 for the month of April 2021 to be filed from 01st May 2021 onwards: GST returns need… Read More »Important Points While Filing GSTR-1 From 01st May 2021 Onwards
In light of the GST investigation wing recently find few cases of fake invoices and fake firms, which also resulted in the arrest of some individuals CBIC has issued few notifications amending the CGST Act, 2017 and the CGST Rules, 2017 which are applicable with effect from 1st January 2021. With the increase in the number of fraudulent cases, fake invoicing by many concerns, and creation of dummy firms the… Read More »Transitions in GST Rules Which are Applicable From 01st January 2021
The Goods and Services Tax Network i.e. GSTN has issued the advisory related to Auto-population of E-Invoice details in GSTR-1/2A/2B/4A/6A. Certain notified taxpayers have been issuing invoices after obtaining the IRN a.k.a. Invoice Reference Number from the IRP (Invoice Registration Portal) (commonly termed as ‘e-invoices’). Details from such e-invoices shall be auto-populated in respective tables of GSTR-1. Update on the status of such auto-population was last published on 30th November… Read More »Auto Population of E-Invoice Details in GSTR-1/2A/2B/4A/6A
Any case under diverse tax laws, including GST, might take an adequate amount of time. The pendency of any proceedings could likely delay the earning of revenue by the government. Further, the taxpayer may transfer his/her property to another person before the end of the proceedings. What is the meaning of attachment of property? If the government attaches the property of any individual, the person cannot transfer the said property… Read More »Who Can Exercise Power Under Section 83 Of CGST Act, 2017
The CBIC (Central Board of Indirect Tax and Customs) had released a notification on March’23,2020, about Aadhaar authentication for GST registration from April’01, 2020. The same has been amended vide notification 62/2020 on August’20, 2020 to be made optional. The aadhaar authentication for GST registration is not required for those who are non-residents, persons other than citizens of India, and persons who have already been registered under GST. Aadhaar authentication… Read More »All About Aadhaar Authentication For Existing GST Taxpayers
Every registered person is needed to compute his/her tax liability on a monthly basis by setting off the ITC (Input Tax Credit) against the Outward Tax Liability. If there is any tax liability then the same is required to be paid to the government. These are 3 ledgers that is required to be maintained by every tax payer as prescribed by the government – Electronic Tax Liability Ledger Electronic Cash… Read More »Whether GST Liability Can Be Paid In Monthly Installments?
CGST ACT, 2017- Section 67 to 71 explains the circumstances where in search, seizure and arrest under GST can be done. Power to Summons and Produce Evidence and Produce Documents Under Section 70 The proper officer under this Act shall have power to summon any person whose attendance he/she considers essential either to give evidence or to produce a document or any other thing in any inquiry in the same… Read More »Summons, Inspections, Search, Seizure & Arrest Provisions Under GST