GST on Casino and Gambling

GST on Casino and Gambling

GST on Gambling and Casino With the rise of middle class and their disposable income, there is a rise in the no of gamblers, betters and casino goers. The increase communication by way mobile and data revolution has further fueled this tendency.  The principal legislative document that makes gambling in India prohibited is the Public gambling
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GST applicability on Freelancers in India

GST applicability on Freelancers in India

The millennial has seen a new breed or workforce called Freelancer. There has been a rampant increase in the number of freelancers one would meet today. Freelancers are basically the persons who work on many engagements and not employed by anyone hence they work on a contract basis. An accountant can be called a freelancer
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Good News! Refund Under GST simplified Now

Good News! Refund Under GST simplified Now

Refund of GST Both the Trade and government are equally concerned for the refund of GST for the past several months. It is worthwhile to note that since the launch of GST the government has sanctioned a refund amount of INR 3000 Crore as GST refunds this includes INR 16000 Crore as IGST and remaining
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Anti Profiteering concept and applicability under GST

Anti Profiteering concept and applicability under GST

. In the erstwhile regime, different rates were there for different supplies in different states. The launch of GST has brought uniformity in the rate across the states. Change of rates has had an indifferent impact on different kind of supplies. The government claims that it has reduced the tax rate on most of the
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Cases where e-way bill is not required?

Cases where e-way bill is not required?

  E-Way Bill is an electronic waybill which is necessary for the movement of goods and it can be generated on the E-way Bill Portal. E-way bill is required for transport of goods of more than INR. 50,000 (Single Invoice/bill/delivery challan) in value by a registered person. Whenever an e-way bill is generated from online portal
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Invoicing under GST

Invoicing under GST

Invoice is an important document and it has gained all the more importance in GST regime. Tax invoice and delivery challan are very important documents in the administration of GST. Every registered person shall issue a tax invoice at the time of supply of goods or services. Who shall issue a Tax invoice and when?
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Composition Scheme: Few Takers in Union Territories of India

Composition Scheme: Few Takers in Union Territories of India

Composition scheme: Few takers in Union territories of India Dealers and distributors of union territories of India are not excited with the Composition scheme under the GST Act. Even the traders who have earlier opted for the composition scheme are looking to change their registration as a normal dealer. Total No of registered composition dealers
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Scope of Supply under GST read with Schedule I, II, III

Scope of Supply under GST read with Schedule I, II, III

Chapter III of CGST Act talks about Levy and Collection of tax, which starts with defining “Scope of Supply” which is given under section 7 read with Schedule I, II, III of the Act. Let us understand the concept in detail in the light of relevant provisions of the statute: Section 7 (1) of CGST Act,
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Difference between, Exempted, Nil Rated, Zero Rated and Non-GST supplies

Difference between, Exempted, Nil Rated, Zero Rated and Non-GST supplies

  Difference between, Exempted, Nil Rated, Zero Rated and Non-GST supplies Since the launch of GST on 1st July 2017, the confusion between Exempted and Non-taxable supply are far from over, to add on to the confusion GST act provides for Nil rated and Zero rates supplies as well. It is important to understand these
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High Sea sale transactions under GST

High Sea sale transactions under GST

   What is High Sea Sale? Before we start discussing GST impact on High sea sale it is important to understand what exactly is a High sea sale. A high sea sale is a sale done by exchange of documents at a point beyond the territorial waters of India. Which means that the goods has crossed
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GST: Retailers gaining Big-time

GST: Retailers gaining Big-time

We are a country of billions and we still do most of our grocery purchases from Brick and mortar shop near the nukkad. E-retailers are capturing the market but it will take them decades if not years to reach a significant % of total sale volume. Most of us prefer to walk down to the
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Concept of Composite V/s Mixed Supply under GST

Concept of Composite V/s Mixed Supply under GST

Composite supply and mixed supply words are often used interchangeably but there is a glaring difference between the two. The taxability under GST for both the supply is also different. Let us now understand the definitions and taxability of Composite and mixed Supply. Composite supply Definition under Section2 (30) of CGST ACT 2017: “Composite supply”
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GST- Taxability of Joint Venture transaction

GST- Taxability of Joint Venture transaction

When two or more parties share ownership, returns and risk of a business entity such business entity is called a joint venture (JV). The joint venture provides many benefits to the parties such as access to a new market; efficiencies gain of scale by combining assets and operations; risk diversification for major investments or projects; access to
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Taxability of ‘tenancy rights’ (Pagadi) under GST

Taxability of ‘tenancy rights’ (Pagadi) under GST

Taxability of ‘tenancy rights’ (Pagadi) under GST Tenancy premium also referred as Pagadi system, which is prevalent in many states in India. Under this system, tenancy rights are acquired by the tenant against payment of tenancy premium (Pagadi). Under this case possession of property lies with tenant although the ownership of property is of the
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Big Relief to UN agencies under Goods and Service Tax (GST)

Big Relief to UN agencies under Goods and Service Tax (GST)

CBEC has issued vide GST Circular No. 36/10/2018 on 13th March 2018 regarding the detailed procedure for UIN refunds. However multiple issues and queries were received by the department regarding the refund processing to the agencies having UIN. In order to further clarify, CBEC has issued Circular No. 43/17/2018-GST dated 13th April 2018 Providing the
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Problem Faced By Exporters under GST Regime and further relief by the Government

Problem Faced By Exporters under GST Regime and further relief by the Government

With the Implementation of GST, Exporters are facing many difficult situations as the Refund of IGST paid on exports has not been received yet by the exporters. As a result, these challenges are severely affecting their business and making them uncompetitive in the international markets as their working capital is getting blocked. Integrated Tax is
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E Way Bill- Important Points to keep in mind by supplier and recipients

With the rollout of GST in India, much was said on the easiness it will bring on the supply of goods. The government has introduced the concept of the e-way bill which shall be the basis for interstate and intrastate movement of goods in India. The government has already notified the e-way bill along with
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Hostel Mess/Canteen services are Exempt

Clarifications regarding GST on Hostel Mess/Canteen Hostel Mess/Canteen services are Exempt if they fall under the definition of “Educational Institution” covered under para 2(y) of notification No. 12/2017-Central Tax (Rate), then the same is exempt. [Sl. No. 66(a) of notification No. 12/2017-Central Tax (Rate), 5% GST without ITC is applicable in all other cases. Definition of
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Get yourself registered on E-Way bill portal

Get yourself registered on E-Way bill portal

Stepwise guide to Register yourself on E-way Bill Portal E-way bill is an important document required under GST at the time of transferring goods from one place to another. For this, a separate Portal has been introduced by the government of India. For the purpose of generating E-way Bill, Every Taxpayer needs to register himself on
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Issues related to furnishing of Bond/Letter of Undertaking for exports – Further Simplified

Issues related to furnishing of Bond/Letter of Undertaking for exports – Further Simplified

Issues related to the furnishing of Bond/Letter of Undertaking for exports – Further Simplified Practical problems were faced by exporters and other field formations while at the time of submitting LUTs online in FORM GST RFD-11 on the common portal the LUTs so filed were not visible to jurisdictional officers of Central Board of Indirect
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