Inverted Duty Structure under GST

The term “inverted duty structure tax” refers to a situation in which the tax rate on inputs is higher than the tax rate on outputs for sale. It’s possible that the problem isn’t present in all industries. The article explains the concept and the rules that must be followed.

Inverted Tax Structure in the pre-GST regime

An inverted […]

By |2021-12-01T08:20:25+00:00December 4th, 2021|GST|

Impact of GST on Insurance and Banking

Both the insurance and banking sectors are expected to become more expensive from July 1 due to a jump in post-GST rates to 18% from the existing 15%. The impact of the GST on insurance and banking will raise premiums, particularly for households who have health, life, and auto insurance.

GST on Insurance

Life Insurance & Health Insurance

By |2021-12-04T07:43:05+00:00December 4th, 2021|GST|

Difference between GSTR-2A and GSTR-2B

The following two forms of auto-populated returns/statements have recently been established under the Goods and Services Tax –

  1. GSTR-2A – Information about auto-drafted supply
  2. GSTR-2B – ITC statement generated automatically

Surprisingly, the above-mentioned statement includes both data of inbound goods and details of an input tax credit. It’s crucial to know the difference between the two statements […]

By |2021-12-01T08:11:53+00:00December 3rd, 2021|GST|

GST on commission and brokerage

Regardless of the taxpayer’s turnover limits, GST registration applies to all commission and brokerage revenue.

Who acts as a broker and commission agent under GST?

A person who takes on the business of supplying goods or services on behalf of another person is referred to as an agent under the GST law (principal). A broker, commission agent, […]

By |2021-11-08T08:14:07+00:00November 8th, 2021|GST|

Impact of GST on works contract

A works contract is primarily a service contract with the possibility of item supply as part of the contract’s execution. A works contract, by definition, is a formal agreement to do work or other obligations in exchange for money, such as construction, installation, modification, repairs, maintenance, or renovation of any immovable property.

A subcontract for building work […]

By |2021-10-07T12:35:04+00:00September 30th, 2021|GST|

GST Registration certificate: How to download it from GST portal

GST Registration Certificate is given to GST-registered individuals. Those that have a GST registration certificate are expected to show it prominently in their place of business. The method of obtaining a GST certificate is relatively simple. In this post, we’ll go over how to get your GST certificate from the GST Portal.

Introduction to GST […]

By |2021-04-10T08:54:49+00:00April 10th, 2021|GST|
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