As an anti-profiteering measure, it is required to pass on the benefit of a lower tax rate or an input tax credit to the customer. On June 18, 2016, the GST Council announced the anti-profiteering guidelines. Anti-profiteering rules are required, as evidenced by experiences learned from other nations, which reveal that inflation and price increases occurred […]
28th May 2021: STR-6 is to be filed on the last day of April 2021 through GCS for April 2021, May 2021, and June 2021. GTS OPC should be utilized to comply with the CSTG’s Rule 36(4) Input Tax Credit, which permits applications to be submitted together in batches […]
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.
An inverted […]
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.
The following two forms of auto-populated returns/statements have recently been established under the Goods and Services Tax –
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 […]
Regardless of the taxpayer’s turnover limits, GST registration applies to all commission and brokerage revenue.
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, […]
