Input Tax Credit on Capital Goods

By |2021-11-11T06:47:24+00:00October 10th, 2021|Categories: General|Tags: , , , , , , , , , |

  The goods and service tax (GST)  introduced a new concept of Input Tax Credit capital goods which is similar to that of VAT but with an important difference that the former will allow a set-off only on output rather than on both import and exports as in case of VAT. This would bring an inconsistency between [...]

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Impact of GST on works contract

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

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 [...]

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GST Registration certificate: How to download it from GST portal

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

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 Registration [...]

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New GST Rules To Be Obliged From 1st January, 2021

By |2021-02-10T11:49:44+00:00December 17th, 2020|Categories: Covid-19, GST|Tags: , , , , , , , |

To help in the expansion of small businesses, government has decided to modify the new GST rules, which will be applicable from 1st January 2021. If you belong to the category of small and medium businessmen, to ease your burden on taxpaying, the government has decided to remove the quarterly filing of GST return with monthly [...]

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GST reduced on household items : Middle Class Rejoices

By |2018-10-25T07:08:15+00:00September 15th, 2018|Categories: GST|Tags: , , , , |

What is GST? Unless you've been living under a rock, you must have heard about GST. On the 1st of July 2017, the taxation system in India was changed forever. GST is basically an indirect tax levied on the sale of goods and services. GST replaced the old system of VAT(Value Added Tax). Many government officials [...]

GST Refund Claim procedure simplified

By |2020-09-09T08:07:00+00:00September 12th, 2018|Categories: GST|Tags: , , , , |

GST Refund Claim Issues GST has surely been a welcome change bringing much-needed structure to the taxation system in India.  However, there have been many glitches and implementation issues for GST Return and compliances. One of the issues for businesses is the process of GST refund claim. A lot of businesses were already facing liquidity issues, [...]