Reversal of ITC in case of goods lost by fire In GST regime, the scope of the definition of inputs, capital goods, and input services is very wide and covers almost all the imaginable goods and services that are directly or indirectly used in the course or furtherance of business. However, section 17(5) prescribes a […]
GST data may be used to track income-tax evaders The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
GST – Anti-profiteering becomes a board issue Anti-profiteering under the goods and services tax has gone from being a plain costing issue to one that’s worrying board members. Several directors have written to company CFOs and finance teams seeking an update on price reductions under GST, said people aware of the matter.
GST on Advances Taking an advance? Do you have to pay GST? Recently, the GST on Advances has become of quite an importance. The government has made few changes regarding the applicability of GST on advances. Background: let’s start from the initial stage as it was stated in CGST Act. According to the act, every […]
GSTR 3B Issues and Resolutions Here are some common issues and resolutions in filing GSTR 3B return. Hope these will really be helpful for all of you! 1. If wrong data submitted in 3B, whether it can be edited or revised? • No remedy available as on date. Currently GSTN is working on making available […]
Common problems faced in GST portal and solution Everything has two sides good and bad. But only good sides of GST are discussed in many places, problems of GST portal are not properly discussed in those places. With the good sides, it is also important to know about the problems of GST because you will […]
GST on sale or discard of Capital Assets Sale / Discard of Capital Assets Under Goods & Service Tax. Under GST every supply is liable to Tax as per Sec 9 of CGST Act, 2017. Section 7 of CGST act, 2017 defines scope of supply, which says (1) For the purpose of this Act, expression […]