Impact of GST on the Gold Jewelry Industry The GST on the Gold Jewelry Industry has been fixed at the rate of 3% of its sale value. Though this is slightly more than the tax attracted by gold earlier, it is less than the 5% rate that was being anticipated initially and is likely to […]
Category Archives: Goods and services Tax
Master your business financials with our definitive guides, updates, and compliance resources on the Goods and Services Tax (GST). Navigating modern taxation can be challenging, but our clear breakdowns help business owners, freelancers, and accounting professionals stay ahead of regulatory changes while optimizing their tax positions.
Why GST Compliance Matters
Understanding GST is critical for legal compliance, seamless input tax credit processing, and avoiding costly penalties. Staying informed ensures your pricing strategies remain competitive and your cash flow stays healthy in a fast-evolving regulatory landscape.
What You Will Find Here
- Compliance & Filing: Step-by-step navigation for monthly, quarterly, and annual tax returns.
- Input Tax Credit (ITC): Strategies to maximize claims and recover tax paid on business inputs.
- Regulatory Updates: Real-time analysis of changing rate slabs, legal amendments, and notifications.
- Invoicing & E-Way Bills: Practical templates and workflows for generating flawless, compliant documentation.
how to file GST returns, input tax credit rules, GST rate slab updates, tax planning and invoicing.Why are relaxed invoicing norms not good for consumers? When the relaxed invoicing norms laid down initially for retailers Govt. had a plan for the consumers where they tried that every consumer has the right to know how much tax they have paid on which item.
GST composition scheme – Solution of expected problems As you know that government tried to give some relief to the small traders and launched GST Composition Scheme. The taxpayer may apply for composition scheme at the time of their fresh GST registration or migrated taxpayers may opt-in composition scheme by filing up a CMP-02 form […]
GST on sale of car by a business house The present moot question is whether GST on sale of car (old and used) by a Business House. GST is leviable on ‘Supply’ as defined under Section 7 of the CGST Act, 2017 (hereinafter referred as Act). Relevant portion of said definition of ‘Supply’ is reproduced […]
12% tax rate without ITC on Restaurants- Proposal Air-conditioned restaurants currently charge GST @18% and non-air-conditioned ones charge 12% GST. As per recent proposal made to GST Council, a rate of GST in case of restaurants is being planned to be kept at 12% without the facility of ITC on Restaurants.If this proposal is materialized […]