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 […]
Refund on Account of Export of Goods 1. Am I eligible to receive the refund of IGST paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax on account of Export of goods (with payment of tax) if you meet the following conditions: • Filed GSTR-1, […]
How GST Affects the Indian Economy For the uninitiated, GST is an acronym for Goods and Services Tax. It is a tax reform introduced in July 2017. It is an indirect tax that applies to the entirety of India, replacing several cascading taxes imposed by India’s central and state governments. Introduced as The Constitution (One […]
GST On Employee Reimbursements Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by an employee to the employer in a […]
Recapitalization of Banks and its Implications Recently Government has announced the Recapitalization of Banks package of 2.11 lakh crores for public sector banks. The government of India (GOI) will infuse this fund into the Public Sector Banks (PSB) over the period of 2 years. We will understand what the recapitalization of the banks is and […]
gst.gov.in: About the Goods and services tax Portal https://gst.gov.in/ is the Government’s Goods and services tax Portal, also called the GST Portal, which facilitates GST registration, GST Return filing, and many other services relevant to a GST registrant.
Input tax credits – GST Vs CENVAT credit In terms of Input tax credits rules, a manufacturer of excisable goods or provider of taxable services including exporter was eligible for taking the credit of excise duty paid on inputs or capital goods in addition to the credit of service tax paid on input services. However, […]