Foreign companies offering online services like advertising, cloud services, music, and information to non-GST-registered individuals in India will be required to pay goods and services tax (GST) from October 1,2023. The Finance Act, 2023, amended the Integrated GST Act, broadening …
Online gaming companies in India, including major players like Dream11, Games 24×7, and Head Digital Works, are encountering significant Goods and Services Tax (GST) demands, totaling over Rs 55,000 crore. They have initiated or are considering legal action following pre-show …
The 52nd GST Council meeting, chaired by Union finance minister Nirmala Sitharaman, will be held on October 7 at Vigyan Bhawan in New Delhi. In a post on X (formerly Twitter), the GST Council wrote, “The 52nd meeting of the GST …
Introduction Input Tax Credit (ITC) is a tax benefit that allows you to offset the tax you’ve paid on your purchases (inputs) against the tax you need to pay on your sales (outputs). Essentially, if you’re a GST registered manufacturer, …
In a bid to combat potential GST evasion, tax authorities are expanding their investigation into online gaming firms. Reliable sources indicate that the Directorate General of GST Intelligence (DGGI) plans to launch probes into 100 additional companies in the coming …
Delta Corp, India’s leading casino chain, has received communication from the Directorate General of GST Intelligence in Hyderabad, notifying them of a tax liability amounting to Rs 11,139 crore for the period between July 2017 and March 2022, inclusive of …
Meaning of Charitable Activity As per the GST Act, Charitable activities includes, (i) Public health by way of care or counselling of terminally ill persons or persons with severe physical or mental disability, persons afflicted with HIV or AIDS, or …
In an advisory Dated.19 September 2023, GSTN informed that the geocoding functionality for the “Additional Place of Business” address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place …
Composite Supply and Mixed Supply: In the realm of GST regulations, distinct rates are assigned to various goods and services. However, complexities arise when dealing with bundled supplies that encompass a mix of individual goods and/or services. Determining the precise …
Introduction In line with section 2(68) of the CGST Act 2017, job work refers to the process or treatment of goods conducted by one individual on behalf of another registered taxable person. The person carrying out the treatment or processing …
Introduction Revocation of GST Registration Cancellation: Any GST registration granted to a person can be cancelled for several reasons. A person registered under GST can apply for the cancellation of their GST registration. This may be done for various reasons, …
Introduction E-invoicing has become a crucial aspect of GST compliance in India, streamlining the way businesses generate and report invoices. With a recent notification, the new rule for E-invoicing threshold limit of 5 crore came into effect from August 1, …
The term, “supply” has been clearly defined in the GST Act. As per Sec.7 of the CGST Act, Supply includes, “Taxable supply of goods or services or both, made by a taxable person, within taxable territory, in the course or …
Time of Supply Under GST: To calculate your tax liability under the Goods and Services Tax (GST) system, it’s crucial to know when the tax liability arises, which is referred to as the “Time of Supply” in GST law. GST …
The Composition Scheme is an alternative and optional scheme within the Goods and Services Tax (GST) system for small businesses with turnover below a specified threshold. The primary goal of this scheme is to simplify tax procedures, reduce the compliance …
GST on Real Estate Sector: The real estate sector holds a pivotal position in any country’s economy, and India is no exception. In recent years, this sector has garnered significant attention. In this article, we will delve into the implications …
Transfer of Tax Liability under GST: In the realm of Goods and Services Tax (GST), there are circumstances where recovering tax liabilities from a taxpayer directly may prove to be impossible. To address such situations, Sections 85 to 94 of …
GST on Works Contract- A Comprehensive Guide: As per section 2(119) of the CGST Act, 2017, “Works contract” means a contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any …
GST on renting of residential house property: This is one of the areas where amendments are coming time and again. So, let us understand the various provisions of GST applicable to such a supply: Renting of residential house is considered …