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 …