Registration is the most fundamental requirement for the identification of taxpayers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of…
Very Important Decisions were taken in the 50th GST Council meeting dated 11th July 2023. Brief for your quick access:
Bill-to-ship-to transactions are a common practice in today’s business scenario. These transactions involve supplies where goods are to be delivered to the recipient on the instruction of a third party i.e. bill to. The Goods and Service Tax is an…
Under the GST law, the input tax credit can be availed by a registered person on goods/services used during business subject to satisfaction of conditions and restrictions set out therein. Accordingly, such a person can avail the ITC on the…
ITC means credit of input tax. Input tax means the central tax, State tax, integrated tax, or Union territory tax paid on receipt of goods or services from the registered person. ITC can only be claimed under GST if its…
What is GST? The PM, Narendra Modi said, “Good and Simple Tax” & “A way of doing Business” GST “Tax on supply of goods and services” In the GST regime, 17 taxes have been subsumed which were earlier levied by central, state,…