Various Exemption under GST

Various Exemption under GST: Under Section 11 of the CGST Act, 2017 the Central or the State Governments are empowered to grant exemptions from tax, subject to the following conditions: (i) Exemption should be in public interest (ii) By way of issue of notification (iii) On recommendation from the Council (iv) Absolute / conditional exemption may…

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New FAQs on GST

Recent FAQs on GST: Replied by GOI 1. Do individual freelancers working for US client require GST Registration? Yes, as it is a interstate supply, registration is compulsory under section 24(i) of CGST Act, 2017 2. Service provided, GST on which is to be paid by receiver under RCM in which column this amount to…

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E-Way Rules under GST

Rules regarding E-way Bill (Notification No. 27/2017 Central Tax dated 30.08.2017) E-way bill is an electronic way bill for movement of goods which can be generated online through the GST portal. The facility of generation and cancellation of e-way bill may also be made available through SMS. 1. A registered dealer / supplier of goods can cause…

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Special Audit in GST

Special Audit in GST: Introduction GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of…

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GST Returns

Returns under GST: Returns mechanism under in GST regime includes electronic filing, uploading of invoice details and auto- generate of Input Tax Credit (ITC) details from suppliers Returns. Goods and Services Tax is payable by taxable person on self-assessment basis. A registered person needs to furnish monthly returns, quarterly returns, annual return & final return…

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