Compliance under GST on Business Reconstitution

COMPLIANCE UNDER GST ON BUSINESS RECONSTITUTION

In case of transactions of amalgamation or merger, one needs to take note of the fact that there are two different dates, namely, the effective date from which the scheme would be given effect (which has to be indicated while applying the amalgamation or merger as filed before NCLT) and, second, the date of order, …

GST: Advantages and Disadvantages

GST: Advantages and Disadvantages

The goods and services tax (GST) is a form of indirect federal sales tax that is imposed on a select range of goods and services in accordance with the GST slab that is annually approved by the budget. The vendor will add the GST to the price of the item or service after the GST …

GST Registration

About GST Registration Concept: – Goods and Services Tax is a merged indirect tax policy that covers VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc, and is legal all over India with effect from 1st July 2017. When to register for GST: – GST is compulsory to register when annual turnover surpasses INR 40/20 lakh …

GST on sale and leaseback transactions

GST on sale and leaseback transactions

A sale and lease back (hence referred to as “SLB”) transaction is a financial transaction in which one person sells an item and then leases it back for a long period of time. This means that the asset is used but not owned. Following the purchase of an asset, the buyer engages into a long-term …

Goods and Service Tax Return Filing

Goods and Service Tax Return Filing

Want help filling out your GST returns once you’ve completed your GST registration? Virtual Auditors come to your aid. The Goods and Services Tax (GST) is an indirect tax paid on the sale of goods and services that was introduced by the government in 2017. Every ordinary business must file a tax return on a …

Job Work provisions under GST – Key Points

Job work means any treatment or process undertaken by a person on goods belonging to another registered person. So registered person need to send inputs/capital goods to job worker to do job work. To send these inputs/capital goods without payment of tax only on challan basis – Job Work provision under #GST comes into force. …

GST Return Filing Services

GST Return Filing Services

GST is a major indirect tax reform in India, unlike anything the country has seen since independence. GST was implemented to make indirect taxation easier, reduce complexities, and eliminate the cascading effect. Depending on the type of business, all registered businesses must file a monthly, quarterly, or annual GST return. GST returns are submitted electronically, but …

Cancellation of registration under GST

Cancellation of Registration under GST

Cancellation of GST registration defines that the taxpayer won’t be a GST registered individual anymore; they’re going to not need to pay or collect the tax. Taxpayers who have earlier registered under the GST Act can apply for cancellation of GST registration any time they shall close their business or if the other situation emerges. …

Who Needs to Register for GST in India

Who Needs to Register for GST in India

A ‘taxable person’ under GST, may be a one that carries on any business at anywhere in India and who is registered or required to be registered under the GST Act. a person who engages in economic activity including trade and commerce is treated as a taxable person. ‘Person’ here includes individuals, HUF, company, firm, …

Circumstances When Goods can be Detained Under GST

Circumstances When Goods can be Detained Under GST

Any transportation or movements of goods valuing more than Rupees 50,000 by a listed person must be convoyed by an e-way bill. The proper officer has the power sanctioned by the Centre Government or State Government to interrupt goods in transit. The person in charge of a vehicle loading goods more than Rupees 50,000 is …