Everything You Need to Know About GST Returns

Everything You Need to Know About GST Returns

If you are a business owner or a taxpayer in India, you must be familiar with the Goods and Services Tax (GST) regime that was introduced in 2017. GST is an indirect tax that replaced several other indirect taxes such as Value Added Tax (VAT), Central Excise Duty, and Service Tax. It is a comprehensive …

Summons Under GST Laws, Taxpayers Duties and Guidelines

Summons Under GST Laws, Taxpayers Duties and Guidelines

In this blog post, we will be discussing the various duties and guidelines to be followed by a taxpayer when issued with a summons under GST laws. A summons can be issued for multiple reasons, such as an inspection or investigation undertaken by the tax authorities. As a taxpayer, it is essential to understand your …

Why GST Return Changes will Improve ITC Complexities

Reasons Why GST Return Changes will Improce ITC Complexities

India’s GST law would have been executed in India through the narrative of national ambition. To ease the whole GST (Goods and Service Tax) framework for India Inc, the government is enduring a lot via revising the reporting method to make the GST a Good and direct tax. For non-compliant assesses only, would be asked …

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

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-Under-GST

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. …