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  • Article on GST Notification issued on 10-11-2020

    CBIC has issued various notifications yesterday i.e on 10th Nov, 2020 amending various rules in respect of return filing. A summary of the same is as below:

    ♦ Notification No. 82/2020 – Central Tax

    All About Decoding Section 16(4)- ITC on CGST, SGST & IGST

    Goods and Service Tax has brought the ray of hope of increased revenue for Government and elimination of cascading effect of multiple taxes and simple tax structure for Assessees. GST has now become a reality and it will finally be implemented with effect from July 1, 2017. With only less than 6 months left, it is important for all the stakeholders to be familiar with GST provisions. In this article, author has tried to articulate the basic

  • New GST Return Filing Scheme-2021

    Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.

    Monthly GST returns of businesses giving summary of all transactions in the

  • Upcoming Amendments in GST- Full Version

    Recent notifications from CBIC dated 10th November 2020 tend to implement several amendments pertaining to returns to be filed by the registered persons. Being most of the taxpayers are choked with GST – annual returns, ITR filing, day-to-day business chores, etc. This article summarizes the amendments notified in a lucid way.

    For the better purpose of understanding, we have discussed the amendments one by one pertaining

  • Articles on RCM Expenses List Under GST

    Reverse Charge under GST is a very important topic. There are certain goods & services which attract reverse charge. However, this is not all.

    As per Sec 9(4) of CGST Act, if a registered person purchases goods/services from an unregistered dealer (URD) then the

  • Article on GST Provisions & Applicability to Professionals in the Legal Sector

    1. Legal service
    It means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. Examples of legal services may include representation before court, provide law advice, carrying out litigation and so on.

    Exemptions and other provisions in respect of Legal Services are used only in the context of

  • Article on GST Impact on Healthcare Industry in India

    Goods and service tax is a major factor which has a potential to cover the economic base of the country along with its sidelines also India is not just one of the biggest performing nations for generics, however additionally encountering a blast in remedial tourism which creates extra returns for the Healthcare Industry. India’s Pharmaceutical

  • GST on Tour Operative Services

    Definition of Travel agents and Tour operators
    “Travel agents” or “Tour operator” are the person who is engaged in the business of planning, organizing, scheduling or arranging tours that also includes the accommodation along with the mode of transportation. Tour Operators are defined based on the entry No. 23 of notification No. 11/2017-Central Tax (Rate).

    Tour Package is the total booking mainly done by modern tour operator

  • Article on Reversal of ITC after legal availment under GST

    While paying taxes to the Government, businesses can use the credit of GST paid on the purchases like raw materials/services used for manufacturing or selling products. It is known as an Input tax credit (ITC). If the input tax credit is wrongly claimed, then it should be reversed by making payment to that extent next month.

    GST rate for over 1,800 goods and services


    Electrical machinery and equipment and parts thereof; sound recorders and re-producers, television image and sound recorders and reproducers, and parts and accessories of such articles

  • Details on HSN Code of Medical Supplies used in Corona virus Treatment

    With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have  increased drastically. Even everyone in the finance field like

  • Handbook on GSTR-10

    1. What is GSTR-10?

    A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called as final return.

  • Article on E-Commerce under GST

    Meaning of Electronic commerce-means the supply of goods or services or both including digital products over digital or electronic network.

    Electronic commerce operator means- any person who owns, operates or manages digital or electronic facility or platform for electronic

  • Article on GST Impact on Hotels & Restuarant

    After the implementation of GST, the GST Council announced the GST on hotels and GST on Restaurants. The GST Council determines the GST Rates for all the goods and services is determined by the GST Council in India. GST Council consists of members from the Central Government and State Government to regulate all aspects of GST implementation and administration in India. With GST set to be implemented in India from 1st July 2017, GST

  • All About GST on Interest Income from Inter Corporate Loans

    IN the recent past, many instances of financial fraud pertaining to banks have come into light. The quandary of non-performing assets has also severely impacted the operations of banking and financial institutions in India. It is expected that the lending to corporates would be choked as a fallout of the recent fraud involving public sector banks. It is also likely that the banks will squeeze lending operations and focus on scattering their

  • Note on Refund of GST in case of Inverted Duty Structure

    1. Inverted Tax Structure in the pre-GST regime
    In the pre-GST regime, a situation of Inverted duty structure arose in cases where import duty on raw materials that were used in the production of finished goods was higher than the import duty on finished goods.

    An example which shows a case of Inverted Duty Structure :

    Duty on the import of tyres (Finished Good) = 10%

    Duty on the imports of natural rubber (Raw

  • All About New GST Returns – Overview, Forms, Invoices, ITC, Amendments, Offline Tool

    1. What is the New GST Return System?
    In the 31st GST Council Meet, it was decided that a New Return System under GST would be introduced for taxpayers. This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this

  • Overview on proposed new GST Return filing system under GST Regulations

    The Goods and Services Tax (‘GST’) Regulations have been introduced from July 2017, in India. Since the inception, the compliance under the said law has been a turbulent roller-coaster ride. One of the major challenges in implementation of the existing GST compliance framework lied in its complex

  • All About All about Rule 86B under GST: Restriction on ITC Utilisation in Electronic Credit Ledger

    GST rule 86B, 99% ITC restricted, 1% of Output liability to be paid in cash

    As per GST Notification number 94/2020-Central Tax dated 22nd Dec 2020, GST rule 86B has been introduced which has imposed 99% restricted on ITC (Input Tax Credit) available in electronic credit

  • Article on Compensation Cess on Coal under GST- Issues

    India witnessed the "tryst with destiny" twice in last 74 years. First, on August 15th, 1947, when the country got freedom from the British colonial rule. Second, on July 1st (June 30th) 2017 when at the “stroke of midnight” the overhang of colonial era indirect tax system was overhauled and Goods and Service Tax (GST) was introduced. GST was expected to be the answer to all questions related to the