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  • All About GST on AMC

    AMC stands for Annual Maintenance Contract. AMC provides security on the on all the components let that be the large manufacturing machine of the company or the basic components like the printer or the computer. It gives the benefit of repair and maintenance to such products and the time period of the contract might vary from 1 year to 3 years according to the need.
    This time period can also be

  • Article on ITC cannot be availed on goods lost, stolen or written off

    Input tax credit (‘ITC’) under Indirect Tax Laws has always been one of the subject matters which invites
    close attention by taxpayers, revenue and professionals. There are numerous matters relating to ITC under

    Article on GST rate and classification on supply of LPG for Domestic Use

    GST rate and classification on supply of LPG for Domestic Use

    CBIC has issued Circular No. 80/54 /2018-GST clarifying GST rates & classification of LPG as under:

    Applicability of

  • Guide on Composition Scheme Under GST

    On daily basis all of us come across shops in our localities which would not issue proper bills or use simple paper to issue bills in case some one asks for it and transact business mostly on cash. They don’t carry any account books or detailed records in respect of their stocks and sale. Does that mean that they are tax exempt? The answer is NO as the threshold

  • Process For Opt-out From GST Composition Scheme


    1. Who can opt for Composition Scheme
    A taxpayer whose turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.

    Article on Cross Charge Under GST

    To recapitulate, different units of the same entity functioning in different States are treated as “distinct persons” under the GST law and supply of goods or services or both between such “distinct persons”, even if made without consideration are treated as supply, as per Schedule I of the CGST Act. This deeming fiction was created, so that the Input Tax Credit

  • Article on GST on Sale or leasing of land

    The taxable event in GST is  “supply” of goods or services or both. So a transaction to become taxable it must covers within the meaning & scope of “supply”.

    As per Sec 7 of the CGST Act, 2017, the

  • Impact of GST on Insurance and Banking- FAQs


    With a hike in post-GST rates to 18% from the current 15%, both the insurance sector and banking sector are poised to get more expensive after July 1. Impact of gst on insurance and banking will increase the premiums especially for families that pay for health, life and a car insurance.

  • Article on Intermediary Services Under GST

    In simple terms ‘intermediary’ means someone who acts to arrange an agreement between people who are unwilling/unable to communicate directly. Simplifying further, Intermediary can be explained as a firm or a person (such as a broker or a consultant) who acts as a moderator or a link between the parties to a business deal, investment decision, etc. In this article,

  • Handbook on Supply Under GST

    Under GST, Supply is considered a taxable event for charging tax. The liability to pay tax arises at the ‘time of supply of goods or services’. Thus, determining whether or not a transaction falls under the meaning of supply, is important to decide GST’s applicability.

    Concept Before GST
    Under the erstwhile indirect tax regime, there was no concept of Supply. The stage at which indirect taxes were levied varied under different

  • Article on Value Of Supply – GST On Tool Cost Amortization


    Determination of value of supply is one of the key considerations while levying Goods and Services Tax (GST) on any supply of Goods or Services. The value of supply under GST Act is governed by Section 15 of CGST Act, 2017 and Rule 27 to 35 of Central Goods and

  • Article on Special Economic Zone (SEZ) Under GST

    Understanding Special Economic Zone

    A special economic zone (SEZ) is a dedicated zone wherein businesses enjoy simpler tax and legal compliance. SEZs are located within a country's national borders, however, they are treated as a foreign territory from taxability

  • All About GST on Supply of Aluminum Windows or Doors and installation

    Query: Whether Orders for Supply of Aluminium Windows or Doors and installation thereof amounts to Supply of Goods or Supply of Services? The Supply of Aluminium Windows under HSN Code No. 7610 attracts 28% GST whereas the Works Contract Services attracts 18% GST:

    The orders

  • Article on Zero-rated Supplies under GST after Budget 2021

    The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing the compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a system of seamless flow of credit, however, the word

  • All About GST Amendment Proposed In Finance Bill 2021

    Amendment in Section 7 of CGST Act, 2017
    Clause 99 of the bill proposes to amend section 7 of the act i.e. the term supply by inserting a new clause (aa) in sub section 1 with retrospective effect from 1st july,2017 ,so as to ensure levy of tax on activities or transactions involving supply of goods or services by any person, other than an individual ,to its members or constituents or vice-versa ,for cash, deferred payment or other

  • All About Account and Records under GST

    Maintenance of Accounts by Registered Persons
    (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true

  • All About GST RCM on Renting of Vehicle

    The indirect tax implication on renting of motor vehicles service has always driven the attraction because of its complicated abatement/ exemption treatment in the erstwhile law. In recent years, renting of motor vehicle service (also more popularly known as rent-a-cab service) has increased in leaps and bounds. Now, even a common man is aware and are frequently using the cab service.

    Under the current article, we would understand

  • Article on No GST on membership fees collected by clubs

    GST is applicable for the supply of goods or services in the course of business, and the definition of business includes any provision of benefits provided by a club, association of person, society, or any such body to its members. However, considering the principle of mutuality, there is a lot of controversy over the levy of GST on supplies by clubs to its

  • Note on GST on Activity or Transaction between BOI/AOP

    GST on Activity or Transaction between Body of Individual (BOI)/Association of Person (AOP) and its Member and Vice Versa proposed vide finance bill 2021

    Original Section 7 of CGST Act 2017 effective from 01.07.2017 was as under:

    All About GST on ocean freight and scope of delegated legislation


    In a landmark judgment in the case of Mohit Mineral Pvt. Ltd. v. UOI [Special Civil Application No. 726/2018 decided on January 23, 2020], the Hon’ble Gujarat HC has declared levy of Integrated Goods and Services Tax (“IGST”) on ocean freight & corresponding