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  • All About GST Implication for Ecommerce Players

    Given the ambiguity and litigation in the present tax regime, GST has been an important point of discussion in recent times. GST is expected to provide relief from the current hurdles. For e-commerce companies, GST is particularly interesting because the model GST law specifically proposes a tax collection at source (TCS) mechanism as well.


  • Security Force Society shall pay 18% GST - A Note

    The Gujarat Authority of Advance Ruling (AAR) ruled that the Gujarat Industrial Security Force Society to pay 18% GST on the entire amount received from their clients, including wages etc. to be paid to the Security Guards, establishment charges. The applicant, M/s. Gujarat Industrial Security Force Society has submitted that there are more than 5000 security guards

  • All About Amendments of Details in GSTR 1 and Error Messages

    In GST law, outward supplies are reported through GSTR-1 which serves a lot of purpose for:

    Supplier – GSTR 1 Helps in determination of Outward liabilities

    Recipient- GSTR 1 helps in

  • Income Tax on Startups in India & Tax Incentives to Start-ups

    Start-up India initiative is one of the pertinent initiatives that every budding entrepreneur should be aware of. It enables the start-up to gain various benefits under Income-tax Act, 1961. The requirement is nothing but registration on the Start-up India portal. However, there are some pre-requisites for being eligible to get registered as a

  • Note on How to pass accounting entries under GST

    Goods and service tax or GST subsumed most of the indirect taxes. It has brought us to the “One nation one tax” regime. Accounting under GST is more simple compared to the erstwhile VAT and excise.

    However, one must understand and pass accounting entries in the books of

  • All About Matching, Reversal and Reclaim of ITC

    Will Recipients Be Obliged to Reverse ITC In Case Suppliers Do Not Pay their taxes:

    Critical Provisions for Denial of ITC Mismatch

    The following are the provisions for conditions for

  • All About Taxation Of Cryptocurrencies In India

    What is Cryptocurrency?

    Cryptocurrency is a Digital currency that can be exchanged online for goods and services,but uses an online ledger with strong cryptography to secure online transactions.

    All About GST applicability on Inter Corporate Guarantees

    Personal and Corporate guarantees explained

    Banks have long since developed an unwritten convention of obtaining personal/corporate guarantees from the Directors of the Corporations and the holding/subsidiary companies between one another, to secure the Loans advanced by them

  • Decrypting Crypto: A Look At Cryptocurrencies And Its Regulation In India

    The history of cryptocurrencies can be traced back to (another) tumultuous time during the 2008 financial crisis when the trust in financial participants, such as banks and government institutions, was sharply waning. Bitcoin

  • All About GST on Vaccine, Oxygen Concentrators & other allied items

    Imports of COVID-19 relief material, including vaccines, medical oxygen and Remdesivir vials, will get a conditional ‘ad-hoc’ Goods and Services Tax (GST) exemption till June 30, the Finance Ministry said on Monday.

    The government had already exempted the import of these

  • GST, Income Tax, DGFT, FEMA, Customs Updates


  • Article on Impact of GST on Textile Industry

    The Indian textile industry provides employment to a large number of skilled and unskilled workers in the country. It contributes about 10% of the total annual export, and this value is likely to increase under GST. GST would affect the cotton value chain of the textile industry including all garments for men and women like shirts, trousers, saree, apparels, shoes

  • GST Compliance Relief Measures and Clarifications- Guide & FAQs

    Circular No: 141/11/2020 dated 24 June 2020

    The clarifications given in this circular pertain to CGST notifications 51/2020 and 52/2020, as follows:

    Guidelines For Common Errors made while Filing GST Returns & How to avoid them!

    1. Errors while uploading data invoice-wise in GSTR-1
    GSTR-1 requires that invoice-wise data be uploaded of all outward supplies such as invoice date, invoice number, place of supply, rate of tax, etc. Due to the vast amount of data to be submitted, taxpayers sometimes make

  • All About E-Filing applications/Appeal before a Bench of ITAT

    1. Nature and structure of ITAT
    The ITAT is a quasi-judicial body set up by the Central Government to deal with appellate matters under the Income Tax Act, 1961. The ITAT functions under the Ministry of Law and Justice. There are different benches of the ITAT for different

  • Dividend Distribution Tax- An Analysis

    Who is required to pay Dividend Distribution Tax(DDT) and at what rate
    Any domestic company which is declaring/distributing dividend is required to pay DDT at the rate of 15% on the gross amount of dividend as mandated under Section 115O. Therefore the effective rate of DDT is

  • Transition to GST- A Detailed Analysis


    Input Tax Credit
    Provisions have been made for the smooth transition of Input Tax Credit available under VAT, Excise Duty or Service Tax to GST.  A registered dealer opting for composition scheme will not be eligible to carry forward ITC available in the

  • All About Cross charges: GST

    The department audit round has begun, and it will not be long before it will be in full swing. The first year(s) of the audit would be crucial in the sense that it would reflect revenue’s approach towards a number of controversial tax positions. One such critical tax position being, ‘taxability under S. No. 2 of Schedule I’ to the Central Goods and Services Tax Act,

  • All About Purchase of Goods brought under tax purview with 194Q

    The Finance Act 2021 has introduced Section 194Q providing for TDS on purchase of goods with effect from July 1, 2021. Section 194Q is similar to Section 206C(1H) which was introduced by Finance Act 2020, to collect tax at source on transactions between a buyer and a seller.

    Article on GST on Service Providers, Bloggers, Youtubers & Freelancers

    GST is applicable in India from 1st July 2017 and it is also applicable to Bloggers, Youtubers, Service Providers and all other types of Freelancers and the rate of GST in such cases is 18%. There is no confusion regarding this and it is fairly clear that GST @ 18% is applicable on all Service Providers, Bloggers, Youtubers and other