Introduction The GST Composition Scheme is a simplified taxation system introduced to ease the compliance burden of small taxpayers. Applicable to small manufacturers, traders, and service providers, the scheme allows them to pay tax at a fixed rate of turnover. With lower compliance requirements and simplified returns, it remains one of the most preferred schemes …
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Introduction In India, Goods and Services Tax (GST) has streamlined the indirect tax structure by replacing multiple taxes with a unified regime. With the evolving business ecosystem, especially in the digital and startup sectors, GST registration has become a crucial compliance measure. For FY 2025–26, timely registration and understanding the implications of GST are essential …
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The Goods and Services Tax (GST), introduced in India as a unified tax regime, has significant implications for various sectors, including co-operative housing societies. Governed by the Central Board of Indirect Taxes and Customs (CBIC) under the Directorate General of Taxpayer Services, the application of GST to housing societies is a topic of interest for …
Running a private limited company in India is a rewarding venture, but it comes with certain legal responsibilities. One of the most critical aspects that business owners must focus on is annual compliance for private limited companies. Essentially, this refers to the mandatory filings and obligations that companies registered under the Companies Act, 2013, must …
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Nowadays, the GST department issues various notices and orders to GST registration holders for past years, often leading to demand notices. However, GST registration holders should be aware that each notice and order has a prescribed time limit under the relevant act, which the GST department must adhere to. Additionally, if a retrospective notification or …
Introduction The new section 16(5) of the CGST Act allows taxpayers to claim Input Tax Credit (ITC) for a certain period. This is a helpful step by the government to support GST-registered businesses in claiming their unused ITC for the financial years 2017-18 to 2020-21. They can do so until November 30, 2021. This section …
Introduction Getting GST refunds has been challenging for industries when dealing with the GST department, especially for exports. Exporters need to prove their transactions by justifying the export of services, payments in foreign currency, matching invoices with payments received, submitting BIRCs, and other supporting documents. Refunds are only granted if the GST officer is satisfied …
Introduction On September 20, 2021, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 161/17/2021-GST to clarify the interpretation of condition (v) of Section 2(6) of the IGST Act, 2017. This condition determines whether services provided by an Indian subsidiary to its foreign parent company qualify as an export of services or …
The Delhi High Court recently quashed the cancellation of GST registration for Rashid, Proprietor of MS Enterprises, highlighting serious procedural lapses in the issuance of Show Cause Notices (SCNs) and the denial of a personal hearing. Background of the Case The petitioner, Rashid, filed a writ petition under Article 226 of the Indian Constitution, challenging …
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Introduction The GST registration process has been updated to enhance security and streamline authentication for applicants. As per Rule 8 of the CGST Rules, 2017, applicants must follow specific steps based on whether they opt for Aadhaar authentication or not. This blog provides a detailed overview of the updated GST registration process to help taxpayers …
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