FAQs > Suo Moto Cancellation

1. Under which circumstances can a Tax Official initiate for cancellation of GST registration? Suo Moto Cancellation of registration may be initiated by the Tax Official for various situations as mentioned in the provisions of GST law like: – Any Taxpayer other than composition taxpayer has not filed returns for a continuous period of six […]

Your working capital requirement may increase from 1st February 2019

Working capital play vital role in business as it covers company’s short term expenses, including inventory, short-term debts and operating expenses. What happens when all of a sudden it gets increased. Recently GST law changed the pattern of utilization of Input tax credit which may increase your working capital requirement in future though you have[…..]

Compliances YouTubers fails to do

  YouTube is a platform where YouTubers uploads the videos and earns revenue when their video gets minimum viewers. Revenue depends upon the agreement signed with YouTube. Today YouTubers are earning in crores. They works as a freelancer and receives money in their saving bank accounts without taking GST registration. They don’t even think of[…..]

Who should register under the GST Act?

Every supplier shall be liable to be registered under the Act but government has given exemption to small suppliers to get them register under the GST act after crossing the threshold limit. (1) Section 22 mandatorily provides the following conditions where you have to take GST registration if his aggregate turnover in a financial year[…..]

GST on Employee Services

GST is applicable on the transaction made for consideration. In many cases transactions become taxable even consideration is absent, which includes transaction made between ‘Related person’ Under the GST Employees and Employers are related person accordingly service given by employee to employer is taxable under the GST. However Schedule III of CGST act   provides that[…..]

Recommendations of the 33rd GST Council meeting

Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. “Housing for All by 2022” envisions that every citizen would have a house and the urban areas would be free of slums. There are reports of slowdown in the sector and low off-take[…..]

GST on Casual Taxable Person

1. Meaning of Casual Taxable Person: “Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.[…..]

Composition Levy Scheme in GST (Goods & Services Tax)

Introduction The Composition levy scheme is a very simple scheme for small taxpayers. It is a voluntary and optional scheme. Benefits of Composition Scheme Easy compliance as no elaborate accounts and records to be maintained Simple Quarterly Return Quarterly payment of tax Provisions related to composition levy have been provided under section 10 of the[…..]