GST on Export of Services

The service sector is the fastest and largest growing sector in India. India is among the top 10 service exporter countries having a 4.1% share in world commercial service exports in 2020. In the first half of the 2021-22 fiscal year service sector contributed more than 50% of the GDP of India and it is …

GST on Export of Goods

This article is not industry specific. The article has been written considering the present situation of GST and overall industries requirement. It will cover general clauses and provisions for export of goods but the specific untouched points will also be included for the reader’s knowledge. As we know that export of goods and services is …

Cases where GST registration is mandatory and non-mandatory

GST registration is first and most important step for a person starting business. There are common questions that every supplier of goods and services ask before commencing his/her business such as why should we register under GST? What is the exemption limit of GST registration? What are the benefits of GST registration? How much time …

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 …