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 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 …
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 …
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Selling of Goods and Services always attract GST if it is taxable supply. Does transfer of business attract GST on selling of Fixed Assets, Raw Material, Debtors, Etc? In a recent case Proprietorship firm was merged into Private Limited Company and before implementing the process they preferred to approach to Authority for Advance ruling (AAR) …
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. …
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 …
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