In the world of transporting goods, there’s a rule known as Rule 55(5) of GST that talks about sending things in different ways, like puzzles with pieces or building blocks. This rule specifically mentions sending goods in Semi Knocked Down (SKD) or Completely Knocked Down (CKD) conditions, along with batches or lots. Let’s break down …
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Introduction: In the dynamic landscape of Goods and Services Tax (GST) in India, the issuance of a delivery challan holds paramount importance as per Rule 55 of the CGST Rules, 2017. This document not only facilitates the movement of goods for various reasons but also ensures compliance with the mandatory provisions outlined in the rule. …
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In India, Goods and Services Tax (GST) registration is a mandatory requirement for businesses with an annual turnover exceeding specified thresholds. It replaces a complex array of indirect taxes and unifies the taxation system. To register for GST, businesses must provide essential details to the GST portal and obtain a unique GSTIN. This process facilitates …
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In the vast world of taxes, the term “composition” might sound complex, but its essence is quite straightforward. In the realm of Goods and Services Tax (GST), the composition scheme is a simplified approach for businesses, offering more than just a reduction in payable amounts. Understanding Composition Scheme under GST Under the GST legislation, those …
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In a recent development, the Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing, issued Instruction No. 04/2023-GST on the 23rd of November 2023. This directive, marked with F.No.20016/41/2023-CBIC, carries significant implications for businesses and taxpayers under the purview of the Goods and Services Tax …
In the realm of GST compliance, Tax Deduction at Source (TDS) is a crucial concept. Essentially, it mandates that a registered entity, when making payments exceeding the threshold for taxable goods or services, must deduct GST at the source. This procedural requirement, as specified in Section 51 of the CGST Act, involves the deductor withholding …
Introduction The taxation landscape is a complex and ever-evolving domain, and one crucial aspect that taxpayers need to navigate is the tax audit. Under the Indian Income-tax Act, taxpayers are required to maintain proper books of accounts and undergo a tax audit if their gross turnover or receipts during the previous year exceed the prescribed …
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In the modern business landscape, keeping accurate and comprehensive books of accounts is not just good practice; it’s a legal necessity and a cornerstone of financial management. The relationship between maintaining books of accounts and Goods and Services Tax (GST) compliance is particularly vital for businesses operating in countries with a GST or Value Added …
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The Ministry of Finance, in collaboration with State Governments, is set to introduce the “Mera Bill Mera Adhikaar” Invoice Incentive Scheme, aimed at fostering a culture of requesting invoices for all purchases. This initiative seeks to instigate a profound cultural shift, encouraging consumers to assert their right and demand proper invoices. Key Details of the …
Introduction The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced multiple cascading taxes levied by the central and state governments in India. This transformative tax system has brought about significant changes in the country’s economic landscape, particularly for the service and manufacturing industries. GST registration has emerged as a pivotal step …
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