A new provision has been introduced to facilitate the transfer of balance in the Electronic Cash Ledger (ECL) between registered persons who share the same PAN. Previously, unutilized balances in the CGST/IGST head of the Electronic Cash Ledger could only be utilized by the same registered person. However, with this new facility, the unutilized balance …
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A considerable number of newly registered GST applicants remain unaware of the obligation to promptly update their bank account information. Nowadays, banks have made it a prerequisite to acquire a GST registration before allowing individuals, sole proprietors, and partnerships to open accounts. Consequently, the mandatory submission of bank details during the GST registration process has …
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GST has received reports highlighting the confusion surrounding the interpretation of the term “Intermediary services” in the GST Law. After careful examination of the matter, and considering the challenges faced by the trade and industry, as well as the need for consistent implementation of the law across different field formations, the Board, exercising its powers …
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The E-Waybill System has been enhanced with new features for Enrolled Transporters and Common Enrolled Taxpayers. These features are designed to improve the functionality and user experience of the system. Here are the details of the new features: These new features aim to provide more flexibility, control, and security to enrolled transporters and common enrolled …
In a recent case before the Hon’ble Karnataka High Court, Sri Annadurai Muniswamy sought relief against the cancellation of his Goods and Services Tax (GST) registration. The petitioner challenged the Order-in-Appeal issued on January 4, 2023, which confirmed the cancellation of his GST registration by the Revenue department. The cancellation had initially been ordered on …
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India is a land of opportunities and offers an attractive market for entrepreneurs looking to start a business. With a growing middle class and a large population, India offers a vast market for businesses across various sectors. Setting up a business in India can be a complex process, but with the right guidance and support, …
According to the GST law, a registered person is allowed to provide travel benefits to their employees. However, if such benefits are given in the form of leave or home travel concession, the company cannot claim input tax credit on the expenditure. This is because such benefits are considered to be personal travel expenses provided …
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Under the CGST Act, a non-resident taxable person who has registered under section 25 is not eligible to claim Input Tax Credit (ITC) on goods or services, except for goods imported by them. A non-resident taxable person is an individual who conducts temporary business in India but does not have a place of business in …
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The treatment of “Buy One, Get One Free” offers can initially appear as if one item is being supplied free of cost without any consideration. However, it is not an individual supply of free goods but a case of multiple individual supplies where a single price is being charged for the entire supply. Essentially, it …
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A CA firm, or a Chartered Accountancy firm, is a professional service firm that provides a range of financial and accounting services to businesses, organizations, and individuals. The services provided by CA firms include tax planning and compliance, auditing and assurance, financial accounting and reporting, management accounting, business advisory, and more. A CA firm typically …
