Exporting services from India can sometimes get tangled in the web of regulatory language and technical jargon. Circular No. 161/17/2021-GST, issued on September 20, 2021, aims to clear up some of this confusion, particularly around the conditions defining the “export of services” under the Integrated Goods and Services Tax (IGST) Act, 2017. This circular addresses a specific concern: whether services ...
The Securities and Exchange Board of India (SEBI) is considering a significant change in mutual fund regulations to enhance the debt market’s efficiency and flexibility with Credit Default Swaps (CDS). What’s Happening? Currently, mutual funds can buy Credit Default Swaps (CDS) only for hedging purposes in specific Fixed Maturity Plans (FMPs) with more than a year of maturity. SEBI’s new ...
Are you confused whether you should avail ITC on canteen service provided to the employees or not? The tax authority should not penalize you for such a mistake. To avoid this confusion, one of the taxpayers has asked the same from the Authority for Advance Rulings. In view of the application from M/s. Dormer Tools India P Ltd, the Gujarat ...
If you have a confusion about taxation on your goods or services or both, you can file an application before the Authority of Advance Rulings (AAR) under GST. This is like getting an opinion from the department as per GST Act 2017. So, I have brought one of the AAR cases which can help in understanding the GST implications on ...
When it comes to Goods and Services Tax (GST) in India, the concepts of “distinct persons” and “related persons” play a crucial role. These terms have specific definitions and implications under GST law, which affect registration and tax liabilities. Before starting it, I will tell you the distinct persons and related persons are not specifically defined but with few conditions, ...
Investing and saving can be tricky, especially when there are so many options out there. If you are a woman, you need better investment plans with fixed income and the scheme which is backed by the Central Government, If you’re looking for a secure and beneficial way to save, especially for women, the Mahila Samman Savings Scheme is a fantastic ...
If you are a registered taxpayer, and not received any kind of notice from the department, you are the luckiest one right. Since, the implementation of the Goods and Services Tax (GST) Act in India has gone through many ups and downs and regular updates that make a registered taxpayer very difficult to follow compliance. As per GST Act (CGST ...
Ever wondered what happens to your money if you need to cancel your insurance policy before it matures? That’s where surrender value comes in. The IRDAI (basically the insurance rule maker in India) sets some guidelines about how much you get back depending on your policy type. Let’s break it down in a way that’s easy to understand, with a ...
When it comes to understanding GST (Goods and Services Tax), one of the key concepts is the “place of supply.” This determines which state or country has the authority to tax a particular transaction. If you’re new to GST and find this concept confusing, don’t worry! We’re here to explain it in simple terms, especially focusing on Section 13 of ...
If you’ve ever thought about buying or investing in gold, you’ve probably heard about GST on gold and wondered what it means for you and how to calculate so that a jeweler should cheat you. If you are engaged in the Gold Jewelry business, this article is going to benefit you too. Let’s break it down together in simple terms, ...