You’ve been hearing a lot about GST and its related rules and sections, right? It can be confusing, especially when no one breaks it down in simple terms. So, let’s discuss one of the most confusing and controversial terms – Intermediary in GST. If you are in the service sector and also engaged in export, you must have encountered an ...
Sales promotion schemes are a common strategy used by businesses to boost sales and attract new customers. However, the tax treatment of these schemes under the Goods and Services Tax (GST) regime has often led to confusion. The Government of India, through Circular No. 92/11/2019-GST, dated March 7, 2019, provides clarity on various doubts related to the treatment of sales ...
With increasing aspiration of the skilled young professionals, the freelancing or gig work is hugely attracting them. Freelancing is performing project based tasks based on his/her skills without working under a company or organization. That means you have no boss over you. But, I have to complete the task with utmost attention and skills. Gigs are the people who perform ...
For any MSME Business owners, it is a challenging task to comply with GST law and its provisions and rules made thereunder. Inadvertent mistakes can also attract penalties under the GST Act. Ignorance of law cannot be an excuse given before the officer. In this post, I’ll discuss some of the most common GST errors that businesses make and explore ...
If you have received the demand order from the GST department, there is a procedure of recovery which the tax authority can initiate as per the provisions of GST Act 2017. As a business owner, sometimes, there are financial crises or other issues due to which you could not pay the dues on time and in return, the department starts ...
HSN 9973 is a crucial classification under GST, covering a range of leasing or rental services. When initially GST was implemented, HSN 9973 used to contain leasing or rental services with or without operator. But, vide notification no. 20/2019-CT(R) has removed the word “with” under HSN 9973. Now, HSN 9973 deals with leasing or rental services without operator only. This ...
It can be difficult to navigate the complexities of the Goods and Services Tax (GST), if you don’t know the basic difference between different kinds of GST supplies like Exempted, Nil Rated, Zero-Rated, and Non-GST Supply. It is very important as a consultant or beginner to have basic knowledge of these terms to avoid any wrong filing of returns. That’s ...
The critical issue addressed in this clarification pertains to the admissibility of export remittances received in Special INR Vostro accounts for qualifying as export of services. The RBI’s Circular No. 10 dated 11th July 2022 allows for international trade settlements in Indian Rupees (INR), aiming to promote global trade and support the interest of the global trading community in INR. ...
You might be in the business of passenger transportation or renting a motor vehicle or leasing it. You have to understand there are three aspects of supplies and GST is charged differently on these supplies. This article clarifies the eligibility of ITC on services used for leasing motor vehicles without operators, a topic that has caused some confusion. I tell ...
The Goods and Services Tax (GST) regime in India has brought significant changes to various sectors, including the travel and tourism industry. If you are willing to build a career as a Tour and travel agent, you need to understand the implications of GST and how to rightly pay the taxes. This article clarifies the GST rates, HSN codes, and ...