The Goods and Services Tax (GST) in India is a comprehensive tax levied on the supply of goods and services. It has streamlined indirect taxation, replacing many central and state taxes. Recently, the government has issued Circular No. 225/2024 to clarify the taxability and valuation of corporate guarantees provided between related persons. This article aims to break down the circular’s ...
If you are a registered taxpayer under GST, you must have received a notice from the GST department to reverse the credit availed on supplier’s invoice who has not filed GSTR-3B returns. This type of notice is common for the period 2017-18 and 2018-19 where facility of GSTR-2A was not available to reconcile the credit. When the notice is received, ...