Indirect Tax changes in Budget 2023
Legislative Changes in Customs Laws
GST
Impact of COVID 19 on GST collection
The spread of COVID-19 appears to be slowing in India, but the pandemic’s economic impact is still being determined as new waves of COVID-19 infection emerge locally. As a result, any revenue impact of covid-19 on GST collection in India…
Budget 2022: Changes in GST
Refund application time limit changed: The refund claim of ITC on inward supplies can be made only within 2 years from the last day of the quarter in which supply was received. Earlier, it was 2 years from relevant date.…
Concept of Supply under GST Part-II
In this part, we shall discuss the clause (b) and clause (c) of Section 7 of the CGST Act 2017 Section 7, (For the purpose of this section, supply includes………As per clause (b ) of Section 7 of the CGST…
Concept of Input Tax credit-PART I
Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand that tax and the value addition…
Composite and Mixed Supply under GST
The determination of taxability of transactions, involving multiple goods or services or a combination of goods and services has always been a challenging aspect under the indirect taxes. As far as the Pre-GST regime was concerned, the taxable events like”…
Impact of GST on Small and Medium Businesses in India
The online platforms like Quora, Reddit and similar other are overflowing with questions like – Do I need a GST number for my small business? Who are liable to register under GST in India? How to register for GST in…
GST (Goods and Service Tax) in India: What, Why, How?
GST stands for Goods and Service Tax, a new tax reform to be implemented from 1st July, 2017.The new tax system will affect businesses and individual buyers to large extent due to many structural changes and ambiguities regarding the new system prevalent…
Impact of GST on FMCG sector in India
No doubt, GST has bought several non-tax payers into the Tax bracket. But, what about some genuine and necessary sectors which have been affected because of the GST? It has vitalized some FMCG companies, but what about the rest? More…
GST Annual Return Form GSTR-9
GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under…