Introduction Goods and Service Tax (GST) is applicable in India from 1st July 2017. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. apply to goods. After 1st July 2017, GST applies to trading and manufacturing of goods as well as on providing services. GST
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network.” And defines electronic commerce operator as – “Electronic Commerce Operator means any person who owns, operates or
Agent is defined in CGST act as “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of
GSTR-2B is introduced on GST portal only some days back. At first, GSTR-2A and GSTR-2B seems to be same. But they are different in some manner. Government has now dumped the new return forms which have three types of return forms – Normal, Sahaj and Sugam and decided to continue
What is a dropshipping business? Dropshipping is a business in which the seller sells the goods which he does not own at time of selling goods but then passes the order to a third party after receiving order. Such third party then delivers the order to the purchaser. For example,
Introduction Government is considered as a “person” under the GST act. Therefore, any supply of goods or services by or to government is subject to GST unless exempted. Activities or transactions undertaken by the Central Government or State Government or Union Territory or Local Authority in which they are engaged as public
In case of death of sole proprietor and business is continued by any person being transferee or successor, the input tax credit which remains un-utilized in the electronic credit ledger is allowed to be transferred to the transferee. The manner of taking such ITC is as below Registration liability of
A registered taxpayer may change its constitution vide sale/ amalgamation/merger/demerger/transfer of business. In such condition registered taxpayer has available matched Input Tax Credit (ITC) in electronic credit ledger which will need to be passed to the transferee. In this article, we will discuss about in which conditions ITC can be
New standard procedures issued by the CBIC requires the proper officers to issue a notice under GSTR-3A within 5 days of due date of return. As per Section 46 of CGST Act, a period of 15 days is to be given to taxpayer to file returns. If the taxpayer still
Introduction The GST Act does not define anything like Inverted duty structure. The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on inputs purchased (i.e. GST Rate paid on inputs received) is more than the rate of tax (i.e. GST Rate Payable on outward supplies) on outward supplies. Example: