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:
In this article, we will discuss about the applicability of GST on Rental Income from renting the commercial property as well as residential property, and we will also see various examples on inter-state and intra-state transactions. Applicability of GST on Rent The basic definition of outward supply includes rental income
Introduction As per the GST Act, Cab services are taxable services. When services are provided via cab aggregators like Ola or uber then also GST is chargeable. However, metered taxi and auto rickshaws are exempt from GST including Ola Auto. In this article, we will try to cover every point
A taxable person can apply to the commissioner under Section 80 of CGST Act for extension of time for payment of GST, Interest, Penalty or any amount under GST. The taxable person can also apply for payment in instalments. The main condition is that such GST or other amount should
As per Section 2 (68) of CGST Act “job work” means any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly. Registration (Section 22) The supply of goods after completion of job work, by a registered
Beginner’s Guide to GST This guide is for businessmen and students who wants to have a basic working knowledge of GST. The guide is arranged in a logical manner and written in easy to understand language. We recommend to read chapters one by one but feel free to jump the
Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import of services would be leviable under the IGST Act, the