When the Goods and Services Tax (GST) was first introduced for indirect taxation, it was planned that it would bring about a tech-enabled compliance system where the supplier would file his details of every outward supply transaction, and those details would automatically populate and appear on the recipients’ GSTR 2A/GSTR 2B. After the acceptance of …
On July 1, 2022, India will celebrate the 5th anniversary of the Goods and Services Tax (GST). The Central Government has named July 1st as ‘GST Day,’ which commemorates the implementation of the historic tax reform. At the time of completion of 4 years of GST, Union Finance Ministry last year sent over 54,000 appreciation …
With the advent of GST, the tax rates on most electronic items were cut, except air conditioners and large-screen televisions, which now fall under the 28% tax bracket. Applicability of GST on Air Conditioner Almost all electrical items, including air conditioners, are subject to GST. GST has four primary tax rates: 5%, 12 %, 18%, …
The implementation of the GST has resulted in significant tax reform in the country. The system combines several state and central taxes into a single fungible tax. The tax collecting mechanism was improved by this much-needed change, which increased transparency and simplified administrative paperwork. Since its inception, GST has been excellent news for most businesses, …
As per Section 63 of CGST Act, notwithstanding anything to the contrary in sections 73 or 74, where a taxable person fails to obtain registration despite being obligated to do so, or whose registration has been canceled under section 29 (2) but who was liable to pay tax, the proper officer may proceed to assess …
Given the advent of an ambitiously rising middle class and increased spending income of this demographic category, the Indian tourism and hotel industry has rightly been lauded as one of the primary drivers of the economy. According to KPMG, it now contributes 7.5 percent of the country’s GDP, with a projected growth rate of 16.1 …
APIs are mechanisms that allow 2 software components to interact with one another via the use of a set of definitions and protocols. When you use a mobile phone application, it connects to the Internet and sends data to a server. The server then receives the data, analyses it, takes the appropriate steps, and delivers …
GST officers have the authority to issue summons to any taxpayer requiring their presence. Various businesses, workers, and key management personnel have been summoned by tax authorities to appear before GST officials in several cases. The person who receives the summons needs to appear before the GST authorities. When they receive it, they get nervous …
It has been nearly 5 years since the implementation of GST laws. After creating robust processes and rules for GST law implementation and encountering a few bumps along the way, the government has lately been highly active in GST scrutiny and audits. CBIC’s GST Policy Division issued Notification No. 02/2022- GST on March 22, 2022, …
