Since the implementation of GST regulations in India in 2017, more than a billion taxpayers have had issues about filing refunds or registering for the system. To organize varied services and goods into broad categories or groups, the HSN and SAC code systems were introduced under GST. Meaning of Service Accounting Code (SAC) under GST SAC is …
According to Notification No. 78/2020 – Central Tax Dated: 15.10.2020 taxpayers need to declare HSN code on tax invoice w.e.f. 01.04.2021 according to the below provisions: If the previous financial year’s aggregated turnover was up to INR 5 crores, the taxpayer needs to mention 4-digit HSN Code. Whereas, if the previous financial year’s aggregated turnover was more than INR 5 crores, …
Corporate Social Responsibility (CSR) is defined as a company’s voluntary contribution to a better society and a cleaner environment through projects or programs. In this blog, we will cover all the aspects related to ITC availability on CSR activities. What is Corporate Social Responsibility? Every company is expected to comply with the CSR standards under Section …
If taxpayers do not file their GST returns continuously for two tax periods, the e-way bill will be blocked on the government portal. And in this blog, we will take a deeper dive into the FAQs related to blocking and unblocking e-way bill FAQs. Q1. What exactly is e-way bill generation blocking and unblocking? Ans: Blocking e-way bill generation means that …
Diwali is India’s most celebrated festival and it is around the corner. Diwali is a time when businesses send gifts to vendors, customers, partners, consultants, and so on. As a result, whether the input tax credit on Diwali gifts is available or not becomes a very important question, as a lot of money is spent …
E-way bills system upholds different issues faced by taxpayers while delivering goods. Especially, there are several complexities involved in the movement of goods from one place to another. So, in this blog, we will look into the concept of transshipment of goods under the e-way bill. What is Transshipment of Goods under E-Way Bill System? Transshipment means a change in …
In basic words, an intermediary is someone who helps individuals to reach an agreement, who are reluctant or unable to communicate directly. To put it another way, an intermediary is a company or somebody (such as a broker or a consultant) who works as a moderator or a connection between the parties to a commercial …
The 45th meeting of the GST Council was held in Lucknow on September 17th, 2021, and was chaired by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. So here are the highlights and recommendations suggested by the GST Council in 45th GST Council Meeting: COVID-19 relief measure in form of GST rate concessions Extending the …
In the Indian economy, the job work sector is an important industry. It includes outsourced operations that may or may not lead to manufacturing are included. The meaning of the word “job-work” is self-evident, it is the processing of the principal’s goods. In Central Excise, the job work concept already exists, with the primary producer sending inputs …
