The online gaming scene in India has been on an impressive growth journey, solidifying its position as one of the fastest-expanding internet-based industries in the nation. Nevertheless, this promising trajectory faces potential disruption due to a recent governmental directive aimed at increasing the gaming industry’s GST rate. So, the question arises how the industry’s growth …
The 52nd GST Council Meeting took place today in Delhi under the chairmanship of Union Finance Minister Nirmala Sitharaman, where some important decisions and amendments were declared in the Goods and Services Act of India for things like GST rate of millet, extra neutral alcohol (ENA), molasses, alcohol used in industries, coastal vessels, zari, job …
The introduction of the Electronic-way bill, or GST E-way bill, in the Indian taxation system, has significantly streamlined the movement of goods within the country. It is a digital document required for the transportation of goods worth over a certain threshold value, aimed at increasing transparency and tax compliance. However, it’s important to note that …
The 52nd GST Council Meeting date is scheduled for 7th October 2023, in the capital city, New Delhi, under the leadership of Union Finance Minister Shrimati Nirmala Sitharaman. The Goods and Services (GST) Council, along with the indirect tax authority, will be participating in the meeting to discuss the focused key agendas for the next …
Exporting goods and services can be lucrative, providing opportunities to tap into global markets. However, the complex tax compliance structure, particularly under the Goods and Services Tax (GST) regime, can sometimes pose challenges. One of the common issues that exporters encounter is Input Tax Credit (ITC) complaints. In this blog, we’ll focus on the critical …
GST refunds are of paramount importance within modern tax systems. They serve multiple crucial roles, starting with the effective management of cash flow for businesses. As a consumption-based tax, GST requires businesses to collect taxes on behalf of the government, often leading to a tie-up of significant working capital due to GST paid on inputs …
Input Tax Credit (ITC) is a mechanism in the Goods and Service Tax (GST) system context. It is used by businesses to offset their already paid tax on the purchase of goods or services against their tax liability on sales. It helps to prevent the overlapping of taxes at different stages of the supply chain. …
GSTR stands for “Goods and Services Tax Return,” an essential component of the GST system all over India. GSTR is the document to be duly filed periodically by the registered taxpayers. All the transactions of purchase, sale, and ITC of all businesses are recorded, which provides the tax authorities with essential information to calculate the …
The Input Tax Credit (ITC) is essential to modern taxation systems because it allows businesses to offset the tax paid on inputs against the tax liability on outputs. However, when it comes to importing goods, applying GST input tax credit becomes more complex due to the involvement of cross-border transactions, customs duties, and international trade …
