The GST Compensation Bill introduced in Parliament modified the revenue distribution rules for the initial five years following GST implementation. The revised provisions established an equal revenue-sharing mechanism between the states and the Central government for the residual balance of the GST Compensation Fund, resulting in a larger allocation to the Centre than under the
The Central Board of Indirect Taxes and Customs (CBIC) is the apex body under the Ministry of Finance that administers GST, customs, and central excise in India. It frames rules, issues notifications and circulars, and oversees the field offices that implement indirect tax law. The Central Board of Indirect Taxes and Customs (CBIC), formerly known
The CBIC tax information portal is a single online destination for customs and GST information. It lets you search tariffs, HSN codes and duty rates, and access acts, rules, notifications and circulars in one place, making it a handy tool for importers, exporters and tax professionals. The Central Board of Indirect Taxes and Customs (CBIC)
The CBIC guidelines on fake invoices target invoices raised without any actual supply of goods or services, used to wrongly claim or pass on input tax credit. Such fraudulent ITC leads to recovery of the credit, heavy penalties, and possible prosecution under the GST law. The Central Board of Indirect Taxes and Customs (CBIC) issued
Under CBDT Circular 23/2017, TDS under the Income Tax Act is not deducted on the GST component of an invoice, provided the GST is shown separately. So you calculate TDS on the value excluding GST, not on the gross invoice amount, which avoids deducting tax on the tax. Key Takeaways Under CBDT Circular 23/2017, income-tax
Ahead of the Goods and Services Tax (GST) rollout on July 1, 2017, many businesses across India decided to curtail their manufacturing and distribution operations. The primary objective was to help dealers and retailers clear existing inventory before GST came into effect. This approach helped companies avoid potential tax complications arising from goods shipped before
Section 17(5) of the CGST Act lists blocked ITC — specific goods and services on which you cannot claim input tax credit even if they are used for business. Common examples include certain motor vehicles, food and beverages, club memberships, and goods or services used for personal consumption. Key Takeaways Section 17(5) of the CGST
Biometric Aadhaar authentication for GST registration requires certain applicants to visit a GST Suvidha Kendra in person for fingerprint and photo verification, in addition to document checks. Rolled out state by state (such as in Andhra Pradesh), it aims to curb fake registrations and bogus ITC. The Central Board of Indirect Taxes and Customs (CBIC)
For new and growing firms, the benefits of GST are significant. One tax replaced a web of indirect taxes, input tax credit removes the cascading of taxes, interstate trade becomes easier in a unified national market, and small businesses can use the threshold exemption or the composition scheme to keep compliance simple. India’s startup landscape
Most GST notices and lost input tax credit trace back to a handful of avoidable GST return filing mistakes: GSTR-1 and GSTR-3B mismatches, claiming ITC not reflected in GSTR-2B, missing filing deadlines, and using the wrong HSN code or tax head. This guide shows the frequent errors and how to prevent them. Even experienced businesses
The introduction of the Goods and Services Tax (GST) on July 1, 2017, brought significant changes to vehicle pricing across India. Within days of GST implementation, numerous automobile manufacturers began reducing vehicle prices, passing on the benefits of a simplified tax structure to consumers. Major automakers, including Toyota, Suzuki, Hero, Hyundai, and Tata, responded to
With e-invoicing, the auto-population of e-invoice data in GSTR-1 means invoices for which you generate an IRN flow automatically into your GSTR-1. This cuts manual data entry and mismatches, but you should still review the auto-filled details before filing, since any edited or manually added records are flagged for attention. The Central Board of Indirect
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