A GST number is also necessary to claim the input tax credit, which is the amount of GST paid on the goods or services purchased for business purposes. Input tax credit claim is likely for a GST-registered person only if the supplier has uploaded the invoice details in the GST portal and...
Parliament passes the revised Constitution Amendment Bill, receiving the President’s approval. 2017: The GST Council finalizes tax rates,GST rules, and compliance guidelines. The Cabinet approves four supplementary GST bills, which pass in both the Lok Sabha and the Rajya Sabha. July 1, 2017: G...
India is a federal country where both the center and the states can levy and collect taxes by way of appropriate legislation. Both government levels have different responsibilities to perform according to the division of the powers mentioned in the Constitution for which they need to collect resourc...
Upload a Photograph - Only JPEG format is allowed and file size should be less than 100 KB. In case you have a photo which is larger than 100 KB, you can open the same in MS Paint, use theResizefeature and reduce the size as a percentage of the original size to bring it below 100...
Value addition:Let’s assume you manufacture a shirt. The value of the inputs increases when you add a print to it, and then further invest in sustainable packaging for sale. Post which it goes into warehousing before being actually sold. Each of these stages are called value additions that...
The main certificate, Annexure A and Annexure B are all included in the GST registration certificate. The following is a list of the primary GST registration certificate's contents:Trade name and legal name of the taxpayer, along with GSTIN Type of Business Constitution Address of the ...
There is a standard procedure which is to be followed by the tax officer for cancellation of GST registration in India. A show cause will be sent by the tax officer to the registered person that he or she needs to answer within 7 working days from the date of GST cancellation order. The...
While the government clarified that the hike that came into force from October 1st, 2023, was not retrospective, claims emerged of some of the tax demands in these orders going back years, which some argued was retrospective taxation. Thus, many contested these notices, including Dream Sports, ...
Reverse charging of Goods and Services Tax (GST) is a mechanism in which the liability to pay the tax is shifted from the supplier to the recipient of goods or services. Under normal circumstances, it is the supplier who is liable to pay GST to the government. However, in cases of rever...
Step 1: Visit the GST portal - https://www.gst.gov.in Step 2: Click on the ‘Register Now’ link which can be found under the ‘Taxpayers’ tab Step 3: Select ‘New Registration’. Step 4: Fill in the below-mentioned details: ...