1. Tax liability on transportation charges levied in invoice The tax liability on transportation charges levied by a supplier of goods can be understood from the table below: 2. Rate of GST applicable on transportation charges in invoice The transportation charges levied by the supplier of goods...
However, the GST fake invoice case is also on the rise. Fake GST bills can lead to tax evasion, loss of tax revenue to the government, and other fraudulent practices. It is crucial to check the authenticity of the GST invoice to avoid getting cheated. How to check if a GST bill is f...
the recipient is responsible for paying GST. Thus the time of supply for goods under reverse charge differs from the supplies that come under the forward charge.
Apart from these, there have been new GST changes including an advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA) is released. Read all the latest GST news updates here: Top GST News of the month. Now, let us look at GST due dat...
(3) To tax renting of immovable property by government or local authority to a registered person under reverse Charge while renting of immovable property by government or local authority to un-registered person shall continue under forward charge ...
Parimal Pan:On 11 June 2017 1. Service receiver on Raw material of poultry feed manufacturing. 2. service receiver on day old chicks. Hatching Eggs. 3. Service receiver on poultry Feed stock transfer and poultry feed sale. 4. Service receiver on labour charges from registered or unregistered...
State representation: Each state nominates a minister in charge of finance, taxation, or any other relevant minister to be a member of the Council. Objectives of the GST Council Recommendation-making authority: The Council is responsible for making recommendations to the Union and the states on im...
It is compulsory for businesses to come forward toregister for GSTwhen their turnover exceeds $1mil per year. Businesses that do not exceed $1mil in turnover may register for GST voluntarily. After registration, businesses must charge GST at the prevailing rate. This GST that they charge and...
7. Which Educational services attract GST on Reverse Charge? There are few examples of Educational services that attract GST under the reverse charge mechanism (RCM). Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entiti...
Companies can reduce waste, optimize resources, and even improve their bottom line by focusing on these strategies. Companies must remain agile and forward-thinking as digital transformation, sustainability, and technological innovation continue to reshape the industry. 2024 has been a year of adaptati...