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Form GSTR-1 & GSTR-1A: Monthly Statement of Outward Supplies
OverviewForm GSTR-1 is a crucial monthly or quarterly statement of outward supplies that registered taxpayers must file electronically on the GST Portal. It includes detailed information on outward su...
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GST Registration: Challenges and Issues
IntroductionThe Goods and Services Tax (GST) was introduced in India on July 1, 2017, marking a significant milestone in the country's taxation system. However, the implementation of GST has been marr...
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Time Limit for Availing ITC under Reverse Charge Mechanism (RCM)
Time Limit f or Availing ITC under Reverse Charge Mechanism (RCM)The introduction of Section 9(4) of the CGST Act under GST was initially challenging for recipients. It required them to pay tax on sup...
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Understanding Input Tax Credit (ITC) under GST: Rules & Benefits.
Understanding Input Tax Credit (ITC) under GST: Rules & BenefitsAbstract Input Tax Credit (ITC) is an essential feature of the Goods and Services Tax (GST) system, allowing businesses to reduce their...
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Corporate Guarantee and GST
IntroductionThe 53rd GST Council Meeting clarified the valuation of corporate guarantees, building on the 52nd meeting's decisions about personal guarantees by directors and corporate guarantees, incl...
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“Control” under GST ACT, 2017
IntroductionThe concept of "Supply" under the GST Act, 2017, is quite unique. It includes certain supplies for which no consideration has been received, such as the supply of goods or services between...
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GST Refund Process for Canteen Store Department: Form GST RFD-10A
Goods and Services Tax (GST) system in India allows for the refund of tax paid on inward supplies of goods by the Canteen Store Department (CSD), as outlined in Circular No. 227/21/2024-GST issued by...
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GST Council Newsletter June 2024
The 53rd GST Council Meeting was held on 22nd June, 2024 in New Delhi under the Chairmanship of Hon’ble Union Finance Minister. The GST Council has introduced several reforms aimed at easing complianc...
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Interoperable services of E-Invoice-1 and E-Invoice-2 Systems
The E-invoice1 system, operational since October 2020, has facilitated the generation of over 631 crore e-invoices by 11.08 lakh taxpayers, with over 21 crore e-invoices generated monthly. The system,...
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FAQ on Taxability of ESOP/ESPP/RSU Provided by a Company to Its Employees Through Its Overseas Holding Company
Circular No. 213/07/2024-GSTDate: 26th June 2024Question 1: What is the taxability of Employee Stock Option (ESOP), Employee Stock Purchase Plan (ESPP), and Restricted Stock Unit (RSU) provided by a c...
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FAQ on Evidence of Compliance with Section 15(3)(b)(ii) of the CGST Act for Discounts Provided Through Credit Notes
Circular No.-212/6/2024-GSTDate: 26th June 2024Question 1: What are the conditions for excluding discounts from the value of taxable supply under Section 15(3)(b)(ii) of the CGST Act?Answer:For a disc...
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FAQ on Time Limit for Availment of Input Tax Credit (ITC) on RCM Supplies from Unregistered Persons
Circular No. 211/5/2024-GSTDate: 26th June 2024Question 1: What is the time limit for availing ITC on reverse charge mechanism (RCM) supplies received from unregistered persons?Answer:For supplies rec...
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FAQ on Valuation of Imported Services by Related Persons with Full Input Tax Credit (ITC) Eligibility
Circular No. 210/4/2024-GSTDate: 26th June 2024Question 1: How is the import of services by a related person treated under GST?Answer:Under Schedule I of the CGST Act, the import of services by a pers...
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FAQ on Place of Supply of Goods to Unregistered Persons under IGST Act
Circular No. 209/3/2024-GSTDate: 26th June 2024Question 1: How is the place of supply determined for goods supplied to unregistered persons?Answer:Under clause (ca) of Section 10(1) of the IGST Act, w...
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FAQ on GST Liability and Input Tax Credit (ITC) for Warranty and Extended Warranty
Circular No. 216/10/2024-GSTDate: 26th June 2024Question 1: What is the GST liability and ITC availability for replacing goods under warranty?Answer:When goods are replaced under warranty by the manuf...
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FAQ on Taxability of Loan Transactions between Overseas Affiliates and Indian Affiliates
Circular No. 218/12/2024-GSTDate: 26th June 2024Question 1: Is providing a loan by an overseas affiliate to its Indian affiliate considered a taxable supply under GST?Answer:No, the activity of provid...
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FAQ on Reduction of Government Litigation – Monetary Limits for Filing Appeals
Circular No. 207/1/2024-GSTDate: 26th June 2024Question 1: What is the purpose of setting monetary limits for filing appeals?Answer:The purpose of setting monetary limits for filing appeals is to opti...
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FAQ on Entitlement of Input Tax Credit (ITC) for Insurance Companies on Motor Vehicle Repair Expenses in Reimbursement Mode
Circular No. 217/11/2024-GSTDate: 26th June, 2024Question 1: Can insurance companies claim ITC for motor vehicle repair expenses in reimbursement mode?Answer:Yes, insurance companies can claim ITC for...
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SCN Reply-Request for Waiver of Late Fee for Late Filing of GSTR-1 Return
Date: [Insert Date]To:The Assessing Officer[Assessing Office Address][City, State, Pincode] Subject: Request for Waiver of Late Fee for Late Filing of GSTR-1 Return for [Period]Reference: Notice No. -...
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SCN Reply-Response to Show Cause Notice ASMT-10 and DRC-01
Dated 29/04/2024 Date: [Insert Date]To: State Tax Officer------------- Circle 01[City, State, Pincode] Subject: Response to Show Cause Notice ASMT-10 and DRC-01 Dated 29/04/2024Dear Sir/Madam,We are w...