What is the reconciliation process in GST? The reconciliation process in the context of Goods and Services Tax (GST) refers to the act of ensuring that all the tax-related records, such as sales, purchases, output tax, input tax credit (ITC), and GST returns, are accurate and consistent. This process is crucial for ensuring compliance with […]
What is GSTR-9, and who must file it? What is GSTR-9 and Who Must File It? GSTR-9 is the annual return that businesses registered under Goods and Services Tax (GST) must file, providing a comprehensive summary of all the transactions conducted throughout the year. It includes details about the taxpayer’s outward supplies, inward supplies, input
How is ITC reversed? In India, Intra-Territorial Conflict (ITC) is not a standard legal term in the context of constitutional law. However, if you are referring to the reversal or suspension of provisions of the Indian Constitution or changes in the application of the Constitution in specific territories (like state boundaries, governance, or other constitutional
Can ITC be claimed on exempt supplies? In the context of Indirect Taxation in India, ITC refers to Input Tax Credit, which allows businesses to offset the tax paid on inputs (goods or services) against the tax they collect on their output (sales). This is a critical aspect of the Goods and Services Tax (GST)
What is the time limit for claiming ITC? In India, the time limit for claiming Input Tax Credit (ITC) is governed by the provisions of the Goods and Services Tax (GST) Act, not the Constitution of India. The provisions for claiming ITC are defined under the Central Goods and Services Tax Act, 2017 (CGST Act),
What is blocked credit under GST? Under the Goods and Services Tax (GST) framework in India, Blocked Credit refers to the input tax credit (ITC) that cannot be claimed by a registered taxpayer. Even though the taxpayer incurs GST on certain goods and services, they are not allowed to claim credit for the tax paid
What is a “taxable supply”? A “taxable supply” refers to any supply of goods or services that is subject to GST under the provisions of the Goods and Services Tax (GST) law. It is a transaction where the supply of goods or services is made by a taxable person, and it is not exempt from
Are exports and imports considered taxable under GST? Under the Goods and Services Tax (GST) regime in India, exports and imports have distinct treatment in relation to taxation. While they are generally considered to be supply under the law, the taxation treatment differs significantly due to the special provisions related to exports and imports. Exports
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What is the time of supply for goods? Time of Supply for Goods under GST The time of supply is an important concept in the Goods and Services Tax (GST) regime. It determines when a transaction of supply is considered to have occurred for the purposes of levying GST. The time of supply determines the
How is the rate of GST on food and beverages determined? The Goods and Services Tax (GST) on food and beverages in India varies depending on the type of food product and the circumstances in which it is sold or consumed. The GST rates are broadly classified into categories like essential food items, processed food,
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