What is the GST Council, and what role does it play? The GST Council is a constitutional body in India established to make recommendations on issues related to the Goods and Services Tax (GST). It ensures a cooperative framework where both the central and state governments participate in decision-making regarding indirect taxes. Provisions and Constitutional […]
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What are the rates applicable under GST, and how are they decided? The Goods and Services Tax (GST) in India is a comprehensive indirect tax implemented under a framework established by the Constitution (One Hundred and First Amendment) Act, 2016. Here’s an overview of the applicable rates, provisions in the Constitution, and landmark cases related
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How does GST impact consumers? GST is a single, unified tax system that replaced a multitude of indirect taxes such as VAT, service tax, excise duty, and others. It follows a “destination-based tax” model, where tax is collected at the point of consumption rather than the point of production. How does GST impact consumers? Why
What is the concept of input tax credit in GST? Concept of Input Tax Credit (ITC) in GST Concept of Input Tax Credit (ITC) in GST Input Tax Credit (ITC) is a mechanism under the Goods and Services Tax (GST) in India that allows taxpayers to claim credit for the GST paid on purchases (inputs)
What is the difference between regular and composition scheme registration? Difference Between Regular and Composition Scheme Registration in GST The Regular Scheme and the Composition Scheme under GST are two frameworks designed to cater to different types of taxpayers based on their nature of business and compliance needs. Below is a detailed comparison: Aspect Regular
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What is the due date for filing GSTR-1? GSTR-1 is a monthly return that must be filed by all regular taxpayers to report details of outward supplies (sales) of goods and services. The return includes information about invoices, credit notes, debit notes, and advances received. Due Date for Filing GSTR-1: Late Filing of GSTR-1: Provisions
How is the GST audit conducted? GST Audit in India: Overview, Acts, Provisions, and Landmark Cases The GST audit is a critical part of the Goods and Services Tax (GST) compliance process in India. The audit helps ensure that the businesses are adhering to the GST law, filing returns correctly, and paying the appropriate amount
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
