What Is GST and How Does It Work – Detailed Guide With Infographics

GST Implementation in India and Its Impact GST is proposed to be implemented with effect from 1st Aril 2017. Implementation of Goods and Services Tax (GST) in India is one of the biggest reforms in the field of taxation. It is estimated that implementation of GST will boost the GDP by 1.5% to 2%. GST Read more about What Is GST and How Does It Work – Detailed Guide With Infographics[…]

Dual Tax Scenario Under GST – Explanation With Examples

Dual Tax Scenario Under Goods and Service Tax : Illustrations The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST is payable on all interState supply of goods and/or services. The CGST /SGST and IGST are payable on the same value at the rates specified in the Schedules to Read more about Dual Tax Scenario Under GST – Explanation With Examples[…]

Advance Rulings Under GST Law

Advance Ruling Situation Any person registered or desirous of obtaining registration under the Act can seek an advance ruling on the seven questions relating to supply of goods and / or services proposed to be undertaken or already being undertaken. This provision shall enable the tax payer to have the clarity with regard to tax Read more about Advance Rulings Under GST Law[…]

Pre-Deposit In GST Appeal

Pre-Deposit Required Under GST Appeal CGST First Appellate Authority 10% of amount in dispute (includes penalty) Tribunal 10% of amount in dispute (includes penalty) SGST First Appellate Authority Admitted dues – Full   10% of remaining amount in dispute, in serious case authorities have right to demand upto 50% Tribunal Admitted dues – Full   Read more about Pre-Deposit In GST Appeal[…]

Appeals and Revision Under GST Law

Appeal to First Appellate Authority: Time Limit and Other Provisions Any person aggrieved by any decision or order passed against him by an adjudicating authority is permitted to file an appeal to First Appellate Authority. Even the department can file an appeal against any order of the officer after the Commissioner has examined the records Read more about Appeals and Revision Under GST Law[…]

Prosecution and Compounding Under GST Law

Offences Liable for Prosecution (Punishment) Following offences are liable to Prosecution (i.e. Punishment) : 1) Issues any invoice or bill without supply of goods and/or services; 2) Collects any amount as tax but fails to pay beyond a period of three months from the due date; collects any tax in contravention of the Act but Read more about Prosecution and Compounding Under GST Law[…]

Offence and Penalties Under GST Law

Concessional Penalty – Cases not involving Fraud or Willful Suppression In cases not involving fraud, or any kind of willful misstatement or suppression of facts with an intention to evade payment of tax if the payment is made as under : If Payment of Tax is Made Penalty Amount Before Issuance of Show Cause Notice Read more about Offence and Penalties Under GST Law[…]

Inspection, Search and Seizure Under GST

Search and Seizer Under GST When the CGST/SGST Officer not below rank of Joint Commissioner ‘has reason to believe’ that the taxable person has suppressed any transaction of supply of goods or services or information relating to stock in hand or claimed excess input tax credit or has contravened any of the statutory provisions he Read more about Inspection, Search and Seizure Under GST[…]

Demands and Recovery Provisions Under GST Law

Time Limit For Issuance of Recovery Order As per Sec. 51 of the Model Act, recovery can be done by issuing an order demanding tax, interest & penalties within 5 years from the due date/ actual date of filing annual returns in cases involving fraud, willful misstatement or suppression of facts to evade tax or Read more about Demands and Recovery Provisions Under GST Law[…]

Audit Under GST Law

Audit Under Section 46 Under Sec. 46 every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the electronic reconciliation statement u/s 30(2) Read more about Audit Under GST Law[…]