GST

Commercial credit note in GST- is it a service rendered by recipient?

Commercial credit note in GST- is it a service rendered by recipient

There may be mistakes when doing different kinds of transactions. When these discrepancies arise, it’s necessary to use debit or credit notes, respectively, to reconcile them. Each party involved in a transaction issues a debit note or credit note when goods  are returned or when an adjustment is made to an invoice. Commercial Credit notes … Read more

GST and cess on cars in India

GST and cess on cars in India

In India, most purchases, including automobiles or cars, are subject to the Goods and Services Tax (GST). India’s Goods and Services Tax (GST) on automobiles is charged at a variety of different rates, including 5%, 12%, 18%, and 28%. Vehicle sales are subject to both GST and another tax, a compensation cess of up to … Read more

GST on barter transactions in India

GST on barter transactions in India

According to GST, bartering and exchanging are two major types of supply. Currently, Barter transactions are also growing in India. Therefore. In this article, you will understand the specifics of both terms. In GST parlance, what exactly is the barter system? The CGST Act of 2017 does not include a definition for barter.  However,  In … Read more

State wise collection GST (other than imports)

State wise collection GST (other than imports)

GST stands for Goods and Services Tax. It’s an indirect tax that’s meant to replace a number of other indirect taxes in India, including excise duty, value-added tax, services tax, and so on. On 29 March 2017, the Parliament enacted the Goods and Service Tax Act, which took effect on 1 July of the same … Read more

Impacts of GST tax on Education Sector

Impacts of GST tax on Education Sector

For a country to prosper economically, education is seen as a prerequisite. Any country’s ability to produce a skilled workforce is directly tied to the standard of its educational system. Therefore, Taxing the educational industry has always been controversial since learning is seen as a civic duty rather than a commercial enterprise. Inspiringly, schools are … Read more

MEIS applications for export of services under GST

MEIS applications for export of services under GST

Foreign Trade Policy (FTP) for 2015–2020 comprises the Merchandise Export from India Scheme (MEIS). To encourage more exports, the MEIS was established. Foreign merchants are compensated with duty credit scrips. The DGFT (Directorate General of Foreign Trade) notifies, and the Ministry of Commerce and Industry implements, the MEIS. What is MEIS? The government provides support … Read more

GST on hostel services

GST on hostel services

There are three necessities for human survival: food, shelter, and clothing. We can choose from a few different possibilities for a place to live: Buildings / Apartments, Houses,  Hotel or Hostels. Hostels are common and one of the most popular residential options for Indians. This article will inform you about GST on Hostel in detail. … Read more

Board resolution for cancellation of gst registration

Board resolution for cancellation of gst registration

Application for GST Registration Cancellation can be submitted by taxpayer or heir to the tax authorities through online mode. This process is also known as the surrender of GST Registration or Cancellation of GST Registration. In case your business has company registration, or board members, it also needs to pass a board resolution for cancellation … Read more

Is GST applicable for the sales promotions in India

Is GST applicable for the sales promotions in India

Marketing or Sales promotions is the promotion of a company’s products or services in order to raise demand for them. Every business utilizes their own methods to increase sales, the most prevalent of which is the “buy one, get one free” sale. In addition, a sales promotional offer might come with a free trial or … Read more

Procedure for cancellation of GST registration by tax officer

Procedure for cancellation of GST registration by tax officer

If a taxpayer’s GST registration is canceled, the taxpayer is no longer required to pay or collect GST, becomes ineligible to claim the input tax credit and do GST Return Filing. Section 29 of the CGST Act, together with Rules 20–22 of the CGST Rules, govern the cancellation of a GST registration. This article discusses … Read more