The Special Economic Zones are deemed as foreign territory for trading operations and taxation purposes, i.e. any goods or services supplied to the SEZ shall be treated as Zero-Rated supply and attract 0% GST.
To be taxable in the GST regime, the scrap does not have to pass the test of manufacture or mechanical process. Here's all about Scrap sales in GST, HSN Code and GST Rates of the Scrap material etc. Read on…
The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.
The Section 168 of CGST Act 2017 covers all the details for Power to issue instructions or directions GST Act 2017.
CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.
The taxpayer can adjust these GST liabilities with the available ITC and/or pay the balance through the electronic cash ledger.
While we have already covered the GST registration process and management process in our previous articles, let us look at the payment process under GST.
A registered taxpayer under GST can be liable to following offences and penalties for non-compliance to GST regulations:
The GST legislation contains an anti-profiteering clause which mandates manufacturers and others in the supply chain to pass on the benefits arising due to GST transition to consumers.
The GST regime has the potential to change the Indian reporting framework for good. The benefits are for all to enjoy: Enterprises, Regulators and the Banking system.
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