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INTRODUCTION- In the realm of Goods and Services Tax (GST), credit and Debit notes play a pivotal role in the adjustment of tax liabilities. These instruments are used to correct discrepancies in invoices issued during a Tax period. Section 16(4) of the GST Act, on the other hand, stipulates a time limit for claiming Input tax credit (ITC). This provision has […]

In the realm of Goods and Services Tax (GST), the efficient utilization and handling of Input tax credit (ITC) play a pivotal role for registered entities. This article explores the intricacies of ITC reversal in specific scenarios and sheds light on the regulatory provisions that govern such transitions. Reversal of ITC on Switching to Composition Levy or

INTRODUCTION- The Goods and Services Tax (GST) system has revolutionized taxation in India, streamlining processes and enhancing transparency. However, when it comes to GST refunds, complexities often arise, leaving businesses and taxpayers perplexed. In this article, we delve into the labyrinth of GST refund issues, exploring unexpected hurdles and common pitfalls. Whether it’s delayed refunds, mismatched data, or procedural

INTRODUCTION- The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims to simplify the indirect taxation regime in India. However, the implementation of GST has also brought about various challenges and complexities for the taxpayers, especially in terms of compliance and interest liability. This article examines the legal and procedural aspects of

Section 18 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the availability and eligibility of Input Tax Credit (ITC) in special circumstances. Unlike the general provisions for claiming ITC under Section 16, Section 18 provides specific rules for claiming ITC in cases such as change in business constitution, exempt supplies, and capital goods. Section

Introduction: Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power of inspection, search, and seizure under the GST regime. This provision grants authorities the power to inspect, search, and seize goods, documents, or other assets in specific situations to prevent tax evasion and ensure compliance with the law..

Section 65: Audit By Tax Authorities: Understanding the intricate process of GST audits, as outlined in Section 65, is crucial for businesses. This section empowers tax authorities, led by the Commissioner or authorized officers, to undertake audits of registered persons. Audits may span one or more financial years, requiring a meticulous examination of records and compliance

Navigating the complexities of Goods and Services Tax (GST) can be challenging for businesses, especially when it comes to understanding specific transactions or determining the correct tax liability. One of the most effective tools for gaining clarity on GST-related matters is the Advance Ruling mechanism. An advance ruling is a written decision provided by the

In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within India. To uphold tax compliance, the E-Way Bill system was introduced, necessitating taxpayers to pre-inform the tax department about transaction details before the conveyance of goods. The system issues an acknowledgment number, serving as a vital

Introduction The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In the event of the death of a sole proprietor, the GST law provides a facility whereby the successors can continue the business if they desire so by claiming the stock in hands deceased without