Manner of verifying document Reference Number (RFN) for offline correspondence

Manner of verifying document Reference Number (RFN) for offline correspondence Goods and Services Tax (GST) is the biggest tax reform in India. With the introduction of GST, i.e., on 1st July 2017, most of the interaction between the assesses, and…

Taxability of liquidated damages under GST

Taxability of Liquidated Damages under GST As and when there is any breach of contract, the suffering party would be paid the amount in the form of liquidated damage or compensation, penalty or cancellation charges, etc. Notably, there prevailed a…

GST applicability on pre-packaged and labelled products

GST applicability on pre-packaged and labelled products Specified food items were exempted vide the exemption notification no. 2/2017- Central Tax (Rate) dated 28th June 2017. Notably, GST exemption was available on specified pre-packed food products like rice; honey; wheat etc.…

Core Business Selection on GST portal

Core Business Selection on GST portal Recently, the Goods and Services Tax Network (i.e., GSTN) has introduced a new feature namely ‘Core Business Selection’. Vide the feature, the registered taxable person is required to select the core business activity in…

Filing of TDS and TCS credit received on GST portal

Full Procedure to File TDS & TCS Credit Received on GST Portal TDS and TCS credit received is one of the filing options available on the GST portal under the ‘Returns’ tab. The taxpayer whose TDS is deducted or TCS…

36th GST Council Meeting

36th GST Council Meeting The high-powered 36th GST Council Meeting, headed by Finance Minister Nirmala Sitharaman, took place on the 27th of July, 2019. This is the first Council Meeting to occur since the issuance of the Union Budget 2019.…

Anti-Profiteering

Anti-Profiteering On the 18th of June, 2016, the Goods and Services Tax Council announced the implementation of Anti-Profiteering and its rules. Various countries have experienced inflation and an increase in prices after the execution of GST. These rules are derived…

Appeal Against GST Demand Order

Appeal Against GST Demand Order Taxes are the main source of revenue for the Government regardless of being Direct or Indirect. The provision for raising a demand order for the tax and recovering the same where it is paid in…

Offline Filing of GST ITC-03

Filing of Form GST ITC-03 Form GST ITC-03 is filed by a taxpayer who is liable to pay an amount that is equal to the input tax credit through cash ledger or electronic credit. This form is filed under certain circumstances…

Form GST ITC-01 Offline Tool

Form GST ITC-01 Offline Tool A registered individual who is entitled to claim a credit of input tax under Section 18(1) of the CGST Act of 2017, can claim such credit by filing a declaration as Form GST ITC-01. This…