Consequence of non-filing/ late filing of Form GSTR-1 and Form GSTR-3B

A consequence of non-filing/ late filing of Form GSTR-1 and Form GSTR-3B Two GST returns, namely Form GSTR-1 and Form GSTR-3B, places a vital role in the life of a normal registered person under GST. Form GSTR-1 covers details of…

Reverse Charge Provisions for Builders

Reverse Charge Provisions for Builders Generally, under GST, the service provider is liable to pay the tax. However, the Reverse Charge is a system via which the service receiver is held liable to pay the tax. Notably, section 9(3); section…

Difference between CGST and SGST

Difference between CGST and SGST GST or the Goods and Services Tax is the recent addition to the Indian Taxation system and it is levied on the supply of goods and services.  For the business operation to run smoothly GST…

GST on residential, commercial and religious property

GST on residential, commercial and religious property GST law clearly includes renting out of the immovable property within the ambit of supply of services and therefore, GST is payable on the same. The present article clarifies GST applicability on rental…

Invoice Reference Number

Invoice Reference Number Invoice Reference Number (shortly and more popularly known as IRN) is a unique number generated for each invoice uploaded on an e-invoice system. The number is also known as ‘hash’. The number is generated using a hash…

Invoice Furnishing Facility

Invoice Furnishing Facility Filing of quarterly Form GSTR-1 return is available to a small registered person under GST. However, due to quarterly filing of details, there will be a delay in availing of an input tax credit for the recipient…

GST on Liquidated Damages

GST on Liquidated Damages - Advance Ruling Authority Liquidated damages are the common terminology used by the parties under a contract. With regard to the indirect tax implications, both in the erstwhile law and the present GST law, there has always…

Applicability of GST on Priority Sector Lending Certificate

Applicability of GST on Priority Sector Lending Certificate Priority Sector Lending Certificate is a tradable certificate which is issued against the priority sector loans of the banks. Priority Sector Lending Certificate is a tool for promoting comparative advantages amongst the banks…

Utilization of Input Tax Credit

Utilization of Input Tax Credit  The Central Goods and Service Tax (Amendment) Act, 2018 has been made effective from 1st February 2019 and the said amendment has resulted into various changes in the utilization of input tax credit and the same…

Intra-State Supply of Gold under GST

Intra-State Supply of Gold under GST The implementation of Goods and Service Tax had a huge effect on the gold industry. With GST in force, the gold industry had to face an additional GST levy of 3% and the same…