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List of Port Codes in India

List of Port Codes in India One such field is Port code i.e. under which Indian port code the export of goods is being made. The Bill of Entry is also dependent on the Port code number as the bill of the entry contains 13 digits and the initial 6 digits depict are port code … Read moreList of Port Codes in India

Input Tax Credit under GST

The term “Input Tax Credit” assumes significant importance in the arena of indirect taxation. Let us zero in on our analysis on this topic under GST regime. “Input tax” means the GST Taxes (CGST, SGST, IGST) charged on any supply of goods or services or both made to a registered person in the course or furtherance of his business and includes such tax payable on reverse charge basis— but excludes tax paid under composition levy.

GST Compliance Calendar 2021

The Central Board of Indirect Taxes and Customs has revised a few due dates in the previous year (2020). Taxpayers should file their returns/forms before or on the prescribed date to avoid late fees, penalty, interest or blocking of filing facilities. Masters India’s handy ‘GST Compliance Calendar’ will help you stay prepared well in advance. … Read moreGST Compliance Calendar 2021

Generation of E-Way Bill in Case of the Supply of Services

The Central Board of Indirect Taxes and Customs has published an advisory on September 16, 2021, concerning the generation of the e-way bill where principal supply is the supply of services. The GST Network is the information technology drive for the indirect tax system. It has been announced that no e-way bills (EWB) are required … Read moreGeneration of E-Way Bill in Case of the Supply of Services

45th GST Council Meeting: Latest Updates of Tax Deduction and New GST Rates

The 45th GST Council meeting of the Goods and Service Tax Council (GST Council) was held on 17th September 2021 at Lucknow and was chaired by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council Meeting was convened physically for the first time after a span of 22 months with a … Read more45th GST Council Meeting: Latest Updates of Tax Deduction and New GST Rates

Segments of GST Law in India

Goods and Services Tax (GST) Law is an indirect taxation law. It is levied on the supply of goods and services in India and is a consumption-based tax. It is a multistage, comprehensive, and destination-based tax. GST is a multi-stage tax since tax is imposed at every step of the value-addition in the production process. … Read moreSegments of GST Law in India

GSTR-3B Auto fill Facility

GSTN has recently introduced the GSTR-3B Auto-fill facility to auto-populate system computed details in the form GSTR-3B. The system will auto-populate this form based on the details provided by the taxpayers in the Form GSTR-1 and auto-drafted ITC statement GSTR-2B.  Initially, the taxpayers had to file three GST return forms: GSTR-1, GSTR-2, and GSTR-3 to … Read moreGSTR-3B Auto fill Facility