The automobile industry has benefited positively from the introduction of GST. Before the GST era, there were a series of indirect costs and taxes attached to automobiles as every state had its own tax structure. Sales tax, road tax, sector tax, VAT, motor vehicle tax, etc., were all imposed. All of these have been subsumed … Read moreGST On Automobiles
A car dealer generally displays one variant of every car model that is in his/her dealership as a demo car. When this is the case, the car dealers will have to carefully categorise the cars as stock or capital goods depending on the situation. The exact use of the car in the business will be … Read moreGST On Demo Cars
The payment process under the GST system has become relatively easier and convenient. It is possible to keep track of demands raised, payments made, refunds due, etc., on the GST common portal itself. The whole system of payment is executed through 3 electronic ledgers. Let us look at each of them in brief: Electronic Cash … Read moreGST Payment Process Simplified
As millions of people were contracting the coronavirus rapidly in the country, the Government started creating quarantine centres for the public’s safety. In this article, we will briefly discuss the impact of GST on these quarantine centres. In other words, we will elaborate on the applicability of GST on the compensation received by these quarantine … Read moreGST On Compensation Received By Quarantine Centres
The Union Budget 2021 focused on India’s digital transformation. This Budget aimed to take our country to the next economic level after the hit endured because of the Covid-19 induced recession. One of the focus points of the Budget was the Startups. In this article, we will briefly spell out the prominent startup-related proposals presented … Read moreImpact Of Budget 2021 On Startups
Since the beginning, filing of Form GSTR-9C has been associated with several misconceptions, especially while generating and uploading the GSTR-9C JSON file. This article aims to help you approach JSON errors that you may encounter during the filing of GSTR-9C. JSON Errors – Generation Of GSTR-9C Error while validating the sheet OLE Application Error Unable … Read moreDifferent Types Of JSON Errors While Filing GSTR-9C
The norms for filing GST annual return and Reconciliation statement, the GSTR-9 and GSTR-9C, have been recently relaxed by the Ministry of Finance. Simultaneously, several parts of these forms have been simplified to reduce the compliance burden on industry experts and business enterprises. Recent Update: In the Union Budget 2021, that was presented on 1 … Read moreChanges In GSTR-9 and GSTR-9C For FY 2019-20
Frauds involving fake GST invoices are on the rise. These are primarily carried out by non-existent taxpayers that set up a network of firms to steal Input Tax Credit (ITC). Although these cases may not have too many short-term effects on the economy, the long term effects are unknown and unimaginable. While the Government is … Read moreHow To Check For Fake GST Invoices?