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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

CGST Full Form and CGST Meaning

The abbreviation “CGST” refers to Central Goods and Services Tax. Under Goods and Services Tax (GST), the CGST (Central Goods and Service Tax) Act, 2017 has been authorized to arrange for levy and collection of tax on supply of goods and/or services in case of intra-state supply by the Central Government and the issues associated … Read moreCGST Full Form and CGST Meaning

GSTN Issues Advisory to Start New Invoice Series

The Goods and Services Tax Network (GSTN) issued an advisory on 4th April, 2019 inviting all taxpayers to Rule 46(b) of the CGST Rules, 2017. This rule states that the tax invoice issued by a registered person should be inclusive of a consecutive serial number with a maximum of 16 digits. It may be issued … Read moreGSTN Issues Advisory to Start New Invoice Series

Section 43A – Filing Returns and Availing ITC

Section 43A is a recent addition to the CGST Act, 2019 which deals with the procedure for filing returns and availing Input Tax Credit. It has made the previously followed procedures more simplified and easy. Hence, getting acquainted with Section 43A is important for taxpayers who have to furnish returns and avail credit. This article … Read moreSection 43A – Filing Returns and Availing ITC

Summary of Notifications under CGST Act till date

Notifications under CGST Act till date S.No. Date Of Notification Effective Date Notification No. Subject Summary 1 19-Jun-17 22-Jun-17 1 Seeks to bring certain sections of the CGST Act, 2017 into force w.e.f. 22.06.2017 Provisions in respect of definitions, officers, appointment, powers, composition levy, registration, migration, common portal and power of government to make rules … Read moreSummary of Notifications under CGST Act till date

Analysis of Interest on Reversal when Payment Not Made in 180 Days

Let’s analyse the GST provisions one by one to obtain a clear cut understanding of the intention of the lawmakers. Section 16 of CGST Act, 2017 says: (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit … Read moreAnalysis of Interest on Reversal when Payment Not Made in 180 Days