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Amendment in GST ITC Set off Rules and Impact Analysis

The government has amended the CGST Act 2017 vide CGST Amendment Act 2018, one of the most important change is the new order to set-off GST credit, w.e.f 1st February 2019. According to this new rule, IGST credit shall be fully utilized before utilizing the credit of CGST and SGST. Impact of amendment   Rules … Read moreAmendment in GST ITC Set off Rules and Impact Analysis

Cross-Utilization of Credits and Fund Transfer

The Goods and Services Tax (GST) was introduced as a unification of indirect taxes. It was mainly divided into Central (CGST), State (SGST), and Integrated (IGST) GST. CGST and SGST mainly apply to supplies within a state, whereas IGST is applied on interstate and international supplies. CGST is a representation of tax levied by the … Read moreCross-Utilization of Credits and Fund Transfer

CGST, SGST, IGST and UGST – Meaning, Apportionment and Method of Payment

Unlike the VAT regime, GST is a destination-based tax. It means that it will be paid in the state where the end user or the consumer buys the goods or services. Since India is a federal country, where both central and state governments are empowered to earn revenue by collecting taxes, GST is further sub-divided … Read moreCGST, SGST, IGST and UGST – Meaning, Apportionment and Method of Payment