Goods & Service Tax

Many businesses operate from home without a registered commercial address. In the case of owned premises, the taxpayer shall upload any document as proof of ownership during the time of registration. However, if the premises are to be used on rent, a valid rent/lease agreement should be uploaded. In case premises are neither owned nor […]

As per the Union Budget 2024-2025, the Government of India has reduced customs duties on gold and silver to 6% from the previous 15%. The overall custom duty on Gold has been lowered from 15% to 6% with the basic customs duty on Gold reduced from 10% to 5%, and the Agriculture Infrastructure and Development Cess reduced from 5% to

Goods and Services Tax (GST) has reshaped the construction industry, influencing services and materials alike. This article delves into the GST rates on construction services and materials, recent updates, and their impact on builders, contractors, and suppliers. Whether you’re involved in residential or commercial projects, Applicability of GST on Construction GST is applicable to construction activities

The GST Amnesty Scheme was introduced by the government to provide relief to taxpayers who missed filing GSTR-3B for the previous tax periods.The introduction of GST in July 2017 marked a significant shift in India’s indirect tax system. The initial implementation phase was characterized by a wave of notifications and sudden changes, challenging taxpayers and

In India, vehicle transportation is the most common method of moving products. According to the National Highways Authority of India, highways carry around 65% of freight HSN code and 80% of passenger traffic. A transporter or courier company handles the road transportation of products. According to Notification No. 11/2017-Central Tax (Rate) issued  28 June 2017, ‘goods transport agency’

Horse racing falls under the ambit of betting and gambling, which attracts a higher rate of GST. The taxation of horse racing involves multiple aspects, including entry fees, betting amounts, and commission earned by bookmakers or totalizators. Value of supply in case of Betting, Horse racing etc Before understanding the applicable GST rates on betting, horse racing

GST, or the Goods and Services Tax, was first introduced in India on July 1st, 2017. Interstate and intrastate GST are the most important components of GST as it helps one determine whether IGST, CGSST, or SGST is to be paid. Whether a supply is considered interstate or intrastate depends on the location of the supplier and the place

The GSTN has introduced an efficient e-invoice verification application to simplify and streamline the e-invoice authentication process. This app allows users to verify e-invoices by scanning the QR code displayed on them. The app is user-friendly and ensures a smooth experience for taxpayers e invoice verification app, released by the NIC, allows users to verify

Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorised expert.  GST is a trust-based taxation regime wherein a taxpayer