Chartered Accountants
Chartered Accountants
Short title, extent and commencement (1) This Act may be called the Central Goods and Services Tax Act, 2017. (2) It extends to the whole of India 1[****]2 (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for …
Section 1 Central Goods and Services Tax Act, 2017 Read More »
F. No. CBIC- 20006/15/2023-GST Government of India Ministry of Finance Department of Revenue Central Board Indirect Taxes & Customs, GST Policy Wing New Delhi, dated 14 th June, 2023 To, All the Principal Chief Commissioners / Chief Commissioners / Principal Commissioners /Commissioners of Central Tax All the Principal Directors General/ Directors General of Central Tax …
Problem: Fake registrations and bogus invoices are causing revenue loss to the government. Fraudsters obtain fake GST registrations and issue invoices without any actual supply of goods or services, passing on fake input tax credit to recipients. Modus operandi: Fraudsters misuse the identities of others to obtain GST registration. They use forged documents like electricity …
Introduction Are you a business owner involved in exporting goods or services? If so, you must be familiar with the complexities of Goods and Services Tax (GST) compliance. Among the various aspects of GST, the Letter of Undertaking (LUT) plays a significant role in facilitating exports. In this comprehensive guide, we will demystify the concept …
Introduction If you’re a business owner registered under the Goods and Services Tax (GST) regime in India, you must have a GST registration certificate. This certificate serves as proof of registration under GST and contains important information such as your GSTIN (Goods and Services Tax Identification Number) and the date of registration. In the past, …
Introduction If you are running a business that involves the transportation of goods, you may have come across the term “Eway bill.” An Eway bill is an electronic document that contains details about the goods being transported, the transporter, and the recipient. It is mandatory for businesses to generate Eway bills for any inter-state movement …
Introduction: India’s Unprecedented GST Revenue Milestone Greetings, financial enthusiasts! CA Bhuvnesh Kumar Goyal here, a practicing Chartered Accountant and a fellow member of the Institute of Chartered Accountants of India. Today, I bring you exciting news on India’s record-breaking GST revenue. In April 2023, India achieved its highest ever GST revenue of over Rs 1,87,000 …
Record-Breaking April 2023: GST Revenue of Rs 1,87,000 Crore Read More »
[To be published in the Gazette of India, Extraordinary,Part II,Section 3, Sub-section (ii)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No 92/2020-Central Tax New Delhi, the 22nd December, 2020 S.O. …… (E).— In exercise of the powers conferred by sub-section (2) of section 1 of …
Introduction Let’s face it, the moment a new tax system is introduced, there’s always a group of cunning individuals plotting to dodge it. In India, the Goods and Services Tax (GST) system is no exception. From counterfeit invoices to fabricated input tax credits, the modus operandi of GST evasion in India is as diverse as …
Bogus Billings, Fake Input Credit, GST Evasion and Arrests Read More »
Finance Minister Nirmala Sitharaman on Saturday directed Central Board of Indirect Taxes & Customs to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base through enhanced use of technology. The Goods and Services Tax (GST) is a tax that is levied on the supply …