Goods & Service Tax

In the 48th GST Council meeting, one of the decisions taken by the Council was for the government to lay down the rules for unregistered persons to file a refund application under GST. This decision was taken due to several instances taking place where an unregistered buyer had entered into a construction agreement or contract with

Goods and Services Tax was introduced in India several times by different governments before it was actually implemented from July 1, 2017, onwards. The idea of bringing about GST was to have a ‘One Nation One Tax’. GST subsumed all the taxes that prevailed in the country What is CGST? CGST stands for Central Goods

The GSTR 9 is a GST annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. GSTR 9 is a return form that provides a detailed summary of supplies and the applicable taxes on them. It also provides a

Cancellation of GST registration simply means that the taxpayer will not be a GST registered person anymore. He will not have to pay or collect GST or claim the input tax credit and accordingly, need not file GST returns. Cancellation of GST registration denotes that the individual or entity is no longer recognized as a

The CBIC has introduced Form PMT-09 (i.e. a challan) to enable a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in electronic cash ledger. Hence, if a taxpayer has wrongly paid CGST instead of SGST,

The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST,

The Goods and Services Tax has eased the process of indirect taxation considerably since its introduction in India in 2017. However, despite the relative simplification in regards to the previous tax regime, it’s still in the nascent stages. Hence, there is still some degree of blurriness concerning its functioning among the business community in India. 

If the turnover of any business exceeds the threshold limit of Rs.40 lakh, Rs.20 lakh, or Rs.10 lakh, then the business owner must register himself as a normal taxable person under Goods and Services Tax (GST), which is known as GST registration. GST registration is mandatory for certain businesses, and it will be considered an offence