Goods & Service Tax

Understanding GST on Food Services & Restaurant Business in India

Understanding GST on Food Services & Restaurant Business in India

As an end consumer, we hardly pay attention to our food bill in these restaurants and most of us are not even aware of the components included in it. If you revisit your food bill from the pre-GST fine-dine experience, you’ll find Service Tax, Service Charge, VAT being added over and above the food value.  […]

What is the minimum turnover for GST?

What is the minimum turnover for GST

GST, or Goods and Services Tax, was implemented in India in 2017 as a unified indirect tax system to bring about transparency, simplicity, and uniformity in the Indian taxation system. GST replaced various indirect taxes like service tax, VAT, excise, octroi, etc. The GST rates on different products are set by the GST council, which

GST Invoice 

gst invoice

GST invoice is a bill or receipt of items sent or services that a seller or service provider offers to a customer. It specifically lists out the services/products, along with the total amount due. One can check a GST invoice to determine said product or service prices before CGST and SGST are levied on them.  A GST invoice bill also displays

GST Annual Return Filing

GST Annual Return Filing

GSTR-9 is an annual GST return return filed by 31st December of the year following the particular financial year. GSTR-9 return contains sales, purchases and GST charged and paid on the same during the financial year. Registered taxpayers under GST must file GSTR-9 if their annual turnover limit exceeds Rs. 2 crores. As a finance leader and

Accumulated Tax Credit on Input Services

Accumulated Tax Credit on Input Services

The taxpayers can claim the refund of accumulated ITC or input tax credit if certain conditions get satisfied. First, the applicant must file form RFD-01, with the supporting documents, within the time limit given under the Section 54 of the CGST Act read with Rule 89 of the CGST Rules. Taxation is seen as one

Input Tax Credit under GST

Input Tax Credit under GST

Input Tax Credit’ or ‘ITC’ means the Goods and Services Tax (GST) paid by a taxable person on any purchase of goods and/or services that are used or will be used for business.  Input ITC can be reduced from the GST payable on the sales by the taxable person only after fulfilling some conditions. These conditions given

New GSTR-3B Return Due Dates – COVID 19

New GSTR-3B Return Due Dates – COVID 19

The Hon’ble Union Finance Minister had announced several relief measures to cater to the taxpayers affected by the countrywide lockdown in this pandemic situation. The Central Board of Indirect Taxes and Customs (CBIC) has also issued a set of notifications regarding the due date extensions, e-way bills and provisional ITC. Even after all these announcements

GST Unique Identification Number (UIN)

GST Unique Identification Number (UIN)

UIN stands for Unique Identification Number, a special class of GST registration for foreign diplomatic missions and embassies that are not liable to taxes in the Indian territory. Any amount of tax (direct or indirect) collected from such bodies is refunded back to them. UIN is a 15-digit unique number allotted to any specialized agency of the

48th Gst Council Meeting

48th gst council meeting

The 48th GST Council meeting was held on 17th December 2022, Saturday, virtually from New Delhi. Smt Nirmala Sitharaman, the Union Finance Minister, chaired the meeting, along with the Finance Ministers of the states/Union Territories. testing Since the 48th GST Council meeting was scheduled after a gap of 5-6 months, it had many items on

HSN Code GST – Harmonized System Nomenclature

HSN Code GST - Harmonized System Nomenclature

The HSN Code (Harmonized System Nomenclature) is a system of classifying goods for international trade. It is used globally to identify products and services traded between countries. The HSN Code is also widely used under Goods and Services Tax (GST) in India to simplify the taxation process by categorizing products and applying the appropriate tax