GST Compliance for Private Limited Companies: A Practical Guide Introduction Walking a business as a non-public restrained organisation in India comes with a set of legal, monetary, and operational responsibilities. Among these, personal restrained agency compliance is one of the most essential factors to make sure clean functioning and avoid penalties. Even as compliance covers …
What happen If Taxpayers in case Bank A/c Frozen in GST for Over 1 Year. Under Section 83(2) of the CGST Act “Every such provisional attachment shall cease to have effect after the expiry of a period of one year from the date of the order.” This means any provisional attachment of a bank account …
GST rate on Hospitality Industry/ Hotel Rooms in India The hospitality & tourism industry in India is expected to rise from INR 15.24 lakh crore (US$ 234.03 billion) in 2017 to INR 32.05 lakh crore (US$ 492.21 billion) by 2028. Implementation of GST has helped the sector by reducing costs for customers, harmonising taxes, and …
Next-Gen GST Reform : Ease of Living & Aatmanirbhar Bharat The Government of India has rolled out the Simplified GST Registration Scheme, GST refund marking a next-generation reform to strengthen the vision of Ease of Living and Aatmanirbhar Bharat. GST 2.0 is designed not just for taxation ease, but as a nation-building reform that’s fueling …
The existing 12% & 28% GST rates were Scrapped, which resulted in leaving only 2 FST slab of 5% & 18% rates. The Group of Ministers on GST rate rationalisation has accepted the Centre’s proposal to reduce the current four-slab structure to two, Bihar Deputy Chief Minister Samrat Choudhary said on Thursday. The Group of …
Challenges MSME face due to the accrual-based GST framework. GST on accrual basis hurting MSME/ Small businesses” highlights a significant challenge in India’s GST system for MSME/ Small businesses —the requirement to pay GST based on invoice issuance, not actual receipt of payment. Accrual-Based GST is Squeezing Small Businesses’ Cash Flows Bhagat pays Goods and …
Summary of insights: Gross and Net GST revenue collections for March 2025 Analysis of GST Collections for March 2025 Overall Monthly Collection: The GST collection for March 2025 witnessed a notable rise, totaling INR 1,96,141 crore, reflecting a 9.9% year-on-year (YoY) growth over INR 1,78,484 crore collected in March 2024. This marks a stronger …
When a Delivery Challan Must Be Issued Under GST Regulations in India This blog guide outlines key scenarios where a delivery challan is required under GST, along with mandatory documentation and compliance requirements. Structured Scenarios Requiring a Delivery Challan to be Issued by Taxpayer: Transportation of Goods for Job Work Every consignment for job work …
Retrospective Amendment on ITC for Construction Costs What’s Changing : A retrospective amendment, effective from July 1, 2017, prevents entities—like commercial real estate companies—from claiming Input Tax Credit (ITC) on goods and services used in the construction of immovable property on their own account (e.g., buildings, warehouses). The government proposes a retrospective amendment (effective from …
GST Advisory on GST Waiver Scheme under Section 128A We are sharing this important update on the GST Waiver Scheme under Section 128A Key Points:- Here’s a quick summary for anyone needing clarification: Goods and Services Tax- Government of India, States and Union Territories Advisory for Waiver Scheme under Section 128A, A critical eligibility …