Brief on Filing GSTR 2 and GSTR 2(a)

As you already know, returns filed through Form GSTR-3B is just an interim return and the regular returns in GSTR-1, GSTR-2 and GSTR-3 are required to be filed by the businesses. Now we will discuss: •             &[...]

All You Need to Know about Income Escaping Assesment

Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, reassess, or re-compute income, turnover etc, which has escaped assessment. Sec.147: Income escaping assessment.Sec.148: Issue of notice for Income Escaping[...]

All about MAT AND AMT

MAT AND AMT MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. Objective of levying MAT At times it [...]

Understanding Place of Supply-2

The basic principles of Place of Supply of services when the location of supplier or the location of recipient is outside India, has been drawn largely from the Place of Provision of Services Rules, 2012 (POPS) under erstwhile service tax regime. It has also been mentione[...]

Understanding Place of Supply-1

Determining the Place of Supply of goods or services is very important as it determines the nature of the tax to be paid. In case, when the location of the supplier and place of supply are in the same state, CGST and SGST will be levied, whereas if the place of supply is in a d[...]

Transfer of Credit on Sale, Merger, Lease, or Transfer of a Business

What is Transfer of credit on sale, merger, amalgamation, lease under GST?  Provisions under Rule 41 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Transfer of Input Tax Credit (ITC) on Sale, Merger, Amalgamation, Lea[...]

Difference between NRE and NRO Accounts

NRE deposits are emerging as an attractive investment option, according to a report in the Business Standard today. "With global interest rates continuing to remain low, non-resident Indians (NRIs) can use the non-resident (external) rupee account (NRE) as an [...]

GST Refunds- Export of Services

After the implementation of GST in India, several exporters have had difficulties in claiming GST refunds. This has led to large amounts of working capital being locked up until refunds are correctly applied for and received. In this article, we answer some questions on getting G[...]

GST Refunds

Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernization of existing business. Thus, under the GST regime, there will be a standardized form for making any claim for r[...]

TDS on Contract – 194 C

Section 194C states that a person is responsible for paying any sum to the resident contractor for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: The Central Government or any State Governm[...]

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