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Category Archives: GST

Cases in which GST registration is compulsory

  We will explain the situations under which registration under GST is mandatory. Under GST as a general rule, a person whose turnover exceeds Rs.20 Lakhs (10 Lakhs in special category states) need to take registration under GST.  However, the following categories of persons, irrespective of turnover, are required to take compulsory registration under GST. A Person making Inter-state taxable supply A person […]

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Waiver of late fee on filing of GSTR-3B for August and September, 2017

In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers,  he competent authority has decided to waive the late fee on filing of GSTR-3B for the months of August and September, 2017. The necessary software changes are being carried out in the IT system. Electronic cash […]

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GST Revenue Figures – As on 23 rd October, 2017

The Goods and Services Tax (GST) was introduced on 1st of July, 2017. The total number of GSTR 3B returns filed for the month of September 2017 is 42.91 lakhs (as on 23.10.2017). The last date for payment of GST as well as filing of GSTR 3B return for the month of September 2017 was […]

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What are the Pros (advantages) and Cons (disadvantages) of GST in India?

Thinking about GST Pros and Cons? The Goods and Services Tax is a unified, destination-based tax that was implemented in India from July 1, 2017 to effectively replace all the existing indirect taxes, including service tax and vat. The GST has directly affected the businesses involved in the selling/buying of good and services, as well […]

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Valuation of Supply Between Principal And Agent

Under erstwhile VAT regime, the term ‘Dealer’ who was required to register on the basis of turnover of sales, included an agent who carries on the business of buying, selling, supplying or distributing goods on behalf of any principal. This was prevalent in most of the State VAT laws. This indicates, that the agent was […]

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GST Registration – Eligibility, Process

Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is […]

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GST on Restaurants-Analysis

GST is here, and businesses are still trying to understand the changes  required in their current systems to accommodate the new compliance model. On this note, we bring you our impact analysis on something which is very near and dear to us; or, rather to our stomachs –the restaurant and food industry. Here we will […]

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GST is simple system

June, 30th 2017 Finance minister Arun Jaitley told Deepshikha Sikarwar in an interview that prices should decline after the goods and services tax (GST) is in place July 1, while anticipating some teething troubles. Edited excerpts: How disruptive will GST be? Some experts as well as economists have suggested a dip in growth. Any change, […]

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