The introduction of the Goods and Services Tax in India marked one of the most significant reforms in the country’s fiscal history. The earlier system […]
GST
Understanding Immovable Property under GST: Definition, Case Laws, and Exceptions
Immovable property under the Goods and Services Tax framework is a critical concept, especially in determining the applicability of works contracts. Under GST, a works […]
Understanding Allocation and Reversal of Input Tax Credit (ITC) Under GST
The principle of value-added tax dictates that input tax credit is only available when tax is payable on the output. If a registered person is […]
A Complete Guide to ITC Allocation and Reversal Under GST Law
The fundamental principle under the GST regime, derived from the concept of value-added taxation, is that input tax credit is allowed only when tax is […]
Year-End GST Compliance Guide for FY 2023-24
Filing the Letter of Undertaking for zero-rated supplies is mandatory before 31 March 2024. This allows taxpayers making exports without payment of integrated tax to […]
Understanding GST: Definition, Features, and Benefits
Goods and Services Tax refers to a tax on the supply of goods, services, or both, as defined under Article 366(12A) of the Constitution of […]
Transaction Value Under GST Explained: Rules, Applications, and Challenges
Every fiscal statute that levies tax on goods or services includes provisions for determining the value on which the tax is payable. In most cases, […]
Understanding Supply and GST Levy: Meaning and Scope Explained
The Goods and Services Tax (GST) regime in India replaced a number of indirect taxes, including excise duty, service tax, and value-added tax (VAT). Previously, […]
Understanding Taxable Events Under GST: Meaning, Provisions, and Liabilities
A taxable event is an occurrence that triggers the obligation to pay tax. It refers to the point at which tax liability becomes fixed and […]
Navigating the GST Maze: The Cross Charge and ISD Dilemma
In the modern multi-locational business environment, most companies establish their principal place of business in one state, often designated as the Head Office or Corporate […]