Who are you? (Stakeholder) LAND OWNER BUILDER CONTRACTOR IN LABOUR MANUFACTURER & TRADERS SERVICE PROVIDERS Which Transaction? A. Sale of Land According to Section 7(2) of the CGST Act of 2017, the sale of land is not considered a supply under GST, read with Schedule III. Because ‘supply’ is the taxable event that attracts GST, … Read more
ITC Reversal due to non payment Within 180 Days that results into liability added for the month in which the 180-day period expired
The section 132 punishment of certain offence defining violation against the GST provisions and penalized under section 132 of CGST Act.
The section 122 of CGST Act 2017 defining the offence & penalties, in addition to the requirement to pay tax and applicable interest
Section 73 & 74 of CGST act deals with determination of tax liability and compensation payable under section 73 & 74.
Finance Act 2022 added a new section 194R to the Income-tax Act of 1961, The section was designed to track income and bring gifts/perks/benefits.
Avail ITC under GST section 16(2)(aa) and understand how you qualify for ITC under GST section 16(2)(aa) For GSTR 2A/ GSTR 2B
Except for a small list of items provided under section 17(5) of CGST Act, 2017, ITC of tax paid on almost every input and input service used to supply taxable goods or services or both is allowed under GST. As per Section 17(5) A registered person is not eligible to take input credits on … Read more
According to Section 16(1) of the CGST Act, 2017, when goods and/or services are used for both non-business and business purposes, the registered person can only claim the ITC attributable to business purposes. Thus, such transactions involving both business and non-business purposes will necessitate the registered person to divide the credit into eligible and non-eligible … Read more
Like input and input services, businesses acquire capital goods in the ordinary course of business that is intended to be used for business or personal purposes OR is taxable or exempt. Credit for capital goods related to the business and its activities is permitted based on the useful life of that particular capital good, with … Read more
