Category Indirect Tax

Indirect tax-related news, updates, circulars and information

Composition Levy Under GST

The ambit of tax legislature is usually wide and has the ability to encompass heterogeneous tax payers in its ambit. The broader the law, the wider is the coverage. Indirect taxes are regressive in nature. Thus the disparity in the…
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Concept Of Input Tax Credit

Concept of Input Tax credit-PART I Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand…
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Concept Of Valuation Under GST

Self-assessment mechanism has been a part and parcel of the Taxation Laws. Under the GST Laws as well the mechanism of self-assessment continues to exist. The determination of GST liability is dependent on two variables namely the “rate of tax”…
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Levy Under GST

The introduction of GST Laws was the dawn of new era in Indirect taxes structure in India. The structure of multiple taxes was established over a period of few years. Although it was not leading to double taxation, the illusionary…
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Concept Of Supply Under GST

Part-I:This part will only cover the explanation of the inclusive meaning of the word “supply” under the GST Law. The remaining aspects will be discussed in subsequent parts. With the introduction of GST Laws, there has been a paradigm shift…
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Selection of Core Business on GSTN Portal

Selection of Core Business Selection on GSTN Portal for Registered Taxpayers – Recently GSTN has introduced a facility to identify core business activity from one of the below options – A. Manufacturer B. Trader C. Service Provider and Others One…
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Purchase and Sales Return Under GST

The Purchase & sales returns are common in day-to-day business transactions. This concept is treated in a slightly different manner under GST Act 2017. Purchase Return: The purchase return is the return of the goods by the customer to the…
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