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Constitution Amendment bill has guaranteed compensation for 5 years for loss of revenue, post implementation of GST in 2017. Ministers from multiple states met Union Finance minister, Nirmala Sitharaman to discuss this matter. States are facing deficit. They have many responsibilities. They can not close hospitals, …

Rate of GST on food services by restaurants had been slashed to 5% in 2017. No ITC (Input Tax Credit) to be taken on raw material and other expenses. It means No set off against sales. National Anti-profiteering authority (NAA) had found Hardcastle Restaurant, franchise of …

The work flow can be divided into two parts : Part A Interaction between business/supplier and IRP ( Invoice Registration Portal) Part B Interaction between IRP and GST System and buyer. This interaction can be well explained with the diagram below : Now at first, we …

The ministry of finance is planning to introduce a lottery system under GST. The objective behind this is to avoid tax leakage and boost up compliance. The lottery scheme plan is to hold daily and monthly lotteries for customers who take a copy of the bill …

Due Dates Compliance Calendar December 2019 – GST Due Date Form Particulars 10-12-2019 GSTR-8 To be filed by the e-commerce operators required to deduct TDS under GST for the month of Nov 2019. 10-12-2019 GSTR-7 To be filed by the person who is required to deduct …

Exports under GST are defined as goods or services sent from our country to another country against monetary consideration and realization of foreign exchange earnings. These are referred to as zero rated supplies. The issue emerging is related to refund of input tax credit in case …