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Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA)
Know MoreLet’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :- Compulsory Reverse Charge even if the supplier is registered – Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall
Know More1. ‘Carry forward’ of Input Tax Credit (ITC) as available on appointed day (i.e 1stJuly, 2017) (I) Every registered person under GST is eligible to claim ITC against CENVAT credit carried forwarded in return pertaining for the period immediately preceeding appointed day(i.e on 30th June 2017) subject to satisfication of certain prescribed conditions: That amount
Know MoreGoods and service tax (GST) The GST is a new concept that simplifies the giant tax structure by supporting and enhancing the economic growth of a country. It is a comprehensive term levy on manufacturing, sale and consumption of goods and service at a national level. Goods and service tax bill or GST also referred
Know MoreAssessment of impact on digital advertising companies Present Scenario For services rendered by a digital advertising company, it charges a service tax @15% For input services availed by a company, it claims an input tax credit (“ITC”) However, a digital advertising company is not eligible to claim ITC on any products used in producing digital
Know MoreGST Laws in India mandate that all registered persons under GST maintain records and accounts in a specified manner. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. In this article, we look at
Know MoreGST is a type of value added tax and a proposed comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian central and state governments. Further, the Goods and Service Tax (GST)
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