Various document to be issued under GST Regime S.no Document When required to be issued 1. Tax Invoice At the time of removal of goods or delivery of goods At time of receipt of goods or services or both from unregistered supplier Before…
Recent developments under GST vide circular No. 135/05/2020 for matters relating to Refunds has been summarized below Click below to download full circular Circular No.135/05/2020 – GST Dated 31st March, 2020 Clarification Substance Bunching of refund claims across Financial Years On perusal of the provisions…
Companies will have to pay GST on the remuneration they dole out to directors, the Authority for Advance Ruling (AAR) has said. In an application filed before the Rajasthan bench of the AAR, Clay Craft India Pvt Ltd had sought clarification on whether salaries…
Amid the coronavirus outbreak, the finance ministry may release pending Rs 20,000 crore goods and services tax (GST) compensation to states, according to a report by the Business Standard. "The revenue department has been authorised to clear Rs 20,000 crore in GST compensation dues to states,"…
A. Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for opting for composition scheme by normal taxpayers, for the financial year 2020-21. These are notified in Notifications 30/2020 Central Tax, dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has also been…
Leviability of IGST on High Sea Sales of Imported Goods High Sea Sales (HSS): Where Original Importer sells the goods to a third person before the goods are entered for custom clearance. Custom Declarations: After the High sea sale of the goods, the Customs declarations…
Various small and medium-sized enterprise (SME) bodies in Pune have urged the central and state government to take urgent measures to help them fight the looming recession. Industry bodies said without such intervention, the region could see a major slowdown that could affect lakhs…
The government managed to rake in just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating that collections in the coming months are expected to be weaker, putting additional…