The Input Tax Credit (ITC) mechanism lies at the heart of the Goods and Services Tax (GST) regime, ensuring a seamless flow of credit to avoid cascading tax. However, the benefits of ITC are not…
Section 90 of the CGST Act, 2017, deals with the tax liability of a firm and its partners. It places joint and several liability on all partners of a firm for any tax, interest, or…
Under the Goods and Services Tax (GST) system in India, registration is mandatory for individuals and businesses that meet specific criteria, such as turnover limits or specific business activities. However, there may arise situations where…
What is Form CMP-08? Form CMP-08 is a quarterly statement-cum-challan filed by composition taxpayers under GST. It serves two purposes: Declaration of summary details of outward supplies (sales) and inward supplies liable to reverse charge.…
Section 54 of the Central Goods and Services Tax (CGST) Act, 2017, lays down the provisions for claiming refund of tax, interest, or any other amount paid under GST. It provides a structured mechanism for…
Quorum refers to the minimum number of members required to be present at a meeting to make the proceedings of that meeting valid. Section 103 of the Companies Act, 2013 specifies the quorum requirements for…
TDS Provisions under CGST Act The concept of Tax Deducted at Source (TDS) under GST was introduced with effect from 1st October 2018, under Section 51 of the Central Goods and Services Tax (CGST) Act,…
Under GST, the concept of Input Service Distributor (ISD) helps businesses distribute the input tax credit (ITC) of services received at a central location (usually Head Office) to various branches or units. It is useful…