The model GST laws have shed clarity on determining supply as the supply of goods vs services by way of Schedule II. The reason for this clarification is because the current indirect tax regime is conflicted when it comes to understanding things like for example, the implication of service tax and VAT on a works…

As a federal nation, the Constitution has empowered the central government to levy taxes and duties on manufacturing and providing services. State governments do this by way of charging taxes on interstate sale of goods and services where goods are being transported between several states and therefore fall under several jurisdictions. In case of such…

GST Invoicing can be broadly classified under two heads – Tax Invoice Bill Of Supply Issued by a registered taxable person Issued by a registered taxable person Issued for the supply of a taxable good or service Issued for the supply of an exempted good or service or for the supply by a composite taxpayer We…

Valuing a good or service enables understanding its total cost, including the amount of tax that is required to be levied on it. Both the monetary and non-monetary value of supply needs to be duly computed. In case of undervaluation, tax paid is lesser and this results in non-compliance with state and central laws, loss…

The GST has aimed to unify tax payments across the nation, therefore the key idea is to converge all the taxes – both state and central, and bring it under the ambit of the GST portal. Under the erstwhile regime, each manufacturer was required to file returns under different states in case his business has…

Confused on filing GST Returns? Here’s all you need to know. Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any…

Accounting and tax professionals have the authority to file returns on behalf of taxable persons under the indirect tax regime of the country. Under the erstwhile regime, chartered accountants, sales tax practitioners, and advocates undertake this job. Under the GST regime, the draft model states that a GST practitioner shall step into the role of…

What is a tax refund? A tax refund is any amount returnable to a tax payer, by the government. Dealers and businessmen alike can claim refunds on specific events such as when excess tax has been paid, there is unutilized input tax credit available, or in case of inverted duty structure where the rate of…