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2019

Suspension of GST Registration

The insertion of the provisions relating to the suspension of GST registration is a welcome step for the GST registered taxpayer. With the insertion of suspension provisions, all those taxpayers who have applied for cancellation of GST registration would be relieved from the continuous compliance burden under the GST law during the period when the cancellation proceedings are in process.

Archive


2019

Key points for Tour Operators Travel Agents Registered under GST

Major Source of Income of Tour Operator & Travel Agents:

  1. Commission from Airlines’ & any mark up amount from passengers.
  2. Sale Tour Packages, both inbound and outbound.
  3. Travel Related Services like Visa, Passport etc.
  4. Commission from Hotel / Cruise.
  5. CAR Rental Services, Travel Insurance.
  6. Railway Reservations.

2019

GST Input Tax Credit Set Off Rules applicable from 012F022F2019 

As per CGST Amendment act 2018, the set off rules has been changed. The updated rules are presented with examples as follows:

The criteria for setting off of Input Tax Credit (ITC) has been changed under GST through Central Goods & Services Tax (Amendment) Act 2018, which has been made effective from 1st February 2019.

2019

Input Service Distributor in GST

An ‘Input Service Distributor’ is an office of the supplier of goods or services or both which receives tax invoices issued under Section 31 towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST, SGST, IGST or UTGST paid on the said services to a supplier of taxable goods or services or both having the same Permanent Account Number as that of the said office. Here we have discussed some Frequently Asked Questions on Input Service Distributors.

2019

GST on Advance Tax

Under GST regime, if a registered dealer receives any sum of money as advance for any nature supply, such advance receipts will be liable to GST at applicable tax rates. Hence, the dealer must assume the amount of advance receipt as inclusive of GST and must discharge his tax liability on such advance receipts along with other tax liabilities for the relevant tax period in which advance amount is received. Continue reading the article for further details.

2018

Section 9 of CGST Act 2017

Section 9 is the charging section of CGST Act, 2017. It details:

As per CGST Act 2017, there shall be levied a tax called “Goods and Service Tax” on all the Intrastate supplies of goods and services on the value determined u/s 15 of the CGST Act 2017. There is also such exclusion from levying CGST on which GST is levied by the Central government on the recommendation of the council.

Financial Management