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2020

Details of Aadhaar Authentication Process for GST Registration

The GST Council in its 39th meeting held on March 14, 2020 approved operationalization of Aadhaar authentication for new taxpayers. The implementation of the same was postponed keeping the lockdown on account of COVID pandemic in view.

As per the notification of the Central Board of Indirect Taxes and Customs (CBIC) Aadhaar authentication for GST registration has become operational with effect from August 21, 2020. Aadhaar authentication for new registration is expected to substantially enhance ease of doing businesses for genuine businesses. A person opting for Aadhaar authentication for New GST registration would get it within three working days, if no notice is issued and would not need to wait for physical verification.

Archive


2020

GST Implications for Import of Software

As per the IGST law, import of services under GST applies when the trade occurs in inter-state. It also applies when the consumer receives the services from a person residing outside India. Those importing services on a regular basis shall enhance the impact of GST on their business, as GST applies to imported services. However, in this article we will focus on issues like import of software and whether software is considered as service or goods and tax implications of import of software.

2020

Treatment and Taxability of Slump Sale under GST

What is Slump Sale?

  • Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
  • The main elements of a slump sale are:
    1. Sale of undertaking;
    2. As a going concern;
    3. For a lump sum condensation; and
    4. No separate value is assigned to individual assets and liabilities.

2020

Key Highlights of 40th GST Council Meeting 1

The 40th GST Council meeting was held on 12th June, 2020 Friday. It was chaired by Finance Minister Nirmala Sitharaman. Taking into consideration the critical situation in the country in the wake of pandemic Covid-19 and expectations of hard hit MSME sector of the country, the meeting recommended further relief in GST Compliance burden. Let us discuss the key highlights of the major recommendations of the council.

2020

Frequently Asked Questions on TCS under GST

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. while TCS refers to tax which is collected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

Here are some most frequently asked questions on TCS under GST.

2020

Bill to Ship To model and E Way Bill Generation under GST

A normal practice in the industry prevails where goods are sold to one person but delivered to a different location. This delivery address is different from the registered office address of the buyer.

This difference in ‘Bill To’ and ‘Ship To’ addresses must be dealt with carefully while issuing an invoice and generating Eway bill.

Financial Management