Valuation in GST – Rules for Supply of Goods or Services

Valuation in GST

Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contains the provisions related to the valuation in GST for the supply of goods or services made in different circumstances and to different persons. Valuation in GST Every fiscal statue makes provision for the determination of value as the tax […]

Accounts and Records under GST

Accounts and records under GST

Section 35 of the CGST Act and “Accounts and Records” Rules (hereinafter referred to as rules) provide that every registered person shall keep and maintain all records at his principal place of business. It has cast the responsibility on the owner or operator of warehouse or godown or any other place used for storage of […]

Anti-Profiteering Rules under GST Law

Anti-Profiteering Rules under GST

The Anti-Profiteering rules under GST law have been released by the Government of India. For the purpose of the same, a notification has been issued for setting up of a National Anti-profiteering Authority. This Authority shall be empowered to levy a penalty if businesses do not pass on the benefit of price reduction to consumers […]

Input Tax Credit Under GST – All You Need to Know

Input Tax Credits under GST

Input Tax Credit under GST has been introduced in order to avoid the cascading of taxes that’s prevalent in the present tax regime. It’s one of the key features of the Goods and Services Tax. In simple terms, the cascading of taxes means ‘tax on tax’. As per the present taxation regime, the credit of taxes […]

What is Composition Scheme Under GST Act 2017?

Composition Scheme Under GST

Composition Scheme under GST Act is a provision where a registered taxable person, whose aggregate turnover in the preceding financial year does not exceed Rs. 50 lakh, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not more than 2.5% in the case […]

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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