Input Tax Credit (ITC) is a fundamental aspect of the GST system, allowing businesses to claim credit for the tax paid on purchases used in business operations. Section 16 of the GST Act defines the eligibility criteria and conditions for availing ITC. This blog provides a detailed breakdown of Section 16, its provisions, and key […]
Eligibility and Conditions for ITC – Section 16 of GST Read More »
The concept of the time of supply of services is crucial under the GST regime, as it determines the point at which tax liability arises. Section 13 of the CGST Act provides a clear framework for establishing the time of supply of services, ensuring proper tax compliance and avoiding legal complications. 1. Importance of Time
Time of Supply of Services under GST Read More »
The time of supply of goods is a crucial concept under the Goods and Services Tax (GST) regime in India. It determines the point at which liability to pay tax arises. This ensures clarity in tax compliance and prevents discrepancies in tax payments. Section 12 of the CGST Act, 2017 provides guidelines for determining the
Time of Supply of Goods under GST Read More »
The introduction of Section 11A in the Goods and Services Tax (GST) Act, as per the Finance Act (No. 2) of 2024, brings significant relief to businesses operating under prevailing tax practices. This provision empowers the government to exempt taxpayers from the recovery of GST that was not levied or was short-levied due to widely
Power Not to Recover Tax Due to General Practice – Section 11A Read More »
The Goods and Services Tax (GST) framework in India offers a Composition Scheme under Section 10 of the CGST Act, 2017, which simplifies tax compliance for small businesses. Rule 5 of the CGST Rules lays down specific conditions and restrictions that taxpayers must adhere to when opting for this scheme. Understanding these rules is crucial
Conditions and Restrictions for Composition Levy Under GST – Rule 5 Read More »
The Central Goods and Services Tax (CGST) Act, 2017, governs the imposition and collection of tax on intra-state supplies of goods and services in India. Section 9 of the CGST Act outlines the provisions related to levy, collection, and responsibility of tax payments. Understanding these provisions is crucial for businesses, taxpayers, and e-commerce operators to
Levy and Collection of Tax – Section 9 of CGST Act Read More »
Tax planning is a crucial aspect for businesses, and understanding how to carry forward and set off losses can help optimize tax liability. Section 73A of the Income Tax Act, 1961, deals specifically with the treatment of losses incurred by specified businesses under Section 35AD. This blog explores the provisions of Section 73A and how
Carry forward and set off of Specified Business loss Read More »
Speculation business involves high-risk trading activities, often leading to significant financial fluctuations. The Income Tax Act, 1961, has specific provisions governing the treatment of losses incurred in such businesses. This blog explores how speculation losses can be set off and carried forward for tax purposes, ensuring compliance with income tax laws and effective financial planning.
Carry forward and set off of Speculation Business loss Read More »
In business, losses are inevitable, but income tax rules provide relief by allowing businesses to carry forward and set off losses against future profits. The Income Tax Act, 1961, outlines specific provisions for the carry forward and set off of business losses, ensuring that businesses can optimize their tax liabilities efficiently. This blog explores the
Carry forward and set off of business losses Read More »
Set-off of losses is an essential tax planning strategy that helps taxpayers minimize their tax liability by adjusting losses against taxable income. Under Section 70 of the Income Tax Act, 1961, taxpayers are allowed to set off losses from one source of income against gains from another source within the same head of income. This
Intra-head Set-Off of Loss Read More »
