The GST framework is designed to be dynamic, allowing for periodic adjustments in tax rates based on economic conditions and policy changes. Section 14 of the GST Act specifically addresses how to determine the time of supply when there is a change in the rate of tax for goods or services. Understanding these provisions is […]
Change in GST Rate – Section 14 of GST Act 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) regime in India offers a Composition Scheme to ease compliance for small taxpayers. Rule 7 of the CGST Rules specifies the applicable tax rates under the composition levy for different categories of registered persons. This article provides a detailed breakdown of the tax rates under the composition scheme, ensuring
Rate of Tax for Composition Levy under GST – Rule 7 Read More »
The composition scheme under GST is a beneficial tax scheme for small taxpayers, allowing them to pay tax at a fixed rate on their turnover instead of the regular GST rates. However, the validity of this scheme is governed by specific conditions outlined in Rule 6 of the GST Rules. Understanding these conditions is crucial
Validity of Composition Levy under GST – Rule 6 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 Composition Scheme under the Goods and Services Tax (GST) is a simplified tax compliance framework designed to benefit small businesses by reducing their tax burden and compliance requirements. Rule 4 of the GST Rules outlines the effective date for opting into the Composition Levy under Section 10 of the CGST Act. This blog provides
Effective Date for Composition Levy under GST – Rule 4 Read More »
The Goods and Services Tax (GST) framework in India provides businesses with an option to pay tax under the Composition Scheme as per Section 10 of the CGST Act, 2017. Rule 3 of the GST Rules outlines the process for opting for the Composition Levy, ensuring compliance with the necessary procedural requirements. This article delves
Intimation for Composition Levy Under GST – Rule 3 Read More »
The Composition Scheme under Section 10 of the CGST Act provides a simplified tax compliance mechanism for small businesses. This scheme allows eligible taxpayers to pay tax at a fixed rate on their turnover, reducing compliance burdens and paperwork. Eligibility Criteria for Composition Scheme A registered person can opt for the Composition Levy if: The
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