While the GST (goods and services tax) is exempt for those with annual turnover below Rs 20 lakh, what is included/ excluded when calculating the total turnover? Section 22 of the CGST Act, 2017, provides provisions with regard to a person Read more…
Tag: GST
Goods and Services Tax (GST) is considered as the biggest reforms in India. However, one thing that has become the talking point is – the mechanism of input credit under GST. In simple words, Input Credit means at the time of paying Read more…
Transitional Arrangements for Input Tax Credit under CGST Act on unsold stocks by TRADERS Section 140(3) of Transitional Provisions of CSGT Act r/w Transition Rules The government is doing all that it can to implement GST (Goods & Services Tax) Read more…
Reverse Charge Mechanism Under GST | What is Reverse Charge in GST ? Reverse charge on specified Goods & Services Section 9(3) of CGST/SGST acts provides that, Government may specify categories of supply of goods or services which shall be paid on reverse Read more…
1. What is Reverse Charge? Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed. 2. When is Reverse Read more…