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The Government of Kerala has vide Circular No. 02/2020 dated April 04, 2020 introduced an Amnesty Scheme, 2020 whereby taxpayers can settle all the outstanding tax dues pertaining to the period before GST introduction. The Amnesty scheme will be applicable…
Cascading of tax: One of the benefits envisaged in GST was removal of cascading of taxes. In erstwhile tax regime it was observed that the State Value Added Tax (VAT) was charged on the value which was arrived at after…
Press release is published on 29.08.2020 to announce the launch of GSTR-2B on a trail basis. The taxpayers can login into GSTN and download their GSTR-2B for the month of July, 2020. The Govt. has requested the taxpayer to compare…
Notification No. 63/2020-Central Tax dated 25.08.2020 has been published by CBIC to give effect to Section 100 of the Finance (No. 2) Act, 2019 (23 of 2019) dated 01.08.2019 which provides as below, In section 50 of the Central Goods…
There are two tasks which are required to be completed in the month of September, 2020. One is filing of GST Annual Return and the second one is E-invoicing readiness. GST Annual Return The due date to file GST Annual…
Section 2(30) of CGST Act, 2017 defines the term “composite supply” as “Composite supply means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any…
Section 15 of CGST Act, 2017 provides for determination of value of taxable supply. The value of supply of goods or services or both shall be the transaction value which is the price paid or payable by the recipient of…
NIC – National Informatics Centre has built the e-invoice system https://einvoice1.gst.gov.in under the direction of GST Council. The system / portal has been enabled for the taxpayers with PAN based turnover more than Rs. 500 Crores, during the financial year…
APPLICANT M/s. Sushi Pet Nutriscience, a registered taxpayer in the State of Telangana has filed an application seeking advance ruling with respect to tax rate applicable on ‘Poultry Meal’ and ‘Poultry Fat’. FACT OF THE CASE: The applicant is engaged…
E-invoice is applicable to those taxpayers whose aggregate turnover is more than Rs.500 Crores. E-invoice is coming into effect from 01.10.2020. Following persons are exempted from e-invoice Special Economic Zones, Insurer or a Banking company or a financial institution, including…