GST Applicability on Inter-Unit Transfers, Job Work, Repairs or Return of Goods Transportation of Goods for Job Work : Goods can be sent by the principal (owner of goods) to a job worker for processing, repair, or any work that transforms or enhances the goods. (Rule 45 and 55 of the CGST Rules, 2017). Documentation: …
GST refund eligible on freelancers & businesses exporting digital services : HC Under (Afortune Trading Research LLP v. Additional Commissioner (Appeals I),[W.P. No. 2849 of 2021, Madras High Court (2024)] decided on 16.02.2024, the ruling by the Madras High Court is a major relief for freelancers and digital service exporters using PayPal or similar intermediaries. …
GST Refund Mechanism for Export of Services under GST The blog outlines the GST refund mechanism for export of services, explaining the legal provisions, eligibility criteria, and refund process. Below is a structured summary: Definition of Export of Services (Sec 2(6) IGST Act) A transaction qualifies as an export of services if: Supplier is in …
Specific Issues and Challenges Under Valuation under GST, The document titled “Valuation under GST – Specific Issues and Challenges” provides detailed insights into key valuation issues under GST, specifically on topics like post-supply discounts, the concept of pure agents, related party transactions, and damages/compensation. Treatment of Discounts under Section 15 under GST law : Value …
Key highlight in 55th GST Council Meeting (January 15, 2025) The 55th GST Council Meeting demonstrated a proactive approach to addressing key sectoral challenges, refining tax rates, and simplifying procedural complexities. These updates aim to improve clarity and compliance for taxpayers while simplifying specific processes under GST, particularly regarding annual return filings, ISD mechanisms, and …
GSTN Clarification on GST Portal Issues/ Errors Encountered The Goods and Services Tax Network (GSTN) has recently addressed several issues encountered on the GST portal: Duplicate Invoices in GSTR-2B: Some taxpayers have reported duplicate invoices in their GSTR-2B for September and October 2024. This duplication resulted from a technical glitch in the Invoice Matching System …
Recommendations from the 55th GST Council Meeting The GST Council, chaired by Finance Minister Nirmala Sitharaman, made significant recommendations aimed at streamlining GST operations, reducing tax rates, and facilitating trade compliance. These recommendations provided by the GST Council cover a wide range of updates and policy changes, aiming to revise tax rates, streamline compliance processes, …
GSTN Advisory on discrepancies between Table 8A and Table 8C in Form GSTR-9 The GSTN has issued a detailed advisory to address taxpayers’ concerns about discrepancies between Table 8A (auto-populated from GSTR-2B) and Table 8C (manually entered for Input Tax Credit claimed in subsequent FY) in Form GSTR-9 for FY 2023-24. The GSTN Advisory No. …
Integration of Parcel Management System with E-Way Bill System The integration of the Parcel Management System with the E-Way Bill system by Indian Railways and GSTN is a significant development aimed at improving the efficiency and accuracy of goods transportation under GST compliance. Indian Railways’ Parcel Management System (PMS) is now seamlessly integrated with the …
Central Board Of Indirect Taxes & Customs issued Clarifications regarding applicability of GST on certain services GST Dept issue circular provides clarifications on several GST-related issues, based on the GST Council’s recommendations during its 54th meeting on 9th September 2024. CBIC Clarifications (CBIC Circular No. 234/28/2024-GST No. CBIC-190354/149/2024-TO(TRU-II)-CBEC) on the following issues are being issued …