In this article, we will explore what the Inverted Duty Structure entails, its impact on businesses, and how the refund of ITC works under this system
The author has examined the latest circular and implications thereof in this article.
Cashless payments are generally held to net-work garages by the insurance companies directly, since invoices are generally raised in the name of the insurance company on the basis of the report of the surveyor or inspector.
Reflecting on my seven years of experience with the Goods and Services Tax (GST), I've observed that the GST department frequently imposes its interpretations under the guise of the "intention of the legislature."
Today 1st July 2024 marks the completion of 7 years from the implementation of GST law in the country. The taxpayers have seen huge revolutions in the indirect tax regime of the country in these 7 years.
The recommendations of the GST Council Meeting was aimed at providing relaxation, bringing changes in the GST Tax rates, trade facilitation measures and for aiding to streamline compliances.
The council has recommended some measures to increase reporting, reduce the burden of interest, and give taxpayers the option to rectify the GSTR-1 to narrow the gap between GSTR-1 and GSTR-3B in genuine cases. Let us now read these changes in detail!
Insights into the 53rd GST Council Meeting: What You Need to Know!
The 1st GST Council meeting under the 3rd term of Shri Narendra Modi's NDA government was expected to bring relief to some painful aspects of GST law, and t...
The 53rd GST Council Meeting was held on 22nd June 2024, wherein the focus was on discussing matters concerning Trade Facilitation & Providing Relief to Taxpayers. Key Recommendations made by the council like waiver of interest & penalty for a specified period & Introduction of GSTR 1A will surely be music to the ears of the taxpayers.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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