Clarification on Regularization of IGST Refund for Exporters: IGST Refund On Export
In a recent update dated September 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 233/27/2024-GST, providing crucial clarifications regarding the regularization of Integrated Goods and Services Tax (IGST) refunds for exporters. This circular addresses issues surrounding the refund of IGST paid on exports in cases where inputs were […]
Automobile dealers can claim ITC on demo cars used for promoting sales: CBIC Clarifies Key Points
The Central Board of Indirect Taxes and Customs (CBIC) recently issued Circular No. 231/25/2024-GST, dated 10th September 2024, which addresses key issues related to the availability of Input Tax Credit (ITC) on demo vehicles used by authorized motor vehicle dealers. This clarification brings uniformity in the interpretation of GST laws across field formations, offering relief […]
GST INVOICE MANAGEMENT SYSTEM (IMS) Read Before 01/10/2024
NAVIGATING THE NEW GST INVOICE MANAGEMENT SYSTEM (IMS): A COMPREHENSIVE GUIDE INTRODUCTION The recent rollout of the GST Invoice Management System (IMS) has introduced a significant change in how businesses manage and reconcile their invoices under the Goods and Services Tax (GST) regime in India. This system is designed to enhance transparency, reduce tax evasion, […]
Complete Guide to Non-Resident Taxable Persons (NRTP) Under GST: Registration, Compliance, and Reverse Charge Mechanism
What is a Non-Resident Taxable Person (NRTP)? A Non-Resident Taxable Person (NRTP) is an individual or business entity that occasionally undertakes transactions involving the supply of goods or services in India but does not have a fixed place of business within the country. NRTPs are required to comply with GST regulations even if they do […]
GST Simplified: Step-by-Step Guide to Vertical Registrations, UINs, and Deemed Registration
Deemed Registration Procedure: Detailed Steps, Forms, and Timeframe Deemed registration occurs when a person is required to be registered under GST but fails to apply for registration themselves. In such cases, the authorities may initiate registration on their own. Here’s a comprehensive guide to the deemed registration procedure, including forms and expected timeframes: Triggering of […]
UNDERSTANDING GST: A COMPREHENSIVE GUIDE
The Goods and Services Tax (GST) is a transformative fiscal reform that India adopted on July 1, 2017. It replaced a multitude of cascading taxes levied by the central and state governments with a single, comprehensive tax, aiming to create a more seamless national market and stimulate economic growth. What is GST? GST is a […]
A Step-by-Step Guide for Casual Taxable Persons (CTP) under GST
The GST registration procedure for Casual Taxable Persons (CTP) and Non-Resident Taxable Persons (NRTP) involves several specific steps, forms, and requirements. Here’s a detailed guide on the procedure, including forms, advance tax payment, and expected timeframes: What is a Casual Taxable Person (CTP)? A Casual Taxable Person is someone who occasionally undertakes business transactions involving […]