Goods and Services Tax

How does Input Tax Credit work

Input Tax Credit: Know How Does It Work?

/ GST

Input tax credit means that the taxpayer can reduce the taxes it has already paid on inputs from the taxes it has to deposit on output. In simple words, he can take the credit of the amount of tax which has been paid on procuring of inputs. By doing so, the taxpayer is avoided from paying the double taxes on a single input.

Inspection, Search, Seizure and Arrest under GST

Inspection, Search, Seizure & Arrest under GST

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nspection, Search or Seizure can only be carried out when an officer, of the rank of Joint Commissioner or above, has reasons to believe the existence of any exceptional circumstances. In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit. Further, the arrests under GST Act can be made only under authorisation from the Commissioner.

Know about the Relevance of Supply under GST

Know the Relevance of Supply under GST Laws

/ GST

GST is applicable at the time of supply of goods or services. The origin of goods or services is of no relevance for the purpose of liability to pay tax under GST. Supply is considered to be the main taxable event for charging of tax.