Key Takeaways The introduction of the Goods and Services Tax (GST) in 2017 replaced multiple indirect taxes with a unified and simplified tax system. As a destination-based and multi-staged tax, GST is applicable at each stage of the supply chain. It is a revolutionary tax that has not only reduced the burden of tax compliance […]
Key Takeaways The dual GST (Goods and Services Tax) system is a unified taxation framework that plays a crucial role in streamlining the tax structure for goods and services. Convenient for India’s federal structure, this model divides the authority to collect indirect taxes between the central and state governments. This dual taxation aim is to […]
Key Takeaways Charitable trusts have a major function in addressing social issues and welfare activities in India. While these organisations operate on not-for-profit bases, they are not completely outside the realm of the Goods and Services Tax (GST). This blog gives a comprehensive overview of GST on charitable trusts, covering registration, exemptions, and compliance obligations, […]
Key Takeaways Implemented on July 1, 2017, the Goods and Service Tax streamlined the indirect tax structure by subsuming multiple taxes under a single head. This was done to achieve the aim of “One nation, One tax.” Among the many provisions of GST, the doctrine of unjust enrichment is an important principle that ensures fairness […]
by Key Takeaways A GST officer is liable to issue form DRC-01 in GST to taxpayers in case he/she detects discrepancies in the claimed and availed Input Tax Credit (ITC). The purpose of issuing this form is to avoid revenue losses for the Indian government and ensure tax compliance for GSTIN holders. Learn in detail about […]
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