Key Takeaways Special Category States, which come under the GST regime in India, are those specific states and union territories (UTs) which enjoy certain extra provisions. Such a ‘special status’ grants them exemption from corporate tax, customs duty, income tax and excise duty, among other tax obligations. Due to these special category states frequently facing […]
Key Takeaways An entity may opt for voluntary registration under GST even when it is not under any compulsion to register. Mandatory registration is not a requirement. The provisions of GST that apply to a registered taxable person shall also apply to the entity that voluntarily registers. They will be treated as a typical taxable […]
Key Takeaways The Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) is a significant provision that shifts the tax liability from the supplier to the recipient of goods or services. This mechanism is particularly relevant when dealing with unregistered dealers, as they are not authorized to collect GST. In such cases, the […]
Key Takeaways With an aim to ultimately simplify compliance regulations for various Micro/Small/Medium-sized Enterprises (MSMEs), the GST registration limits have been altered to a great degree. The Goods and Services Tax (GST) Council proposed the alterations in its 32nd meeting, conducted on the 10th of January, 2019. Further, the decisions were announced by the Central […]
by Key Takeaways A Letter of Undertaking (LUT) is an important document that every exporter must possess before starting to export internationally. All GST-registered exporters involved in exporting goods and services or intending to begin their exporting journey must submit a letter of undertaking on the respective GST portal. This will allow them to export products […]
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