Input Service Distributor (ISD) under GST
An Input Service Distributor (ISD) is a category of taxpayer under the Goods and Services Tax (GST) system responsible for distributing input tax credits (ITC) related to its GSTIN to…
GST on Stabilizers: Voltage Stabilizer HSN Code & GST Rate
In India, the Goods and Services Tax (GST) applies to the production and sale of voltage stabilizers and regulators. These stabilizers fall under the Harmonized System of Nomenclature (HSN) code…
Understanding GST on Cross Charge Transactions
The term "cross charge" is not explicitly defined in the GST Act, but it generally refers to the invoicing of goods supplied between distinct entities or persons. What Are Cross-Charge…
GSTR-9 Excel Format: How to Download and Review GSTR-9 Draft on the GST Portal
Registered taxpayers can preview their GSTR-9 information before filing it on the GST portal. The portal offers an option to download the draft GSTR-9 in Excel format, allowing taxpayers to…
GST on Directors’ Remuneration
Directors’ remuneration refers to the compensation a company provides to its directors in exchange for their services. This payment may take the form of fees, salary, or the use of…
What is a GST Clearance Certificate: How to Get and Download It?
In India, certain business transactions require a GST Clearance Certificate. Issued by the GST tax authorities, this certificate holds significant importance. In this guide, we will explore everything about the…
Rule 86B of GST: Restriction on ITC Utilisation in Electronic Credit Ledger
The Central Board of Indirect Taxes and Customs (CBIC) introduced Rule 86B through Notification No. 94/2020 dated 22nd December 2020, which came into effect on 1st January 2021. ITC Utilization…
Pros and Cons of the Goods and Services Tax
The Goods and Services Tax (GST) is considered one of the most significant tax reforms in India. It combines several indirect taxes like excise, VAT, and service tax, all under…