GST on Liquidated Damages: Compensation vs. Taxable Supply Under GST law, supply of any goods or services is liable to levy of tax unless there is any specific exemption. In this regard, section 7 of CGST Act, 2017 defines “supply” as a taxable event and every supply is liable to levy of GST unless the...
Navigating GST Disputes: Comparative Framework of GST Demand & Recovery Balancing Genuine Mistakes and Fraudulent Conduct under CGST Act, 2017 Goods and Services Tax (GST) has had a major impact across all sectors—trading, manufacturing, and services. Since its inception, GST has contributed to economic development, enhanced transparency in business transactions, enabled seamless input tax credit,...
GST Implication on Transfer of Business as a Going Concern Under GST law, the transfer of business as a going concern is considered a supply of services and is liable to GST. However, vide Notification No. 12/2017 – Central Tax (Rate), an exemption is provided for “services by way of transfer of a going concern,...
GST Implication on supply of goods or services by foreign supplier occasionally in India (Concept of Non-Resident Taxable Person under GST Law) Under GST law, any person or business entity undertaking transactions involving supply of goods or services in India, is required to obtain GST registration and comply with GST regulations. In order to avoid...
GST Implication on Intermediary Services – Cross Border Transaction As per Section 2(13) of IGST Act, 2017, “Intermediary means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both, or securities, between two or more persons, but does not include a...
Taxes for business can be daunting, particularly as tax the rules continue to change. No matter if you’re running a new or a well-established business knowing how taxes for corporations function is vital to stay in compliance and financially healthy. This guide will help you understand the fundamentals of corporate tax obligations in a simple and practical...
The modern business world requires many more things than selling goods or providing services. The key to a successful business is a solid financial structure which supports growth, guarantees compliance, and allows leaders to make educated choices. This is where the integration of tax and accounting expertise play crucial roles. When accounting and financial reporting...