There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment varies with the timing of… Continue reading
Author Archives → Abhinandan Sethia
7 common reasons for getting income-tax notices and how to avoid them
Notices from the Income Tax Department are rarely pleasant. The natural reaction of a taxpayer upon receiving a notice is one of panic. However, once the momentary panic has subsided, you should carefully go through the notice and understand what it is about. It may not always be bad news. Often, the I-T department also… Continue reading
Can we do multiple GST registration on a PAN card?
A taxable person supplying goods or services from different states is mandated to take different GST registration for each state (which would be based on a single PAN). Also, a person who has different verticals of business within the same state can choose to have different GSTIN for each vertical (and these would again be based… Continue reading
Ineligible Input tax credit under GST
Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. The GST levied on purchase of… Continue reading
Whether Business dealing in exempt or non-taxable goods liable for GST registration?
In general, the businesses with annual turnover up to Rs.20 lakhs are not required to take the GST registration. However, there are some specific cases, where a person is required to take GST registration even if the turnover is below Rs.20 lakhs/40lakhs With this write-up, we aim at enlightening the situations where a business dealing… Continue reading