Category: GST
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IPO Expenses: Deductible or Not? Income Tax, GST & Accounting Implications Explained
Companies undergoing Initial Public Offerings (IPOs) often incur significant expenses like underwriting fees, regulatory fees, and listing costs. A common question arises—are these IPO expenses deductible under Indian Income Tax…
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Major Change in ITC Distribution from 1st April 2025 – ISD Mechanism Becomes Mandatory!
The Finance Act, 2024, along with Notification 16/2024 dated 6th August 2024, has introduced a significant amendment in the distribution of Input Tax Credit (ITC) for businesses. Effective from 1st…
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Can Goods Transport Agency (GTA) charge both 12 percent and 5 percent under GST Forward charge?
Introduction Goods Transport Agencies (GTAs) play a crucial role in the supply chain, ensuring smooth movement of goods across the country. The taxation of GTA services under the Goods and…
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Breaking GST Update: Key Clarifications from CBIC Simplified
The Central Board of Indirect Taxes and Customs (CBIC) has recently issued two important circulars (244 & 245) with clarifications on GST-related matters. Here’s a simplified breakdown of the updates…
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Can We Raise an Invoice on a Trade Name Under GST?
Introduction Goods and Services Tax (GST) in India mandates that businesses issue invoices compliant with GST law. A frequently asked question in this regard is whether an invoice can be…
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GST Bills Reporting for Works Contractors: Understanding RA Bills
Introduction The implementation of the Goods and Services Tax (GST) in India has significantly transformed the taxation landscape for various sectors, including the construction industry. One of the critical components…
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Exports and Freight: Can We Claim ITC on Them as We Do Not Charge GST?
Introduction Exports are a crucial component of India’s economy, and the Goods and Services Tax (GST) regime has been designed to facilitate their seamless functioning. One of the key concerns…
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GST Refund on Company Dissolution: Can You Claim ITC?
When dissolving a company, one of the key concerns is whether any Input Tax Credit (ITC) accumulated in the GST ledger can be claimed as a refund. Many businesses accumulate ITC from administrative…
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Urgent Alert: Recompute Your Annual ITC Reversal Before March 2025 to Avoid Interest!
As the financial year 2024-25 nears its close, businesses registered under GST must take immediate action to recompute their Input Tax Credit (ITC) reversal under Rule 42 of the CGST…
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New GST Registration with Inactive GSTIN: What to Know
Introduction The Goods and Services Tax (GST) regime in India mandates businesses to obtain GST registration and comply with periodic filing requirements. However, many businesses inadvertently let their GST registration…
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