In the world of transporting goods, there’s a rule known as Rule 55(5) of GST that talks about sending things in different ways, like puzzles with pieces or building blocks. This rule specifically mentions sending goods in Semi Knocked Down (SKD) or Completely Knocked Down (CKD) conditions, along with batches or lots. Let’s break down …
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Introduction: In the dynamic landscape of Goods and Services Tax (GST) in India, the issuance of a delivery challan holds paramount importance as per Rule 55 of the CGST Rules, 2017. This document not only facilitates the movement of goods for various reasons but also ensures compliance with the mandatory provisions outlined in the rule. …
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In India, Goods and Services Tax (GST) registration is a mandatory requirement for businesses with an annual turnover exceeding specified thresholds. It replaces a complex array of indirect taxes and unifies the taxation system. To register for GST, businesses must provide essential details to the GST portal and obtain a unique GSTIN. This process facilitates …
Continue reading “Compulsory GST Registration Requirement Under Section 24 of CGST Act, 2017”
In the vast world of taxes, the term “composition” might sound complex, but its essence is quite straightforward. In the realm of Goods and Services Tax (GST), the composition scheme is a simplified approach for businesses, offering more than just a reduction in payable amounts. Understanding Composition Scheme under GST Under the GST legislation, those …
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In a recent development, the Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing, issued Instruction No. 04/2023-GST on the 23rd of November 2023. This directive, marked with F.No.20016/41/2023-CBIC, carries significant implications for businesses and taxpayers under the purview of the Goods and Services Tax …
