Category: GST

Key Highlights from the 43rd Meeting of the Goods and Services Tax (GST) Council

In the hallowed corridors of governance, the 43rd GST Council assembly convened as a seamless extension of its preceding 42nd counterpart on the auspicious day of October 12th, 2020. This virtual congregation was meticulously orchestrated by none other than the esteemed Finance Minister, Smt. Nirmala Sitharaman, who adroitly presided over the proceedings. In the esteemed … Continue reading Key Highlights from the 43rd Meeting of the Goods and Services Tax (GST) Council

Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau

Pine Labs, a prominent player in the realm of digital payments, has now aligned itself with the emerging trend among technology enterprises to defer their initial public offerings (IPOs). In an exclusive interview with ET, Amrish Rau, the CEO of Pine Labs, firmly expressed his decision to withhold the planned IPO, citing the tumultuous state … Continue reading Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau

GST Evasion Detection Surges to Rs 1.01 Lakh Crore in 2022-23

Remarkable strides have been taken in curbing GST evasion, as revealed by a recent report highlighting the fiscal year of 2022-23. A substantial increase is evident, with tax officers successfully identifying instances of evasion amounting to over ₹1.01 lakh crore, marking a nearly twofold surge compared to the previous year. The Directorate General of GST … Continue reading GST Evasion Detection Surges to Rs 1.01 Lakh Crore in 2022-23

In B2C supply of services under GST — HSN or SAC in invoices?

In a B2C (business-to-consumer) transaction under the Goods and Services Tax (GST) regime, it is not mandatory to mention the HSN code in the invoice in case of services, regardless of the value of supply. The HSN code is used to classify goods and is not applicable to services. In the case of services, the … Continue reading In B2C supply of services under GST — HSN or SAC in invoices?

What is a service accounting code (SAC) under GST?

Service Accounting Code (SAC) is a code assigned by the Goods and Services Tax (GST) Council in India to classify different services under the GST regime. The SAC code is used to determine the rate of tax that is applicable to a particular service. The SAC code is a six-digit code that helps the government … Continue reading What is a service accounting code (SAC) under GST?

In a B2C (business-to-consumer) transaction under the GST, what are the mandatory components in tax invoices

Under section 46 of the Goods and Services Tax (GST) Act, the following details must be included in a tax invoice for a B2C (business-to-consumer) transaction: It is important to note that the GST laws prescribe specific details that must be included in the invoice, and it is the responsibility of the supplier to ensure … Continue reading In a B2C (business-to-consumer) transaction under the GST, what are the mandatory components in tax invoices

What is the mathematical formula to calculate GST

Understanding the Calculation of GST Calculating the Goods and Services Tax (GST) on goods or services is straightforward with a simple mathematical formula. Here’s how you can determine the GST amount and the total cost inclusive of GST. The GST Calculation Formula The formula to calculate GST is:[ \text{GST} = \left(\frac{\text{Price of goods or services} … Continue reading What is the mathematical formula to calculate GST

Explain GST with mathematical example

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It is a combination of multiple taxes like Central Excise Duty, Service Tax, State VAT, etc. The GST is comprised of the following components: The total GST payable on a supply of goods or services … Continue reading Explain GST with mathematical example

Is a tax invoice and receipt same under GST

No, a tax invoice and a payment receipt are not the same under GST. A tax invoice is a document that serves as proof of a taxable supply of goods or services and is issued by a registered taxpayer to another registered taxpayer or an unregistered person. A tax invoice must contain certain prescribed details … Continue reading Is a tax invoice and receipt same under GST