FAQs on new TCS provisions w.e.f. 01st October 2020
Q1. What is the applicability of these new provisions or who is required to comply with these provisions? A: Every seller whose total sales, gross receipts or turnover from his business exceeds INR 10 crores in the immediately preceding Financial Year is liable to collect TCS. Therefore if the turnover of the seller in FY 2019-20 exceeds […]
Clarification on Impact of GST on various types of sales promotion schemes
Treatment of Free Samples and Gifts under GST: Under Section 7(1)(a) of the Central Goods and Services Act, 2017 (‘CGST Act’), supply includes any transaction undertaken for consideration. Therefore, any items supplied without any consideration would not qualify as “supplies” under the GST law, except when the activity falls within the ambit of Schedule I […]
Clarifying difficulties faced in preparing Job-Work challans and related E-Way Bills in GST
What is Job work? Section 2(68) of the CGST Act, 2017 defines job work as ‘any treatment or process undertaken by a person on goods belonging to another registered person’. The one who does the said job would be termed as ‘job worker’. The ownership of the goods does not transfer to the job worker […]
Every Challenge is an Opportunity-A Business Perspective
The emergence of the Covid-19 pandemic has not only changed the way we live & work but has also greatly impacted our business practices and cultures in a way from where there is no going back. Every business had to prepare for contingencies even before the pandemic struck but the magnitude of impact that this […]