Category: GST
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Clarification on GST on advertising services rendered to foreign companies: A “sigh of relief”
GST on advertising services applies under general GST framework, depending on the nature of the transaction. The advertising industry in India is a dynamic and rapidly evolving sector that plays a key role in driving consumer behavior, brand recognition, and economic growth. In this article, we will discuss about how advertisement industry in India works…
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GST reversal on retention withheld after 180 days: A nightmare for construction industry
Overview: Treatment of retention under GST Act is going to be very crucial for construction industry. Work process of construction industry is always complex & continuous supply of service. The outcome of said contract is measurable only after completion of certain activities/project. Due to its long term nature, retention withheld is inevitable and part &…
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Is GST on Works Contract Services increased to 18% on all Government Contract from 1st January, 2022? will it increase the anxiety of Contractor?
Overview: What is works contract service under GST? Section 2 sub Section (110) of CGST Act, 2017 defines Works contracts means a contract wherein transfer of property in goods is involved in the execution of such contract and includes contract for building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration…
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What is Goods & Service Tax (GST)? Basic Concept every individual must know in 2021
What is Goods & Service Tax (GST)? It is a destination based tax on consumption of goods and/or services where burden of tax is to be borne by the final consumer. Concept is similar to the existing taxation system (VAT & Central Excise). Types of Goods & Service Tax Central GST …
