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Dear Client,
Companies having a presence in multiple states and distributing common input tax credits with branch offices will have to register as Input Service Distributors (ISD) with GST authorities by April 1, 2025. Businesses having multi-state GST registration will have to have themselves mandatorily registered as ISD to distribute among its branches any input tax credit (ITC) for services availed. The mechanism for sharing of ITC is prescribed in GST rules and broadly the common ITC is app

Dear Client,
Regulation 5 of the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2000, clearly states that no person shall, without the general or special permission of the Reserve Bank of India, export or send out of India or bring into India, any foreign currency. The goods attempted to be exported are foreign currency, as defined under the FEMA, 2000. The definition of "currency" stated in Section 2(h) of FEMA, makes it clear that the export of currency

Dear Client,
The Co-operative Housing Society or Residential Welfare Association whose Turnover (collection money) crosses Rs 20 Lakhs per annum becomes liable for Registration under the GST Act and should charge GST (CGST + SGST) @18% from its members. Under the GST Act, there is no specific exemption provided for CHS. Therefore, CHS is liable to pay GST on the services provided by them. However, if the annual turnover of CHS is less than ₹20 lakhs, they are exempted from GST registration. In

Dear Sir,

It depends upon local Government circulars. Please concert legal expert locally who is well versed with GST laws.

Dear Client,

To operate a private limited company for P2P trading with large daily transactions, you’ll need to manage both banking compliance and tax obligations carefully. Here’s how to address each issue:

Banks may freeze accounts when they detect high-volume transactions that could resemble unregistered financial services or P2P trading without proper licensing. Banks generally conduct periodic reviews for high-risk business models such as trading, and accounts are sometimes frozen if

Dear Client,
According to latest regulations, GST is mostly applicable on the buying of under-construction properties at a rate of 5% for residential properties without the benefit of input tax credit. In the case of fully constructed flat, it is an immovable property and no GST shall be levied. GST is only levied on goods and services. Review your agreement and it need to mention the terms of the exchange. In case the agreement mentions that you are getting the new flat in the exchange of your

Dear Client,
Taxpayers will not be allowed to cancel an e-invoice once 24 hours have elapsed after the issuance of the said e-invoice. The e-invoice portal does not allow for amendment of e-invoices either. A taxpayer will either have to issue a debit note or modify/cancel such e-invoice on the GST portal. Tax-payer should issue credit-note u/s 34 and there-after, issue fresh E-invoice showing correct particulars including IGST payable. If any query is raised by Dept., tax-payer can explain enti

Dear Client,
Yes, according to the rules of GST structure, it is possible to refund the GST amount together with the basic amount using a credit note. Section 34 of the CGST Act, 2017 provides that in a case where the credit note has been issued for any supply, and the credit has not been availed, then the registered supplier shall issue a debit note for the supply of goods or services. For the purpose of claiming the GST refund, the supplier shall give details of the credit note in his or her G

Dear Client,
In Assam, every establishment which wants to undertake business activities requires a trade license known as ‘Gumasta License’. Where the conversion of turnover is more than Rs 20 lakhs in services and more than Rs 40 lakhs in goods, it is compulsory for e-commerce selling. However, GST registration is mandatory for e-commerce supply of goods and services even the turnover is below the specified limits. The applicants have to obtain trade license by applying it through the conce

Dear Client,
Under Section 31 of the CGST Act, 2017, a registered person supplying taxable goods or services is required to issue a tax invoice containing details such as the amount charged and GST. As per Section 35 of the Act, every registered person must keep and maintain records of all their transactions. If they are not issuing tax invoice then it is an offence punishable under section 122 of CGST Act. Request for the tax invoice formally for the locker facility. If they are not giving you