CA Akshay

Place of Supply Errors in B2B Transactions In the realm of Goods and Services Tax (GST), the concept of Place of Supply (POS) is pivotal. It determines the nature of a transaction—whether it’s inter-state (attracting IGST) or intra-state (attracting CGST and SGST)—and directly impacts the eligibility of Input Tax Credit (ITC) for businesses. However, misinterpretations […]

GST Applicability for Bakery &Restaurant Operations Understanding Classification as “Restaurant Service” and Applicable GST Rates Based on a detailed examination of relevant GST law provisions, CBIC circulars, judicial rulings, and departmental clarifications, we provide the following professional opinion regarding the GST applicability on bakery operations in India: 1.Classification of Bakery Operations as “Restaurant Service” As […]

Composition Scheme in GST: Is It Still Relevant in 2025 The Goods and Services Tax (GST) Composition Scheme, introduced under Section 10 of the CGST Act, 2017, was designed to simplify tax compliance for small businesses by allowing them to pay GST at a fixed rate based on their turnover. As of 2025, the scheme […]

Top 10 GST Mistakes SMEs Must Avoid in 2025 Navigating the Goods and Services Tax (GST) regime can be challenging for small and medium-sized enterprises (SMEs) in India. While GST aims to simplify indirect taxation, its compliance requirements can be intricate. Avoiding common pitfalls is crucial to ensure smooth operations and prevent penalties. Here are […]

GST Registration in India: Who Needs It and Why It’s Mandatory The Goods and Services Tax (GST) regime, rolled out in India on July 1, 2017, unified indirect taxes across the country into a single framework. One of the most critical aspects of compliance under GST is registration—which is mandatory for several categories of individuals […]

Introduction Input Tax Credit (ITC) plays a crucial role in the GST regime by reducing the tax burden on businesses. However, not all ITC is eligible for claim. Certain ITC amounts are either blocked under Section 17(5) of the CGST Act or considered ineligible due to non-compliance with GST provisions. Proper treatment of Blocked and […]

Mandatory ISD Registration under GST from April 1, 2025 Understanding Input Service Distributor (ISD) An Input Service Distributor (ISD) is an office within a business that receives invoices for input services used across multiple branches and distributes the corresponding Input Tax Credit (ITC) under the same Permanent Account Number (PAN). This mechanism ensures proper allocation […]

Input Tax Credit (ITC) is a pivotal component of India’s Goods and Services Tax (GST) framework, designed to mitigate the cascading effect of taxes by allowing businesses to offset the tax they pay on inputs against the tax they collect on outputs. Detailed Analysis of Blocked ITC Categories Section 17(5) of the CGST Act specifies […]

Introduction In the realm of Goods and Services Tax (GST), Input Tax Credit (ITC) serves as a pivotal mechanism enabling businesses to offset the tax they’ve paid on inputs against their output tax liabilities. However, to maintain the integrity of this system, specific conditions govern the availing and retention of ITC. One such critical condition […]

Internal Audit Definition: Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by systematically evaluating and improving the effectiveness of risk management, control, and governance processes. Aspect Description Definition Independent, objective assurance and consulting activity aimed at improving […]