Handling Section 16(4) Notices Issued by GST Department for Late Claim of Input Tax Credit for AY 2018-19

Handling Section 16(4) Notices Issued by GST Department for Late Claim of Input Tax...

Recently, The indirect tax department has issued notices to thousands of companies that had claimed late input tax credit under GST framework and thereby...
Provisional attachment of bank account of assessee merely on the basis of summons was without jurisdiction

Provisional attachment of bank account of assessee merely on the basis of summons was...

Kaish Impex (P.) Ltd. v. Union of India - 2020 (1) TMI 933 - BOMBAY HIGH COURT The assessee was exporting perfumes and...
NEW FORM GSTR-2B introduced Under the Existing Return Filing System

Assessee not liable to pay interest where IGST wrongly paid inadvertently as CGST

Shree Nanak Ferro Alloys (P.) Ltd. v. Union of India - 2020 (1) TMI 833 - JHARKHAND HIGH COURT The assessee unintentionally classified...
No Interest under Section 50 If Input tax Credit Available but not Utilised - Is there still a Twist in the Tale?

No Interest under Section 50 If Input tax Credit Available but not Utilised –...

Interest under CGST Section 50 is applicable only where output tax is paid in cash - Proviso to Section 50(1) is clarificatory Issue Whether interest...
UP GST GPS Tracking

Govt Will Start Recovering 46000 crore interest on delayed GST payment

The Central Board of Indirect Taxes & Customs (CBIC) has asked GST officials to collect interest of nearly RS. 46,000 crores on account of delayed...
Treatment of FOC Under GST on Builders & Developers

Treatment of FOC Under GST on Builders & Developers

Valuation of the goods/service is one of the important aspects as to computation of GST for any assessee.  Many a times instead of supplier...
Unadjusted Mobilisation Advance as on 01st July, 2017 immediately taxable under GST

Unadjusted Mobilisation Advance as on 01st July, 2017 immediately taxable under GST

2019 (12) TMI 1244 - APPELLATE AUTHORITY FOR ADVANCE RULING, WEST BENGAL IN RE: M/S. SIEMENS LTD. Valuation - works contract - lump-sum amount stood credited to its account...
Multiple Revisions to GST Return Permissible – Delhi HC

Even After 2 Years of GST – UPGST Tribunal Bench Not Constituted

The GST Act came into force on 01.07.2017 and even after expiry of more than two and half years, it is very surprising and...
Another Builder Held Guilty of Profiteering by NAA based on ITC Ratio Computation Method

Another Builder Held Guilty of Profiteering by NAA based on ITC Ratio Comparative Method

Builder denied benefit of ITC to buyers of flats and shops: NAA Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority) It is established from the perusal...
GST Valuation in Case of Supply to Related Party who is eligible to claim full ITC

GST Valuation in Case of Supply to Related Party who is eligible to claim...

Section 15(1) of the Act provides that the value of a supply of goods or services or both shall be the transaction value, which is the price...
Department Cannot Initiate Recovery Proceedings u/s 79 of GST unless assessment is conducted

Department Cannot Initiate Recovery Proceedings u/s 79 of GST unless assessment is conducted

“It is evident that the statement said to have been given on 19.06.2019 claims to be so called admission by the petitioner, is not...
GST Department to Audit 70% of Taxpayers for AY 17-18 | These 12 Documents Initially seeked by Taxmen

GST Department to Audit 70% of Taxpayers for AY 17-18 | These 12 Documents...

Amid a looming revenue shortage, the government has begun a nation-wide audit of goods and services tax (GST) returns for the 2017-18 financial year....
Latest Rules of RCM On Renting of Motor Vehicle under GST w.e.f 1st January, 2020

RCM On Renting of Motor Vehicle under GST – An Unnecessary Complication

The activity “Renting of a Motor Vehicle”has been brought under RCM during September 2019 with a limited compliance requirement under Section 9(3) of CGST Act, 2017. However, Government authorities felt...
Gift Voucher Taxability & Rate Under GST

Gift Voucher Taxability & Rate Under GST – Decoding Tamil Nadu AAR Ruling

With the increasing trend of electronic commerce, adoption of prepaid vouchers and gift cards has reached new heights. Vouchers are instruments which are redeemable...
GST On Ocean Freight by CA Ankit Gulgulia

{Video} Importers Challenge Double Taxation on Ocean Freight – Understanding How it is Double...

Importers have moved to Delhi and Mumbai high courts over double taxation issue on Ocean Freight on the ground that When the basic customs duty and...
No Input Tax Credit If No GSTR-1

No Input Tax Credit If No GSTR-1

Input Tax Credit Not Filed Under GSTR-1 Capped to 20% | GST Practioners Exams Time Limits | Pre Show Cause Notice Provisions Introduced under...
Input Tax Credit on Lease Rental Paid on Land for Construction of Hotel under GST

No Input Tax Credit on Lease Rental Paid on Land for Construction of Hotel...

There can be several permutation and combination in which construction of Immovable properties viz Flats, Hotels etc can be undertaken. Some may have own land and...
Highlights of GST Council Meeting

Highlights of GST Council Meeting

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items. The revised GST rates would become effective...
Corporate Tax Rates Slashed for Domestic Companies

Corporate Tax Rates Slashed for Domestic Companies

New Delhi: Finance Minister Nirmala Sitharaman on Friday proposed to slash corporate tax for domestic companies and new local manufacturing companies through an ordinance....
How to Apply for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - Pactical Guide

How to Apply for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 – Practical Guide

The Sabka Vishwas Legacy Dispute Resolution Scheme announced by the Union government in its 2019-20 Budget will be operationalised from September 1. The government...
Interest is Service of Tolerance of Delayed Payment under GST !

Interest is Service of ‘Tolerance of Delayed Payment’ under GST !

In RE: M/S. CHENNAI PORT TRUST what appears to a seemingly interesting yet debatable AAR ruling by Tamil Nadu AAR, it has been...
Sale of Printed Advertisement Material is Taxable as Service Under GST

Sale of Printed Advertisement Material is Taxable as Service Under GST

IN RE: M/S. MACRO MEDIA DIGITAL IMAGING PVT. LTD. (AAR- WB) No.- Case Number 25 of 2019 Order No. 15/WBAAR/2019-20Dated.- August 19, 2019 Decision...
Due Date of ITR Extended from 31st July'19 to 31st August'19 (Download Order)

Extension of Due Date to 30th November, 2019 for furnishing ‘Annual Return and Reconciliation...

Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and Customs Order No. 7/2019-Central Tax New Delhi, the 26th August, 2019 S.O.(E).––WHEREAS, sub-section (1) of section...
How Legal Anomaly in GST Refund Provisions - Puts Textile Industry in Big Working Capital Mess !

How Legal Anomaly in GST Refund Provisions – Puts Textile Industry in Big Working...

Implementation of GST in large sense has been well appreciated by Industries and India Inc because it does away with several complexities earlier VAT...
GPS Tracking Of Transporters Under GST – UP Issues Notification

How to File New GST Return – ANX-1 and ANX-2

GSTN Releases Offline Tool of New GST Return for familiarisation by Taxpayers. It has ANX-1, ANX-2, Purchase Register and Matching tool. Welcome to GST ANX-1...
GST Portal Now Activates New Offset Method of IGST - Complete Analysis of Chain of Events

GST Portal Now Activates New Offset Method of IGST – Complete Analysis of Chain...

Sec 49 provides for Payment of tax, interest, penalty and other amounts under the CGST Act. Clause 5 of Sec 49 provides the manner...
LUT Not Required When Goods Sent Out of India for Exhibition

LUT Not Required When Goods Sent Out of India for Exhibition

In its Circular No. 108/27/2019-GST, the CBIC has clarified several queries of exporters who take the goods outside India for exhibition or on consignment...
Claiming Export of Services by Intermediaries under GST - Analysing CBIC's 18th July'19 Circular

Claiming Export of Services by Intermediaries under GST – Analysing CBIC’s 18th July’19 Circular

A large many assessees are engaged in provided services to foreign clients which are in the nature of data processing, back office, market research...
How Long Books of Accounts Must be Preserved In India

How Long Books of Accounts Must be Preserved In India

Books of Accounts are required to be maintained mandatorily in several cases viz, if you a company registered under companies act or you are...