Second hand goods industry is growing day by day in India. There is well notified legislation in this regards in Australia, New Zealand, Singapore, etc. India has also covered under chapter IV : Determination of value of supply (GST Rules) – Rule 35(5) for dealers engaged in second hand goods. Second hand market includes sales […]
The article discusses composition scheme from three views: i) Customer ii) Government iii) Businessmen. The law says that the composition dealer will not be permitted to collect GST. Further, there is a anti-profiteering clause under GST which states that the benefit of reduction in tax rates under GST should pass on to the customer. In composition scheme, the dealer is not allowed to collect tax and therefore the benefit should pass to the customer.
i. An exporter had a turnover of Rs. 15 crore in the previous financial year. He would be eligible for LUT facility if remittance received against this export is Rs. 1.5 crore or more (10% of export turnover is more than Rs. 1 crore)
GST laws has come with provisions of taxation reverse charge basis. It case obligation of paying taxes by the recipient of supply of goods, services or both. Following two types of provisions have been enacted.
(a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
It has been 45 days since GST has been implemented in India. While the industry was worried much, the GST transition has been smooth so far. GST is one of the biggest indirect tax reforms in post – independent India. Following sections will give a clear picture of new indirect tax regime’s advantages and its […]
1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily. 2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B.
Krishna, 15th August is the Independence Day of India. Freedom fighter fought in 1947 for Independence of the country. From last month GST has been applicable. So, on the occasion of this Independence Day what information about GST would you give?
On allowing appeals by the Revenue and / or rejection of Cross Objections filed by the assessee, the assessee moved an application seeking reference of following two questions of law for decision of this court
S. 68: Statements recorded u/s 132 (4) do not by themselves constitute incriminating material. A copy of the statement together with the opportunity to cross-examine the deponent has to provided to the assessee. If the statement is retracted and/or if cross-examination is not provided, the statement has to be discarded. The onus of ensuring the presence of the deponent cannot be shifted to the assessees. The onus is on the Revenue to ensure his presence
