"04 September 2018" Archive

Points to consider before filing GSTR-3B/GSTR-1 for September 2018

Important points to be considered before filing GSTR-3B/GSTR-1 for the month of September 2018. 1. Pending Input Tax Credit to be availed before filing GSTR-3B of Sept ’18: Section 16 (4) of Central Goods and Services Tax Act, 2017 provides that the Input Tax Credit (ITC) on the invoices raised during July 2017 to March 2018 […]...

Amendment in GST Law vide notifications dated 04.09.2018

The Central Government issued the various notifications regarding the waiver of late fees in GSTR-3B, GSTR-4 for certain classes of taxpayer’s, Due date extension of ITC-01 and ITC-04, and Amendment in CGST Rules. Some of the brief points are mentioned below:...

Key 21 suggestions on Draft GST Return Formats

Following suggestions were compiled by Mr. Bimal Jain, towards making GST Return system and formats simplified for all taxpayers, which have been submitted to the Government ...

Interest on Loans for Investment in Agricultural Land not allowable

ACIT Vs M/s. Mini Muthoottu Credit India (P) Ltd. (ITAT Cochin)

Interest expenditure could be allowed only if the loan was borrowed for the purpose of the business of the assessee and if it is used for the purchase of an asset which yielded exempted income, that interest expenditure cannot be allowed u/s. 36(1)(iii) of the Act....

E-way bill in case of storing of goods in godown of transporter.

Circular No. 61/35/2018-GST 04/09/2018

Various representations have been received on the matter pertaining to the textile sector and problems being faced by weavers & artisans regarding storage of their goods in the warehouse of the transporter. It has been stated that textile traders use transporters’ godown for storage of their goods due to their weak financial conditions....

Processing of GST refund applications of Canteen Stores Department

Circular No. 60/34/2018-GST 04/09/2018

Central Government has specified the Canteen Stores Department (CSD for short), under the Ministry of Defence, as a person who shall be entitled to claim a refund of fifty per cent of the applicable central tax, integrated tax and Union territory tax paid by the CSD on all inward supplies of goods received by the CSD for the purposes of s...

CBIC clarification on 7 GST Refund Related Issues

Circular No. 59/33/2018-GST 04/09/2018

CBIC issues clarification following GST Refund Related issues vide Circular No. 59/33/2018-GST dated 4th September, 2018 – Submission of invoices for processing of claims of refund, System validations in calculating refund amount, Re-credit of electronic credit ledger in case of rejection of refund claim, Scope of rule 96(10) of the...

Recovery of arrears of wrongly availed CENVAT credit & inadmissible transitional credit

Circular No. 58/32/2018-GST 04/09/2018

CBIC issues clarification on the process of recovery of arrears of wrongly availed CENVAT credit under the existing law and CENVAT credit wrongly carried forward as transitional credit in the GST regime vide Circular No. 58/32/2018-GST Dated 4th September, 2018....

Principal-agent relationship in context of Schedule I of CGST Act

Circular No. 57/31/2018-GST 04/09/2018

In terms of Schedule I of the Central Goods and Services Tax Act, 2017, the supply of goods by an agent on behalf of the principal without consideration has been deemed to be a supply. ...

Section 195 Withholding tax provision and its compliances

Any person responsible for paying to a non resident (company or non company) any sum which is chargeable under the provisions of the Act, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque or draft or by any other mode , whichever is earlier, deduct income...

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