"13 October 2019" Archive

Say Hi-Five to Input Tax Credit Reconciliation in GST

One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]...

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Recent Changes in ITC under GST

CBIC notifies Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019 and made some important changes as given below- 1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of […]...

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GST on fees from MCGM for Operating Citizen Facilitation / Collection Centres

In re M/s. VFS Global Services Private Limited (GST AAR Maharashtra)

In re M/s. VFS Global Services Private Limited (GST AAR Maharashtra) Whether the work for ‘Operating Citizen Facilitation Centre (CFC) at various Locations of MCGM on per transaction/receipt basis’ involving the aforesaid Scope of Work would be exempt from GST vide Sr. No.3 & 3A of amended Notification No. 12/2017  –...

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Annual General Meeting under Companies Act, 2013

Normally, gathering of two or more persons means Meeting. If we stick to our topic, the companies running their business throughout the year by the management of the company, by the fund i.e. capital provided by members of the company initially. Therefore it becomes a right of members to be regularly updated about the working […]...

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GST ITC 20-20 match begins, play safe

Krishna, Government has issued new notification on 09/10/2019, restricting ITC to maximum 20% excess of ITC as appearing in GSTR-2A. So, what is it?...

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GST on supply, erection, installation, commissioning and testing of UPS system for DMRC

In re Vertiv Energy Private Limited (GST AAR Maharashtra)

Whether the contract entered into with DMRC for supply, erection, installation, commissioning and testing of UPS system qualifies as a supply of works contract under Section 2(119) of the CGST Act?...

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GST not payable on recovery of 50% Insurance Premium from employees

In re Jotun India Pvt. Ltd (GST AAR Maharashtra)

In re Jotun India Pvt. Ltd (GST AAR Maharashtra) Whether recovery of 50% of Parental Health Insurance Premium from employees amounts to ‘supply of service’ under Section 7 of the Central Goods and Services Tax Act, 2017? AAAR has ruled that. they are not rendering any service of health insurance to their employees and hence, [...

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Commercialisation of Intellectual Property Rights : IP Assignment & IP Licensing

Commercialisation of Intellectual Property Rights : IP Assignment and IP Licensing Commercialisation may be understood as a process of organisation of something in way to generate profit or managing a product or service or right or anything for financial gain. Assignment agreements are important since they allow the IP rights holder to tr...

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Foreign Contribution-FAQ

Foreign Contribution Individuals, Associations and Non-Profit Companies intending to receive the funding in India from foreign source are needed to comply with and are subject to the regulations made by government in this regard. Earlier Foreign Contribution (Regulation) Act 1976 (FCRA, 1976) was in force to regulate and facilitate the ac...

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Amendment restricting GST ITC and other changes in GST Laws

The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications under GST Laws to implement the recommendation of the 37th GST Council held on 20th September, 2019. More important being amendment to CGST Rules, 2019 which seeks to amend conditions to avail ITC. The summary of notifications have been given below for easy [&...

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