This Circular gives guidelines on issues such as allowing transitional credits under GST, as per revised return, verification of CST declarations, verification of MVAT credit etc.
The CBIC has notified the Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019. The said Notification has also revamped the entire method of availing credit, by inserting a new Rule i.e. Rule 36(4) in the CGST Rules, 2017. The rule seeks to restrict credit in […]
Industrial Subsidy and Incentive available for Manufacturing units in Gujarat and Maharashtra This PPT contains various Industrial subsidy and Incentives available for various manufacturing units in Gujarat and Maharashtra. Following schemes are covered in PPT: Maharashtra Package Scheme Of Incentive Gujarat Industrial Policy – 2015 – Incentive To Industry Women Entrepreneur Subsidy Scheme – Maharashtra […]
In the below given situation, there are four different parties involved with three different transactions between them for supply of goods. All these transactions in together lead to single movement of goods. The transaction is explained as below: 1. D places order to C (Trader) for supply of material X; 2. C orders the same […]
This article aims at covering most of the concepts of recently issued Ind AS 116 by the ICAI and MCA which will supersede the earlier issued standard Ind AS 17 on leases w.e.f. 01st April 2019 1. Introduction Ind-AS 116 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. Ind-AS 116 […]
The Implications of GST on Sale of Capital Goods Questions arises in relation to this are 1. Implications of GST on Capital Goods that are bought under the erstwhile Indirect Taxes Regime (Excise, VAT) 2. Implications of GST on the Sale of those Capital Goods whose ITC is not allowed under GST. 3. Implications of […]
Representation with respect to newly inserted sub-rule (4) of Rule 36 of the Central Goods and Services Tax Rules 2017- and 5 issues on which CBIC needs to issue Immediate clarification – Impact on small suppliers filing GSTR 1 on quarterly basis, Input tax Credit differences arising out of month end movement of goods or services, Input Tax Credit reclaimed as reversed under Section 16(2), Absence of mechanism of verification of ineligible credits and Absence of matching tool shall put constrains on taxpayer resources.
