"26 March 2020" Archive

Revocation of cancellation of Registration under GST

In recent times, we have witnessed a lot of cancellation of GST registrations by the Department due to taxpayers not complying with law by not filing the GST returns and payment of liability. GST being a new tax regime, small taxpayers are still trying to understand the law and importance of complying with law. The […]...

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Is Amendment of Rule 61(5) enough to Make GSTR 3B – A Return Under Section 39(1)

As per law, the form, manner and time within which a return under Section 39 is to be furnished was to be prescribed. Sub rule (1) and (5) of Rule 61 were prescribed vide Notification No. 10/2017 – Central Tax dated 28th June 2017 which prescribed GSTR 3 as the return under Section 39 and […]...

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Material stuck in transit & E-way Bill expired-What to do during lockdown

Industry is facing the issue in respect of goods in transit which are stuck at various places including transportation hubs, state borders and even at the gates of recipients who are not operating during this period of lockdown. On the top of it in most of the cases eway bills have also expired. Now question arises what to do and how to s...

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ITC Refund in Zero Rated Supply – Simplified Calculation

As per 89(4) of CGST Rules, in case of zero rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with the provisions of section 16(3) of the IGST Act, refund of input tax credit shall be granted as per following formula :- Refund Amount […]...

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Finance Minister announces Rs 1.70 Lakh Crore relief package

Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus...

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ITC under GST on Hiring a Cab

The confusion among the taxpayers is whether ITC on ‘Hiring a Cab’ can be claimed by the registered taxpayers or not. In this Article, we’ll be discussing the situations where a taxpayer can claim ITC and where they can’t....

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Place of supply of services in India- Part 2

Section 12 of the IGST Act, 2017 provides the set of rules for determining the place of supply of services within India. General rule for determination of place of supply- Section 12 (2) – The place of supply of services, except the services specified in sub-sections (3) to (14),–– (a) made to a registered person […]...

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Relief Package Announcement by FM due to COVID-19 on 26.03.2020

Applicable : w.e.f. 01st day of April 2020 – Announced by FM on 26.03.2020. 1. Rs. 1.7 lakh crore financial package. The ‘Prime Minister Gareeb Kalyan Scheme’ will be of Rs 1.7 lakh crore. 2. FM has announced medical insurance cover of Rs 50 lakh per health worker. 3. PM Gareeb Kalyan Yojana’ will include […]...

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43 Key Highlights of FM press conference dated 26.03.2020

43 Key Highlights of Finance Minister Smt. Nirmala Sitharaman press conference dated 26.03.2020 1. Government to contribute 12% from the employee and employer side to the PF, for firms having less than 100 employees. Government will contribute 12% from the employer side and 12% from the employee side to PF accounts. This for those firms [...

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New TCS Provisions & Practical Issues | Section 206C(1H)

Union Budget 2020: New TCS Provisions & Practical Issues related to Section 206C(1H) of the Income tax Act, 1961 The recent Union Budget 2020 is with regard to Tax Collection at Source (TCS) which is embedded in section 206C of the Income Tax Act-1961, has proposed to widen the TCS net with following 3 additional […]...

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