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Archive: April, 2020

Posts in April, 2020

Persons Liable to obtain GST Registration & Compulsory Registration

April 30, 2020 170661 Views 30 comments Print

Provisions relating to persons liable for obtaining GST registration and provisions relating to compulsory GST registration are contained under section 22 and section 24, respectively, of the Central Goods and Service Tax (CGST) Act, 2017. The current article explains both the aforesaid provisions. Person Liable For Obtaining GST Registration As per section 22 of the […]

Reversal of ITC attributable exempt supplies under Rule 42/43 of CGST Rules, 2017

April 30, 2020 406323 Views 12 comments Print

Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017.

Interview With GST Personality CA Sushil Goyal

April 30, 2020 5790 Views 0 comment Print

On 28th April Today I have with me one of the renowned GST Personality CA SUSHIL GOYAL B.Com (H), FCA, DISA (ICAI). He is a Chartered Accountant from 1996; He is author of a Book on Service Tax and has immense contributions on GST to his credit. CA Sushil Goyal has developed a system of […]

How to convert the lapsed ITC in to Genuine ITC

April 30, 2020 45246 Views 8 comments Print

Meaning of Input Tax Credit (ITC); Section 2(63) of CGST Act, ITC means the credit of input tax and Section 2(62) of CGST Act, Input Tax means, in relation to registered person, tax charged on any supply of goods or services or both made to him and specifically includes, IGST paid on imports, RCM paid […]

GST implications on CSR & Donations

April 30, 2020 31581 Views 12 comments Print

Many taxpayers are coming forward to help and support the nation during this lockdown caused due to COVID-19. Since they want to contribute for this noble cause but they might be afraid of GST implications on the same. To give them a clear picture, here is discussion on GST implications on various contributions made. Since […]

GSTR 3B and GSTR 1 Due Dates March 20 onwards | Covid 19 Disruptions

April 30, 2020 17745 Views 0 comment Print

Government has implemented following relief measures provided by the press releases due to the spread of Novel Corona Virus (COVID-19): 1)  GSTR1 Return of Outward supplies (Notification No.- 33/2020-CT; Dated: 3 April 2020) The due dates of furnishing GSTR1 has not been extended however late fees have been waived, if the return is filled by 30 June 2020 […]

Extending Limitation for filing Apepal before GST Tribunal under GST Law

April 30, 2020 3471 Views 0 comment Print

That a time of about 34 months have been completed after implementation of Goods & Service Tax. After its implementation always there remain a plethora of litigation in between of tax payer and revenue authorities. That being new law and it is always inevitable to have difference of opinion and having lot of flaws in the law and which are being rectified day and night by the revenue department through various amendment as undertaken and passed through GST Council. That whenever there are two opinion arises and it is always lead to creating dispute amongst the party.

Due dates Chart under Income Tax And GST Amid COVID-19

April 30, 2020 4299 Views 0 comment Print

Extensions and relaxations announced in the due dates of Income Tax and Goods and Services Tax Act by the Government of India in the wake of COVID-19 For the ease in compliance in the filing of returns and payment of taxes under the Income tax Act and the Goods And Services Tax Act, a Summary […]

The Equalisation levy – Tapping the untapped

April 30, 2020 2973 Views 0 comment Print

New equalisation levy may be applicable on your business and be a cost for your business.  When it comes to services, the extended scope will cover entities providing online services such as:

Complexities in newly introduced TCS on sale of any goods

April 30, 2020 3429 Views 5 comments Print

A seller of goods is liable to collect TCS @ 0.1% on consideration received from a buyer in a previous year in excess of Rs. 50 lakhs. However, in non-PAN/ Aadhaar cases the rate shall be 1%.

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