Since GST is understood as a ‘destination-based consumption tax’, there is no provision that declares this fact. This missing declaration is more than adequately supplied by the principle being embodied in the provisions of ‘place of supply’. The law makers have declared, in each case of supply, its destination of supply.
CBIC has clarified certain issues vide CBIC Circular No. 137/07/2020-GST dt. 13.04.2020, which is briefed as below: 1. In case where an advance is received by supplier for a Service contract which subsequently got cancelled. The supplier has issued Tax Invoice before supply of service and paid the GST thereon. Whether he can claim refund […]
39th GST Council Meeting Held on 14th March 2020. Deferment and Extension of Return :– > Relaxation to taxpayers for filing GSTR 9C (F.Y. 2018-19) for taxpayers having turnover below INR. 5 Crore. > Due date for filing GSTR 9C (F.Y. 2018-19) extended to 30th June 2020 for taxpayers having turnover above INR. 5 Crore. […]
The Ministry of Corporate affairs (MCA) has issued new Scheme “Companies Fresh Start Scheme 2020” which simply means File all pending ROC returns without any penalty. Brief about the Companies Fresh Start Scheme 2020: The central government has launched the Companies Fresh Start Scheme with effect from 1st April 2020 to allow a defaulting or […]
Companies Act, 2013 section 150 introduces one to selection of independent director through a data bank maintained by any body, institute or association etc. Just now I passed with flying colors the self-assessment test conducted by Indian Institute of Corporate Affairs to join 1950 other qualified professionals who offer themselves as independent directors. The purpose […]
The Government has released Circular no. 137/07/2020-GST dated 13th April 2020 wherein following matters have been clarified: 1. Cancellation of Goods and Service Contract The treatment under GST have been clarified vide above referred circular in respect of certain transactions of supply of goods and service where the same gets cancelled due to any reason. […]
The Story so far 1. Feb 01, 2020, Finance Minister speaks about the introduction of the scheme 2. On Feb 05, 2020, the Direct Tax Vivad se Vishwas Bill is introduced in the Parliament 3. Various representations received regarding the draft bill 4. On Mar 07, 2020, Circular No. 07/2020 issued along with 55 FAQs […]
Looking at the Lockdown from the perspective of Salaried Persons , we may say that there is not much they can do in this situation but there is a lot to do now and also after lockdown. Many salaried persons currently sitting at home are ideal and unable to work for which they usually get […]
1. The composition scheme is applicable to manufacturers or traders whose taxable business turnover is up to Rs 1.5 crore (Rs 75 lakh in case of Specified States). A service provider can also opt for the scheme if his taxable turnover is up to Rs 50 lakh. This limit is to be checked in the […]
It was held that stand taken by the respondent that once original return ST-3 is revised, there is no option in the Service Tax Rules, 1994 to permit to file second revised return is not tenable.
