"17 April 2020" Archive

E-Commerce Operator Under GST

In The World of Digitization and Automation, we are dealing with various E-Commerce Operator from Cab Services, Hotel Accommodation Services, Food Services, etc on constantly basis in our daily life. With Introduction of GST, Scope is widen on services provided through ECO. Will explain the Various Provision applicable to E-Commerce Opera...

Read More

Taxation Scheme for Salaried Employees

As you all must be aware of the New Taxation Regime introduced by the Finance Act, 2020 by insertion of section 115BAC in the Income Tax Ac, 1961. Now, there is a lot of confusion going around regarding this and number of questions mentioned below remained unanswered as of now- (a) How to deduct withholding […]...

Read More

Time Limit for taking ITC & Ledger Restrictions – An Analysis

1. The basic design of GST postulates that the input tax credit (ITC) shall be seamlessly granted to the registered businesses to avoid the cascading effect of tax and also to ensure that the entire tax burden is transparently transferred to the end consumer. Said design also found mention in the Statement of Objects and […]...

Read More

GST: Amended Definition of Adjusted Total Turnover | Rule 89(4)

The Government vide Notification No. 39/2018–Central Tax dated 04/09/2018, amended Rule 89(4) which provides mechanism for calculation of refund amount of input tax credit in relation to zero-rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with provisions of sub-section ...

Read More

Compulsory Aadhar/ Physical Verification Prior to GST Registration

Physical verification is not a new concept in tax laws.  Central Government has opened up new avenues for the Tax Officials for prior visit of premises whereby now the registering authority may undergo prior physical verification of the registered premises of the registrant prior to issuance of registration under GST Law. I. BACKGROUND: ...

Read More

Cash Transaction Limit – When to Say No

Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash transactions, the Government from time to time has introduced many new [&hell...

Read More

ITR selected under Risk Management Process for pending Tax Refunds

Income Tax Department under its reminder campaign, sent email to around 1.74 Lakhs Taxpayers on 14/04/2020 with the Subject line regarding “Claim of Refund in your Income Tax Return for AY <Assessment Year> – <PAN> “. The said email states that “Your Income Tax Return has been selected under risk management process...

Read More

Treatment of GST on Advances

Time of supply determines when the tax liability arises. Section 12 to 14 of CGST Act 2017 deals with time of supply provisions. Time of supply is different for goods and for services and it depends on different aspects to determine time of supply. General rule is time of supply is earlier of date of […]...

Read More

Interview with GST expert CA Shaifali Girdharwal

INTERVIEW WITH GST EXPERT CA SHAIFALI GIRDHARWAL BY CA SUDHIR HALKHANDI Dear Friends, on 16th April I have interviewed GST Expert and Natural orator CA Shaifali Girdharwal. She is a girl from small town called Muzaffar Nagar, Near Meeruth (UP) and now turned into a a successful Professional in the National Capital, Delhi. She served [&hel...

Read More

Analysis of Taxability Works Contract Transactions in GST

The Taxation of Works Contract was always a subject matter of dispute because both Service and Transfer of Property in Goods were involved in the very same transaction. In the case of Gannon Dunkerly, the Hon’ble Supreme Court had held that in case of a works contract, the dominant intention of the contract is the […]...

Read More