"21 April 2020" Archive

Intermediary Services to Overseas Clients Under GST

‘Intermediary’ means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both, or securities, between two or more persons, but does not include a person who supplies such goods or services on his own account ( Section 2(13) of IGST Act.). […]...

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E-mails for facilitating faster refund cannot be misconstrued as harassment: CBDT

Release ID: 1616620 (21/04/2020)

The Central Board of Direct Taxes (CBDT) responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups, today stated that these observations are completely unfounded and are total mis...

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Transportation of Goods without issue of Invoice in GST

Rule 55 of CGST Rules 2017: Transportation of Goods without issue of Invoice Provisions under Rule 55 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to  ‘Transportation of Goods without issue of Invoice’, are as under: (1) For the purposes of- (a) supply of liquid gas where the quantity at the time of ...

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Amendments in Income Tax Act for AY 2020-2021

The Amendments made to the Income Tax Act in respect of Individual , HUF , Domestic Companies for Assessment Year  2020-21 , Previous Year 2019-20 by way off. 1. The Finance Act 2019 2. The Finance Act (No.2) 2019 3. The Tax Ordinance Act 2019 4. The Taxation and Other Laws (Relaxation of Certain Provisions) […]...

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Special Rule 20-10-0 – Guidelines for ITC refunds under GST

Special Rule 20-10-0  (October 2019 – March 2020) A Big Roller Coaster Ride  – Guidelines for ITC refunds under Section 54(3) ‘ITC is always considered as a key factor since it has its own dimensions’ Recently, CBIC has released a Circular on GST Refunds wherein they have clarified that the exporter would not be ...

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GST: Foreign Exchange Conversion Service

As per GST law, A person supplying the services of exchange of foreign currency may exercise option to ascertain value in terms of 32(2)b for a financial Year. In service related to supply of foreign currency, including money changing, the problem of valuation always arise, therefore Govt. has prescribed the consideration should be taken...

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Supply under GST – Real Estate Joint Development Agreement

following points are to be discussed : A. What are the Supplies under the project ? B. Considerations for the Supplies specified in clause A C. Rate of Tax against Supplies with effect from 01-04-2019 D. Valuation of Services Supplied under the project E. Time of Supply F. Reverse Charge Mechanism for any Supply under th...

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What are the circumstances where GST is refundable

Is the GST once paid can be claimed back. There are circumstances where GST paid to the government can be claimed back .  There is set procedure which is totally online where registered person can file and claim back the GST. There are two important  aspect of  GST Refund : 1. that under which circumstances […]...

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Interview with GST expert CA Divya Bansal

Today I have with me GST Personality, author and Youtuber CA Divya Bansal in my program KNOW YOUR GST PERSONALITY BY SUDHIR HALAKHANDI. She is a Chartered Accountant of 2016 and already written 3 GST Books and running a GST Channel in the name “Tax Without Tears” having subscriber more than 1.32 Lakhs subscribers. She […]...

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Taxation of voluntary Contributions received by Trusts/ Charitable Institutions

Trusts and other charitable institutions generally receive money from Voluntary Contributions from members and from the general public, let us look at the taxation aspects of these voluntary contributions....

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