"28 April 2020" Archive

Mechanism of Input Tax Credit under GST

Goods and Services Tax (GST) is considered as the biggest reforms in India. However, one thing that has become the talking point is – the mechanism of input credit under GST. In simple words, Input credit means that at the time of paying taxes on sales made, you can reduce the tax from the tax paid […]...

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Deemed Exports under GST Regime

Deemed Exports in GST is not like an export made out of India. According to the section 147 of CGST Act, goods supplied under deemed export shall not leave India and payment for such supplies is received either in Indian rupees or in convertible foreign exchange, if such goods are manufactured in India. In GST […]...

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GST Treatment on disposal of capital asset

Definition of Capital good under GST As per section 2(19) of CGST act, 2017  ‘capital goods’ means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. GST treatment […]...

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What, when a Vehicle is intercepted at Check Post under GST?

Check Post Problems!!! What is the right and responsibility of Tax-Payer when a Vehicle is intercepted at the Check Post? Check Post problems are the toughest problems for a Tax Practitioner. May it be the old Sales Tax or the Value Added Tax or the Goods and Service Tax, check post problem has been trouble […]...

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Advisory issued by GSTN Portal on filing Form GST PMT-09

Rule 87(13) and Form GST PMT-09 made effective w.e.f 21st April 2017 Rule 87 (13) of CGST Rules, 2017: A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the Act to the electronic cash ledger for integrated […]...

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GST Vs. Earlier Indirect Taxation regime from Business & Law point

Since the inception of the Indian Constitution the earlier In-direct taxation system has faced a jolt most because of the imposition of multiple taxes before the GST reform. The old multilayer taxation scheme imposed a scenario of double taxation along with its cascading effect which ultimately led to in equal distribution of revenues bet...

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Refund on Exports under GST: Some overlooked conditions & restrictions

It is a well know policy of government that goods or services can be exported but taxes should not be exported. Under GST law exports of goods and services are treated as Zero rated supply which entitles an exporter to claim refund in terms of Section 16(3) of IGST Act, 2017. He may either claim […]...

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Is GST applicable on ‘salary’ paid to all directors?

Recently, the Rajasthan Authority of Advance Ruling (‘AAR’) has issued a ruling in the matter of Clay Craft India whereby AAR has interpreted the definition of ‘supply’ and provisions of reserves charge very differently. The AAR has levied GST under reverse charge mechanism (‘RCM’) on salary payments made to directors and has...

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Taxability of director remuneration under GST

Recently in an application filed by the Company M/s Clay Crafts India Pvt Ltd before the Rajasthan bench of Authority for Advance ruling , AAR held that salary/remuneration paid to the Directors working as employee of the company will attract GST and the company is liable to pay GST on reverse charge mechanism as per […]...

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Transitional Credit under GST – The Never Ending controversy

First major litigation before various courts across the country in GST era was pertaining to the transitional credit where the assessees were not able to file TRAN-1/ TRAN-2 within the requisite time. Whereas Government being already short of revenue was adamant on recovering some undue amount from the dealers, the assessees could not let...

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