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Archive: 29 April 2020

Posts in 29 April 2020

Composition Scheme under GST | Section 10 | CGST Act 2017

April 29, 2020 3957 Views 3 comments Print

Composition Scheme was introduced for small taxpayers, so that they can get rid of tedious GST formalities and pay indirect tax at a fixed rate of turnover. ♦ Eligibility :- 1. It is an optional scheme available to taxable person, Taxable person can opt for the scheme if aggregate turnover is upto Rs. 1.5 crore […]

A brief note on Actionable Claim under GST

April 29, 2020 55971 Views 0 comment Print

The term actionable claim has not been defined under GST law. It has same meaning as mentioned in section 3 of Transfer of Property Act 1882. As per section 3 of transfer of property Act 1882, “Actionable claim” means a claim to any debt, other than a debt secured by mortgage of immoveable property or […]

GST on Tour Operator Services

April 29, 2020 360705 Views 95 comments Print

‘Tour Operator’ shall mean any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours. The definition is provided by the Explanation in Heading 9985 of GST […]

GST & Indian Economy

April 29, 2020 11241 Views 1 comment Print

The growth of Indian economy & growth in collection of GST both are positively correlated to each other. Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. GST is consumption based tax and therefore, it wholly depends on the purchasing power […]

GST Registration – A Trigger Point

April 29, 2020 4272 Views 0 comment Print

Goods and Service Tax law in India is a multi-stage, comprehensive, destination – based tax that is levied on every value addition. GST is one Indirect Tax Regime for the entire country and levied on the supply of goods and services. GST replaces many indirect tax laws that was previously prevails in India. Whereas, due to flooded notifications, […]

Checklist before filling GSTR-3B for March 2020

April 29, 2020 4350 Views 0 comment Print

Introduction COVID -19 Pandemic has halted the businesses around the world, and this has made the regulatory authorities to take facilitation measures for various compliance requirements. One such measure is extension of due dates for filling GSTR-1 and GSTR-3B. Notification no-31/2020 dt-03/04/2020 is issued relaxing the filling dates of GSTR-3B, as per the said notification […]

Books of Accounts & Records under GST Regime

April 29, 2020 24969 Views 1 comment Print

Section 35 of CGST Act 2017 deals with the upkeep and maintenance of books of accounts and records by every registered person* at his principal palace of business** from where business is being pursued. Generally such place is mentioned in Certificate of registration of registered person.

How to get stay on income tax demand under Section 220(6)

April 29, 2020 76443 Views 2 comments Print

Whenever assessing officer issues assessment order u/s 143(3), 147, 271(1)(c) along with it notice of demand u/s 156 is also raised. This demand notice is usually required to be paid within 30 days of service/receipt of the same. In case assessee fails to pay the demand within the required time, he/she becomes assessee in default.

Section 80D Tax deduction for Mediclaim Insurance & Medical expenditure

April 29, 2020 66324 Views 7 comments Print

Taking medical insurance has become extremely relevant in the current days and medical expenditures for purchase of medicines for life style diseases have also started becoming a regular expenditure especially for senior citizens. Medical expenditure can cover even the  hospitalization expenses also of the senior citizen. The Income Tax Act, 1961 has given tax benefits […]

Section 54F Exemption allowable despite Non-Claim in Income Tax Return

April 29, 2020 4620 Views 0 comment Print

Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.

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