"05 May 2020" Archive

How to correct mistakes of GST challan through Form GST PMT 09?

GST PMT-09 is the form for relocating the falsely or erroneously paid GST through cash ledger. For example, if you have paid CGST instead of SGST, you can rectify it by using this a form which is known as GST PMT-09. The government has now made Form PMT-09 live from 21st April 2020, for taxpayers so that they can rectify the mistakes that...

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GST Refund cannot be withheld for ‘Want of Cross-Verification Details’

ACC Limited Vs Asst Commissioner CT (Telangana High Court)

In our opinion, this action of the respondents is also violative of Art.14,19,265 and 300-A of the Constitution of India. The respondents cannot be permitted to take advantage of their own negligence, assuming that the Demand drafts handed over by the petitioner, were not presented and encashed by the respondents....

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An Analysis of Finance Act, 2020 vis-à-vis GST

Introduction The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017. Article analyses Amendment CGST Act, 2017 in Section 2 […]...

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All About Reverse Charge Mechanisms In GST Law

In Goods and Service Tax there are Two methods to Collect Taxes that is Forward Charge Mechanisms and Reverse Charge Mechanisms. In Every Law passed by the Government to collects taxes, it has to introduce two type of Power to Collect Tax that is Levy of Tax (which is Section 9 of CGST Act, 2017 […]...

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Notices related to Assessments under GST

Show Cause Notice: This is a popular term used under erstwhile central excise regime now travelled in to GST. There is no definition of either notice or show cause notice under section 2. The term show cause attached to notice only amplify its meaning and intent....

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Detailed Discussion on E-Way Bill under the GST

1. What is an eWay Bill? E-Way Bill is an Electronic Way bill for movement of goods to be generated on the e-Way Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in. Alternatively, E-way ...

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Capital Assets | Short Term | Long Term | Taxation & Classifications

Capital gains is considered as one of the most crucial head of income. Since it is that crucial, everybody needs to be doubly sure at the time of computation of tax liability from capital gains. Many times, we observed that there is always a confusion regarding bifurcation of short term and long term capital asset […]...

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TDS Provisions related to Small Businesses & Covid 19 Relief

TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

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

Srinivas Bejgam Vs ACIT (ITAT Hyderabad)

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 de...

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Section 194E TDS on payments to non-resident sports associations

Pilcom Vs CIT West Bengal (Supreme Court)

Payments made to the Non-Resident Sports Associations represented their income which accrued or arose or was deemed to have accrued or arisen in India. Consequently, assessee was liable to deduct Tax at Source in terms of Section 194E....

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April 2021