"09 May 2020" Archive

Aspects of Valuation Under GST

Every  taxable person is liable to pay GST on supply of goods or services or both  on the value to be determined as per section 15 of the CGST Act, 2017. GST Law has adopted the concept of Transaction Value on which tax is payable by the taxable person....

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GST Due Dates Extended – Summarized

The spread of Novel Corona Virus (COVID- 19) has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, 2017 (hereinafter referr...

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Demystifying the Subject of ITC on Construction and Works Contract Services

The Article below summarizes the subject of admissibility of input tax credit in respect of works contract and construction services in the light of the provisions of the CGST Act and the related judicial pronouncements....

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Whether Block credit provision applicable on Free Samples?

The negative list of items on which Input tax credit (ITC) is not available, have been coded under Section 17(5) of the CGST Act. Section 17(5) deals with blocked credit in GST. It enlists various circumstances under which the Input Tax Credit shall not be allowed to the Recipient irrespective of provisions mentioned in Section 16(1) & 18...

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Concept of TCS under GST | Section 52 of CGST Act, 2017

TCS [TAX COLLECTION AT SOURCE] {Section 52 of CGST Act, 2017} Objective behind introduction of TCS: – refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the Electronic Commerce Operator (ECO). Sect...

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Formation and Role of GST Council

The article focused on Formation of GST Council and its Role. It is summarized in such a way that a lay man can also easily understand it. Formation of GST Council:- ♦ Article 279A talks about GST Council ♦ GST Council came into force on 12th September, 2016 ♦ President constituted the GST Council on […]...

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Attachment of bank account by GST Authorities- Important Judgments

RCI Industries & Technologies Ltd. Vs Directorate General of GST Intelligence (Punjab & Haryana High Court)

Extract of Section 82 and 83 of CGST Act, 2017 Tax to be First Charge on Property  82. Notwithstanding anything to the contrary contained in any law for the time being in force, save as otherwise provided in the Insolvency and Bankruptcy Code, 2016, any amount payable by a taxable person or any other person […]...

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Overview of 25 amendments to Income Tax Act, 1961 Vide Finance Act, 2020

To give effect to the financial proposals for the FY 2020-2021, the Government of India has amended inter alia the Income-tax Act, 1961 (Act) vide the Finance Act, 2020 published in the Gazette of India on 27 March 2020. In this edition, we hereby bring to you certain specific amendments to the Act, together with […]...

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Tax Planning: Buy-back or Dividend

Finance Act 2020 has made significant changes in the way dividend was taxed in India, up to the Financial year 2019-20 dividend was liable to be taxed at the time of distribution by the company u/s 115-O @ 20.56% (effective rate). Dividend income in the hands of the shareholders was exempt, except for resident individual […]...

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Decoding the End of Perpetuity Regime for NGOs, Charitable Trusts etc.

The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961 (the Act). The registrations were perpetuity in nat...

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