"19 May 2020" Archive

Concept of Time of Supply under GST

GST is payable on supply of goods or services. A supply consists of elements that can be separated in time, like purchase order / agreement, despatch (of goods), delivery (of goods) or provision or performance of service, entry in the records, payment, and entry of the payment in the records or deposit in the bank. […]...

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Issues in Taxation of Joint Development Agreement (JDA) Transactions

In my last write up – Joint development agreement – Taxation under Income Tax & GST published in the month of April’2020 I have discussed taxation aspects of Joint Development Agreement (JDA) transactions under Goods & Services Tax Act, 2017 (GST) and Income Tax Act,1961 in a detailed manner. Now, on making a further in-dept...

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Penalties – Fake Invoices and False Entries – GST Act 2017

Penalties for Fake Invoices and False Entries – Section 122 (1A) of CGST Act 2017  ( W.E.F 1.04.2020) for certain offences. The Finance minister in her budget speech has announced certain new provision in GST . According to Clause 124 of the Finance Bill 2020 Extract from the Finance Bill, 2020– 124. In section 122 […]...

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Composition Scheme Under GST – A Detailed Analysis

1. The composition scheme under GST is optional and alternative method specially designed for the small taxpayers whose turnover is up to 1.5 Crore (Increased from Rs. 1 Crore) & (Rs. 75 Lacs in case of few states) and the main reason is to reduce the compliance cost (less returns, maintaining books of account & […]...

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TRAN 1 – Credit in Perpetual Transit

The issue of transfer of closing balance of credit through TRAN 1 from erstwhile regime to GST regime refuses to settle down even after three years of implementation of GST. While the GST Act and Rules created confusion on what can or cannot be transferred, the GST system failed to provide the critical technical support […]...

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Law & Provisions for Audit to be Conducted by Department In GST

In the present article I am going to discuss the law and procedure of Audit conducted by the department and special audit as prescribed under GST law. The concept of Audit is not a new concept, the tax payers are already required to get his books of accounts audited under various laws like Income Tax […]...

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HC quashes Order for Tax & penalty passed without Opportunity | Section 75 | CGST Act 2017

Serajuddin and Co. Vs Union of India (Orissa High Court)

Serajuddin and Co. Vs Union of India (Orissa High Court) A perusal of sub-section 4 of the Section 75 of  CGST Act 2017 makes it clear that whenever an assessee, chargeable with tax and penalty makes a request in writing for opportunity of hearing, such an opportunity should be granted to him. Here, admittedly though […]...

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GST on Ocean Freight – A Tax Adventure, that Failed

BACKGROUND OF LEVY Leviability of GST under Reverse Charge Mechanism (RCM) on ocean freight is one of the issues which has been seriously debated on in the GST regime since beginning. The controversy relating to taxation of ocean freight under RCM finds its roots from service tax regime wherein such levy was first introduced, by […...

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GST: Power to Inspection, Search, Seizure, Arrest, Summon & Access to Business Premises

Section 67 to 71 of  CGST ACT,2017 explains the circumstances where in search, seizure and arrest can be done. Inspection and search and seizure [Section -67] i ] where taxable person suppressed supply of goods or service or both or stock of goods in hand or claim input credit in excess in contravention of the […]...

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Valuation Concepts under GST – Detailed Analysis

The Valuation for supply of goods or services or both is a very vital chapter under the GST. It is an important part for the Government because the Government would like that no any supply would have been made under value. It is an important for a Registered Person because valuation in regard of supply […]...

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