Let us now understand some of the issues under GST refund where the authority has gone beyond the delegated powers to provide the restriction to claim the GST refund....

After lots of efforts, the Goods and Service Tax Act was introduced in India with effect from 1st July 2017. GST- Being a major indirect tax reform GST replaced many indirect tax laws that were prevalent and under which tax was levied by both the Centre Government and the State Government. Indirect Taxes that existed […]...

Rule 117 as being directory in nature, insofar as it prescribes the time-limit for transitioning of credit and therefore, the same would not result in the forfeiture of the rights, in case the credit is not availed within the period prescribed. This however, does not mean that the availing of CENVAT credit can be in perpetuity....

Credit and Debit note under GST Introduction of credit note A supplier of goods or services or both is mandatorily required to issue a tax invoice.However, during the course of trade or commerce, after the invoice has been issued there could be situations like: Original tax invoice has been issued and taxable value in the […]...

What is Compensation Cess :For the purpose of providing compensation to the States for any loss of revenue post GST regime, compensation cess (CC) provisions were introduced for a period of 5 years (till 30.6.2022). Following goods are covered [Schedule u/s 8(2) of GST (compensation) Act or CESS Act] on which CC would be levied […]...

1. The charging section (Section 9 of CGST Act, 2017, Levy and collection of GST) is the most important section in any law for levy (impose) and collection (payment) of taxes. The very basic for the charge of tax in any taxing statute is taxable event. i. e. the point of time when tax will […]...

1. While transitioning from the previous taxation regime to the new GST regime, eligible taxes paid in the previous regime were allowed as transitional credits under GST. It was intended to lower the cascading effect and preserve the vested credits. Sec. 140 of the CGST Act, 2017 along with Rule 117 contains the provisions related [&helli...

Input Tax Credit (ITC) means the amount of tax paid on purchase of Input Goods, Input Services and Capital Goods and includes tax paid under Reverse charge. Then at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount. This mechanism is […]...

This time CBDT has extended the Last date to File Income-tax Return for the F.Y -2018-19 from 31.03.2020 to 30.06.2020. After the lockdown, now the Government of India is granting permission to start business activities in a phased manner so that the Economy can move forward but now MSME Sector is starting facing cash flow issues to reviv...

The Commissioner of Income-tax (Appeals) is the first appellate authority. Section 246A specifies the orders against which an appeal can be filed before the Commissioner of Income-tax (Appeals). Appeal can be filed before Commissioner (Appeals), when a tax payer is adversely affected by Orders as under passed by various Income tax authori...