"26 May 2020" Archive

GST Extended Due Dates due to Covid 19 Charts & Graphical Presentation

Due to Covid 19 pandemic in India, The Indian Government has extended the Due Dates of filing GSTR returns of various assesses for the months of February 20 to April 20. These dates are declared through Notifications 30/2020 to 36/2020. These due dates are different for different types of assesses and also different based on […]...

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Is GST Audit applicable on Turnover exceeding Rs. 2 Crores

In the present article I am going to discuss the law and procedure of Audit to be 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 aFor Filing GSTR -9 AND […]...

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Effect on GST – Gift vs Business Promotion Expenditure

1. Person in Trade and Industries are in the fix regarding availability of Input Tax Credit (ITC) on certain type of Business promotion expenditure. Such expenditures are necessary to boost the sale of service. and before we proceed further let us look into certain sections/clauses/terms and conditions. 2. Relevant Provision : Section 17(...

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GST: Whether transfer of development rights is ‘Sale of Land’

As per Paragraph 5 of Schedule III ‘sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building’ shall be treated as neither supply of goods not supply of services. Development rights are as such not defined in GST law, nor they were defined under the service tax law or […]...

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GST Refund- Scenarios, Time Limit, Procedure & Points to consider

Article explains What is Refund of TAx Under GST, Refund Scenarios Under GST, Time Limit of GST Refund, Procedure for GST Refund, Maximum Input We Can Claim For GST Refund and Points To Be Considered For Smooth GST Refund. What is Refund of Tax Under GST: -Refund refers to any amount that is due to […]...

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Concept of job work under GST

Article explains Meaning of job work under GST Law, Classification of job-work transaction as supply of goods or service for GST, Treatment of job work transactions in GST in diffrect Scenarios i.e. (a. Supply of goods from Principal to Job worker & returned by job worker within specified time b. Supply of goods from Principal to Job work...

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MCA includes ‘PM CARES Fund’ in CSR Schedule VII

Notification No. G.S.R. 313(E) (26/05/2020)

MCA notifies PM CARES as eligible to receive CSR Corpuses of corporates as it amends Schedule VII of Companies Act, 2013 vide Gazette Notification dated 26th May, 2020 and included Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) in Corporate Social Responsibility (CSR) Activities under Sectio...

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GST ITC-02A enabled on GST portal

GST portal has now enabled filling of GST ITC-02A. GST ITC-02A is a declaration of untilized ITC transferred for obtaining a separate registration within the same state or union territory. Rule 41A deals with Transfer of credit on obtaining separate registration for multiple places of business within a state or UT- (1) A registered person...

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GST Implication On ‘Contractual Liquidated Damages’ Amidst Covid-19: Adding Fuel To Fire

Covid-19 Pandemic has brought uncertainty and raised doubts on the future course of action to be adopted by entities. Amongst others, one cause of concern is the impact of the wide-scale defaults of the contractual obligations to be fulfilled during this pandemic....

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Calamity Cess on GST – A Boon or A Bane?

Article 279A(4)(f) of the Constitution grants power to  the GST Council to levy a special tax during any natural calamity or disaster in order to raise additional revenue from GST. Kerala Government had introduced Kerala Flood Cess last year following the Monsoon Floods of 2018 and started levying 1% cess on GST for two years from [&hel...

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