"07 June 2020" Archive

GST Rates on Construction Industry- An Analysis

In case of transferable development rights and long term lease by a landowner to a developer shall be exempted subject to the condition that the constructed flat are sold as under construction property and applicable GST is paid to the government....

Read More

Apportionment of Credit and Blocked Credit under GST

Article Explains Basic Definition related to Apportionment of Credit and Blocked Credit under GST, Section 17(1) & 17(3) of CGST Act,2017, Section 17 (2) of CGST Act,2017  Read With Rule 42 and 43 of CGST Rules,2017, Section 17(4) of CGST Act,2017 Read With Rule 38 of CGST Rules,2017 and Section 17(5) of CGST Act,2017 (Block Credit)...

Read More

Apportionment of Credit & Blocked Credits | Section 17 | CGST ACT | GST Series Part 10

GST SERIES PART 10 –APPORTIONMENT OF CREDIT AND BLOCKED CREDITS UNDER SEC 17 OF CGST ACT 1. Sec 17 of CGST Act 2017 and CGST Rules made thereunder provide for detailed provisions on Apportioned of Credit and Blocked Credits. It deals with the different situations that may arise for making admissible partial credits, a list […...

Read More

Details Analysis of GST on Health Care Industry/Hospital

Good health and good sense are two of life’s greatest blessings, In the pre-GST regime, the health care services were not under the scope of levy of Service Tax. In the GST regime the Government instead of giving full exemption to health care services but minimizes the burden of tax by exempting certain health care services as a welfare...

Read More

Important clarifications on Extended GST due dates falling in June 2020

The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, 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 GST Law,...

Read More

All about “INPUT TAX CREDIT (ITC)” under GST Regime

Article explains about Input tax Credit (ITC) unbder GST, Taxes under GST to claim ITC, Conditions to claim ITC, Eligible persons to claim ITC, Manner to claim ITC, Manner to utilise ITC, Tenure to avail ITC, Allowance of ITC, Diallowance of ITC, Allowance / Disallowance of ITC – special points, ITC under reverse charge mechanism [&hell...

Read More

Reverse charge (RCM) on renting of Motor Vehicle

Introduction: RCM on rent of Motor Vehicle was notified w.e.f. 01/10/2019 through notification no. 22/2019 CGST(rate) dated 30-09-2019. Later due to some confusions amendments and clarifications are introduced on 31/12/2019 through Notification No. 29/2019- CGST(Rate) and Circular No. 130/2019. Detailed study of the topic is as follows: D...

Read More

AAR’s rejects Applications of Mauritius Entities for selling Flipkart shares

Re Tiger Global International II Holdings, Mauritius & Ors (Authority for Advance Rulings New Delhi)

Re. Tiger Global International II Holdings, Mauritius & Ors (Authority for Advance Rulings New Delhi) Facts: ♠ Tiger Global International (II, III, IV) were the applicants, the Mauritius based companies which holds several shares in the Flipkart Private Limited, the Singapore based Company, the company which derive its substantial v...

Read More

Direct and Indirect Tax updates May 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT notifies new form for 26AS which shall also include information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings (Noti...

Read More

Traditional Assessment to E-Assessment- Income Tax dept. getting Digital

Finance Act, 2019, amended the provisions of the Income Tax Act, 1961, (Act) to empower the government to notify a new tax assessment scheme, whereby the proceedings will be conducted entirely in an electronic mode....

Read More