"08 July 2020" Archive

Different GST rates on Roti and Parota

The Authority for Advance Ruling (AAR, Karnataka) has pronounced a ruling that parantha (frozen / packaged) is different from plain roti and as such shall attract a higher rate of GST, i.e., 18% instead of 5% applicable to roti. [In Re: ID Fresh Food (India) Pvt. Ltd. (2020) 6 TMI 183 (AAR, Karnataka)]. In the […]...

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GST applicability in cryptocurrency Classification & taxability of Bitcoins

Treatment of bitcoins as goods/property would mean that supply of bitcoins is a ‘taxable supply’ and hence subject to GST. However, a supply of bitcoins as goods or property in exchange of other virtual/real goods should technically fall within the ambit of ‘barter transaction’ since bartering is simply an exchange of one good for...

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Lifetime Opportunity to restore cancelled GST Numbers

Revocation of Cancellation of Registration u/s 30 of CGST Act, 2017 via Removal of Difficulty Order No. 01/2020-Central Tax dated 25th June, 2020 GST has travelled 36 months journey with various milestones and stoppages. Law has seen many ups and downs. Tax payers have witnessed many such issues which were not that significant but have [&...

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Dilemma about Due Dates for Compliances by Composition Taxable Persons

This article deals with dilemma about extension of due dates in case of composition taxable persons. This article specifically deals with extension of due dates in respect of CMP-02, CMP-03, CMP-08, GSTR-4 and ITC-03 Notification 34/2020-CT dated 03-04-2020, extended the due date of quarterly payment of tax in case of composition taxable ...

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GST exemption on Services by way of renting of Residential dwelling for use as residence

S.No 12 of the Notification No. 12/2017 dated 28.06.2017 vide Heading No.9963 has provide for the following exemption: ‘Services by way of renting of Residential dwelling for use as residence‘ This exemption entry would be applicable when the following factors are present: 1. Residential Dwelling The term ‘residential dwelli...

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Anti-Profiteering under GST: Analysis of Recent Decisions and comparison with other jurisdictions

Introduction With the introduction of the Goods and Services Tax (GST), the entire landscape of indirect taxation in India has undergone an upheaval. The GST has been hailed as a revolutionary enactment which would remove the cascading effect of taxes, i.e. no longer would tax on tax be have to be paid. To do this […]...

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End of Litigation of GST on Directors’ Salary

END OF LITIGATION OF GST ON DIRECTORS’ SALARY [CIRCULAR NO. 140/2020 DATED 10.06.2020]  You are aware that the matter regarding applicability of GST on Director remuneration paid to full time / executive Directors has been subject to different interpretations in various ruling of AAR. Till date, there has been a lot of anxiety and ...

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Amendments in GST refund Law by Notification No. 16/2020

Recent Amendments in refund Provisions: As inserted by Notification No. 16/2020 dated 23rd March, 2020. Brief Understanding of Provisions As per Section 16(1) of IGST Act, 2017, exports of goods or services or both and supplies of goods or services or both to SEZ are zero rated supplies. This means that there is no burden […]...

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Decriminalisation of Cheque Bouncing

The statement released by Ministry of Finance on 8th June, 2020 has proposed to decriminalize a number of economic offences and one of such offences is the offence under Sec 138 of Negotiable Instruments Act, 1881 for dishonor of cheque. The Ministry has invited comments of stakeholders latest by June 23, 2020 on the decriminalization [&h...

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3 Mistakes that can lead to an Income Tax Notice

Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because...

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