"17 July 2020" Archive

FAQ’s on GST returns related to COVID-19 relaxation

Due to the ongoing pandemic considering the difficulties for the tax payers, various relaxations for the tax payers were provided by the GST council.  This is in order to reduce the burden & to ease the return filing process which was hindered due to the lockdown across the county. Few were waiving off of late […]...

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Input Tax Credit (ITC) Provisions under GST

This article basically explains the concept of Input Tax Credit under the GST regime. Its procedure, required documents to avail the ITC, Condition, time limit to avail the ITC, Apportionment of ITC based on ITC used Partly for Business and partly for other purposes, partly for effecting Taxable Supply and Partly for exempted supply. Inpu...

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CBDT refunded Rs. 71,229 crore to taxpayers during COVID-19

Release ID: 1639373 (17/07/2020)

CBDT has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue pending income tax refunds at the earliest....

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Dispose pending GST registration applications on or before 30th July 2020

CBEC-20/06/11/2020-GST (17/07/2020)

Subsection (10) of section 25 of the CGST Act, 2017 read with rule 9 of CGST Rules. 2017. provides for deemed approval of application or registration after a period of three working days. if the proper officer fails to take any action on the said application within the said period of three working days....

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Special Audit & GST Audit by tax authorities

Simplified GST Series-Audit/Section 65-66/CGST Act 2017 Section 65- Audit by tax authorities- (1) The Commissioner or any officer authorized by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such frequency and in such manner as may be prescribed. (2) The officers referred [&h...

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Filing GST Refund Under Inverted Duty Structure Simplified

Practical Issues faced while filing Inverted Duty Refund in Statement GST_ REFUND _S01A-Solutions to them… An inverted duty structure is a situation when the tax on inputs is higher than that on output leading to accumulation of credit. Refund under Inverted Duty Structure can be claimed as per Clause (ii) of sub-section (3) of section ...

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GST on Cable TV Services by MSOs and LCOs

CA.K.Siva Rama Kumar (with special reference to threshold limit applicability to LCOs) (A good number of Articles on the GST liability of the Local Cable Operators(LCOs)  expressed a view that the LCOs are ‘agents’ of Multiple System Operators (MSOs) and suggested compulsory registration obligation as per Sec.24(vii),CGST Act, 2017 a...

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Exit option to dissenting unit holders under SEBI (REIT) Regulations

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/123 (17/07/2020)

Manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI Real Estate Investment Trusts Regulations, 2014 (SEBI (REIT) Regulations) Security Exchange Broad of India CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/123 July 17, 2020 To, All Real Estate Investment Trusts (“REI...

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Exit option to dissenting unit holders under SEBI (InvIT) Regulations

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/122 (17/07/2020)

Manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(5C) and Regulation 22(7) of SEBI Infrastructure Investment Trusts Regulations, 2014 (SEBI (InvIT) Regulations) Securities and Exchange Board of File CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/122 July 17, 2020 To, All Infrastructure Investment Tr...

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Rajasthan HC allows bail to CA allegedly involved in Rs 100 crore GST scam

Rajasthan HC allows bail to Chartered Accountant allegedly involved in Rs 100 crore GST scam Input Tax Credit (ITC) basically means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. According […]...

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