"23 July 2020" Archive

GST/Compensation Cess on Used Cars: FAQs

GST and Compensation Cess Applicability on Sale of Old/Used Motor Vehicle in different Scenario Take Away from this article: Whether GST and Compensation Cess is applicable at different rates and/or Concessional rates or not on sale of old/used motor vehicle GST applicability on sale of Old/Used car in the following scenario has always be...

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GST on Apparel Industry

Preface Indian textiles and apparel have global appeal. Cotton, silk, and denim from India are highly popular in foreign Countries, and with increasing Indian design talent, Indian apparel too has found success across fashion centres around the world. India is the world’s second-largest exporter of textiles and apparel with a massiv...

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New Tax Regime Versus Old Tax Regime – Tax Calculator

The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee’s salary on the basis of the tax regime chosen by the employee else by default TDS would be deducted as per Old Tax Regime Rates. The Union […]...

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Tax Implications on Sale of Immovable Property by NRI

Due to vast provisions of Income Tax Act, 1961 regarding taxation of non-residents, most of the time NRI’s gets confused by the provisions of law governing the taxability of their income in India. Most of the NRI’s have immovable properties in India and they get puzzled about taxation on sale of the immovable property. Apart […...

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New Form 26AS

1. CONCEPT OF FORM 26AS Form 26AS is the consolidated annual tax credit statement issued by income tax department. It  contain information about tax deducted by employer, banks and other persons, tax collected on sale made to buyer, refund given, self-assessment tax and advance tax taxes paid, details of high value transactions and TDS d...

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Analysis of Section 74 -CGST Act 2017

Simplified GST Series -Section 74- CGST ACT 2017 Section 74-Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts. (1) Where it appears to the proper officer that any tax has not been paid or short [&hellip...

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Reducing documentation for outward supplies under GST

An effort has been made in this article to analyse the possibility of converting the regular supplies into ‘continuous supply of goods’ in order to reduce the compliance burden for the person registered under GST. Concept of continuous supply In GST, the term “continuous supply of goods” has been defined to mean “supply of goods...

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Compliance (Complications) under Section 16(2)(D) (180 Days) of CGST Act, 2017

Input Tax Credit (ITC) under GST is the GST credit paid and subsequently availed by taxpayers to be set-off against their GST payable. However, not all ITC is available to a taxpayer. Some ITC is ineligible for claim from the time it’s incurred by the taxpayer while other ITC become ineligible after availment by way […]...

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No Service Tax on Octroi Collection in discharge of Sovereign Privilege

Traffic Manager Vs Commissioner of Service Tax (CESTAT Mumbai)

The issue under consideration is whether the service tax is applicable to the collection of Octroi for entry of goods in the discharge of sovereign privilege?...

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Principle of Double Taxation: A Jurisprudential Approach

The lack of an express legislation has always embarked a debate surrounding the issue of double taxation. Taxes are a compulsory imposition but by virtue of the constitution of India, taxes can only be imposed by the force of law. The presence of Article 265 of the constitution gives a statutory recognition to taxability....

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