"24 July 2020" Archive

Reverse Charge Mechanism on Goods & Services under GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means liability to pay the tax is on the person receiving goods/services instead of the person supplying the ...

Read More

Credit Note Vs Discount | Section 15(3) | CGST Act 2017

My questions for examination in this article are 1. Whether credit note issued for reducing price towards goods supplied shall be treated as discount given or just reduce the price without treating it as discount given; 2. Whether the supplier can reduce tax liability on credit note issued for reducing price when there is no […]...

Read More

OIDAR Services Under GST Regime

What is OIDAR? Online Information Database Access and Retrieval services (hereinafter referred to as OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. downloading of an e-book online for a payment woul...

Read More

Upcoming changes in GST return filing & GST online portal

Upcoming changes in GST return filing & GST online portal GST has been the chest of confusion since its inception. With every new amendment & notification, Traders, Manufacturers etc. rides a roller coaster ride. This lockdown imposed by the government brought some stability & relaxations in this ride. This has given some time...

Read More

Bonded Manufacturing- a new opportunity to manufacturers

Aatma Nirbhara Bharat is recent mission of the Central Government to promote manufacture in India. This is to ensure that India will be self-reliant and generate employment. Under the Invest India Scheme, the Central Government has introduced a facility called Bonded Manufacturing. Bonded manufacturing allows the manufacturer to import th...

Read More

Presence of advocate during GST search proceedings

There is no provision in CGST Act 2017 indicating that GST search proceedings have to be carried out in presence of an Advocate and, thus, assessee's request for same could not be allowed....

Read More

Section 44AD Linkage with Tax Audit under section 44AB updated by Finance Act, 2020

Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. ...

Read More

Taxability of Back to Back Contracts in GST

Back-to-back contracts are not current phenomena but an old trend which was also in the picture and a matter of discussion from VAT & Service Tax Era where there was huge debate and subsequently resulted in various litigation before Entry No. 29 (h) of Mega Exemption Notification No. 25/2012 dated 20.06.2012 provided exemption to sub-...

Read More

Challenges in Revocation of Cancellation of GST Registration

CBIC through Removal of Difficulty Order No. 01/2020-Central Tax dated 25.06.2020 seeks to extend the time limit for filing an application for revocation of cancellation of registration for specified taxpayers. However, GSTN hasn’t started the process on the common portal. Recently, GST Update on the common portal that says 1. In case y...

Read More

Interest to be considered in Aggregate Turnover under GST?

Interest to be considered in Aggregate Turnover or not? I think this could be a question of many and many of us might have taken a simple stand GST is not applicable on Interest received on Fixed Deposits, Interest on PPF, or Interest on Savings Banks therefore let’s not consider it while calculating aggregate turnover […]...

Read More

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930