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IN GST regime, under RCM (Reverse charge mechanism), for supply of following services as in the table below has been notified, the GST payment of which is on the recipient of services, instead of supplier of service. For ease of understanding, updated comprehensive list is appended with notifications for amendment/insertion:- S.No. Category of Supply of […]
In India, hand sanitizers are manufactured in the form of liquid, gel or foam and its demand has shot up during recent times. Many Sugar Mills and distilleries are also engaged in manufacturing/supplying alcohol-based hand sanitizers. In India many liquor manufacturing companies and distilleries have commenced manufacturing of sanitizers amid huge demand post Covid-2019. The […]
One such reform launched under the new GST regime is the country wide implementation of Electronic Way Bill (E-Way Bill) system. E-Way Bill is a unique document/bill, which is electronically generated on the GST portal evidencing the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than Rs. 50,000.
Simplified GST Series /Demand & Recovery/Section 80-84/CGST ACT 2017 Article analyses Section 80 – Payment of tax and other amount in instalments, Section 81– Transfer of property to be void in certain cases, Section 82- Tax to be first charge on property, Section 83- Provisional attachment to protect revenue in certain cases and Section 84- […]
The provision that has gathered maximum attention for its ability to create significant stress and nuisance would clearly be Section 9(4) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’). Before we go to that, we should understand Reverse Charge Mechanism. Reverse Charge Mechanism (RCM). Normally, the supplier of goods or services pays […]
In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other words, the duty to decide the validity of the transaction was left to the court.
We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources. Section 28 is […]
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller. As we all are aware that now the format of Form 26AS has been […]
The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may create doubt if he fails to file his return of Income within due date, whether he can file his return of Income after the due date, especially when he is under no obligation to get his accounts audited under Income Tax Act or under any other law.
M/s Canon India Pvt Ltd Vs Commissioner, Goods & Service Tax (CESTAT Chandigarh) The issue involved in the present case is in respect of levy of service tax on the amounts paid as salary to expats under the taxable category of Manpower Supply Services. With effect from 01.07.2012, the law as introduced by the way […]
