"16 August 2020" Archive

Data Extraction from GSTN-An Synopsis

This data has been extracted from A Statistical Report on Completion of 3 years of GST released by Goods and Services Tax Network on 3rd Anniversary of GST. Source of the entire data produced here is from this document released by GSTN.  1. Active Taxpayers as on 30th June, 2020: Summary Type of Taxpayer No. […]...

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Situs of Goods or accretion of goods in works contract whether relevant to determine nature of Supply in case of Works Contract

Situs of Goods or accretion of goods in works contract whether relevant to determine the nature of Supply in case of Works Contract Introduction Though GST is destination based tax but In works contract, it is important to determine the point of origin from where supply is made. The point of origin shall not only […]...

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Presumptive Taxation under Income Tax Act, 1961

The Scheme: To provide relief to small taxpayers from tedious task of maintaining books of accounts and getting them audited, a presumptive taxation scheme is framed which allows the assessee to declare income at prescribed rates and pay tax thereon, thereby avoiding the tedious work of maintaining books of accounts and audit. Relevant Se...

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Complete & Detailed Analysis of Place of Supply Rules – Section 10 of GST

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and the States will be replaced by one tax called the Goods and Services Tax (GST). GST is a multi-stage value added tax levied on the […]...

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Steps After Obtaining GST Registration

If the turnover exceeds the threshold limit mentioned in the GST Act, then the person is mandatory to take GST registration. In some cases, people are mandatory to take GST registration like in case of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc. Many times taxpayers take GST number but he […]...

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Seamless Input Tax Credit In The Cases of Civil Constructions Intended For Renting or Leasing

Seamless Input Tax Credit (ITC) under GST Regime In The Cases of Civil Constructions Intended For Renting or Leasing One of the primary mottos behind introduction of GST is to provide seamless input tax credit till the chain of supply breaks for consumption, as it’s introduction is to eliminate cascading effect. A simple example to [&he...

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ITAT restricts addition for Bogus Purchase to the peak of purchases

ITO Vs Shri Sunil Govind Agre (ITAT Mumbai)

ITO Vs Shri Sunil Govind Agre (ITAT Mumbai) During the course of assessment proceedings, the AO called for information u/s 133(6) from the above two parties in order to verify the genuineness of transactions. However, the notices sent by him could not be served and these were returned un-served by the postal authorities with the […...

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Provisions of Time of Supply under CGST Act 2017

1. Relevance  – Time of supply decides when the supplier or recipient is liable to pay GST for goods or services or both. It is the most crucial part in the GST law. 2. Time of Supply of Goods (Section 12 of CGST Act) a) General Provision – The date of issue of invoice by […]...

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Removal of Director Disqualification under Companies Act, 2013

The Registrar of Companies (ROC) in September, 2017, 2018 and now in 2019 took an outrageous step and struck off many Companies who had not done their filing for a period of two financial years or more believing that the Companies are not doing any business in accordance with Section 248 (2) of the Companies […]...

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MSME UAM/Registration- Clarification

MSME UPDATES: The Ministry of MSME through its Office Memorandum (O.M) dated 06th August 2020 has issued a clarification on Existing EM i.e. Enterpreneurs Memorandum Part —III-UAM. The Ministry has drawn the attention of public on its previous notification dated 26th June 2020 and in its link has clarified certain points: THE NEW UPDATE...

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May 2021