Purpose: 1. To avoid double taxation on the supply of goods which has already been taxed e. Second hand Goods. 2. GST is calculated on the difference between the value at which the goods are supplied and the price at which the goods are purchased e. profit margin unlike GST charged on the transaction value […]
As per section 2(6) of CGST Act, 2017 ‘aggregate turnover’ means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess.
Reverse Charge Mechanism (RCM) on purchases made from Unregistered Dealer under GST As per Section 9(4) of CGST Act, 2017 and Section 5(4) of IGST Act, 2017 any Supply of goods or service from an Unregistered supplier to a Registered supplier will cast liability to Pay GST to the Government in the form of RCM i.e. […]
There are many doubts comes in our mind whether we need to reverse the common ITC related to Interest Income because it represents the part of turnover. I wish to clarify that there is no such reversal at all for the registered person other than a banking company or a financial institution including a non-banking […]
Input services ITC also eligible for refund under Inverted duty structure – Analysis of Gujarat High Court decision and its impact- Introduction: The fundamental principle of GST laws worldwide is that it is a multi-stage tax and tax on value addition, with final consumer alone ultimately bearing the tax. This is ensured by allowing the […]
There are some misleading media reports to the effect that if there is no valid PUC certificate at the time of accident, claim under a motor insurance policy is not payable. It is hereby clarified that not holding a valid PUC certificate is not a valid reason for denying any claim under a motor insurance policy.
The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?
Definition of ‘Financial Institution’ plays a very key role in determining eligibility of ITC on inputs, capital goods, input services. However, GST act didn”t define the definition of ‘Financial Instituion’.
On 20th August 2020, the GST Council has scheduled two GST Council meetings back to back starting on August 27 and September 19th as 41st and 42nd meetings for 2020 respectively. With a steady decline in the GST collection, the Central Government has expressed its inability to compensate States this time. This agenda is to be discussed for the 41st […]
Annual Compliance for LLP Relevant provisions : Limited Liability Partnership Act, 2008 and Limited Liability Partnership Rules, 2009 Partnership has been the most desirable form of business since ages. Just by adding a prefix i.e ‘Limited Liability’, A new form of business is created which is LIMITED LIABILITY PARTNERSHIP. The ulterior motive for constituting this […]
