Central Board for Direct Taxes CBDT has come up with some changes in ITR Forms for AY 2020-21 like every year. Now taxpayers are requested to answer some more questions of high value transactions like deposits in current accounts more than 1 crore, electricity bills aggregating of more than 2 lakhs, etc., Changes in Form […]
1) Introduction:- ITC means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is termed as Input Tax. The concept isn’t entirely new because it already existed under the pre-GST indirect taxes regime (service tax, […]
Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman stressed that structural reforms are a key priority of the government as has been reflected in the slew of measures & policies announced since outbreak of COVID-19. Every policy which was introduced had a structural component. Consequently, thereforms are having significant impact on the recovery process which we are currently witnessing.
As per the definition of Goods given u/s 2(52) and definition of services given u/s 2(102) of CGST Act, 2017 money is excluded. As per this if we provide loan to someone then this is not taxable since this is just a transaction in money. But the activities related to use of money is included […]
CBIC notified Proviso to Section 50(1) of CGST Act, 2017 – Interest in GST to be levied on Net Tax liability w.e.f September 1, 2020 and on Gross Liability till 31st August 2020. Section 50 of CGST Act 2017 was amended by Finance (No. 2) Act, 2019 (23 of 2019) by inserting a proviso to […]
September 2020 marks an important month for completion of major compliances under Goods & Services Tax. We present below the list of activities which should be executed by the registered person in September 2020. 1. Amendment in GSTR-1 for FY 2019-20 As per first proviso to Section 37(3) of the CGST Act, 2017, no rectification […]
The delegated legislation does not go beyond the reach of the judicial review of the Supreme Court and of the High Courts. Part I of the article is dealt with the manner in which delegated legislation is conceptualized under tax laws. This Article being an extension is aimed to analyse the issues populated under GST […]
I. Concept of delegated legislation – Ramanatha Aiyar’s, The Law Lexicon, defines delegation as an act of making or commissioning a delegate. Subordinate/delegated legislation is a process by which the executive is given powers by primary legislation to make laws in order to implement and administer the requirements of that primary legislation. Thus, the phrase “to […]
Prasanna Kumar Bisoi Vs Union of India (Orissa High Court) In a recent ruling passed by Hon’ble Orissa high court, held that w.r.t. interest liability for delayed payment of GST under Section 50(1) of the CGST Act, 2017, is required to be paid on net cash tax liability in view of the decision taken by […]
The implementation of GST will go down in history as one of the most fundamental landmark reforms in Indian taxation. Before GST, the combination of VAT, Excise, Central Sales Tax and the cascading effect of tax on tax resulted in the standard rate of tax being as high as 31% in many cases. The multiple […]
