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Input Tax credit is the heart and soul of GST, the reason for the existence of GST. Determining the admissibility of Input Tax Credit under GST has been a toiling task since beginning and is becoming more and more difficult due to the complexities and genuine bottlenecks/ gaps in the provisions and prescriptions under the […]
The following draft of rules which the Government of Maharashtra, proposes to make in exercise of the powers conferred by section 154 and section 156 of the Code on Social Security, 2020 (36 of 2020) read with section 24 of the General Clauses Act, 1897 (10 of 1897) and of all other powers enabling
Section 16 of the CGST Act, 2017 spells out the eligibility and conditions for availing the input tax credit. The Section 20 of IGST Act, 2017 provides for the applicability of various provisions of CGST Act, 2017 to the IGST Act, 2017 mutatis mutandis and by virtue of said section the provisions related to Input […]
The Income-tax Act specifically exempts the rewards given by the Central Government and State Governments to the medal winners at Olympics Games, Asian Games, and Commonwealth Games u/s 10(17A) of the Act
The GST has impacted the industry as well as the nonprofit entity. The GST is not totally exempt on these entities but there are few special exemption provided to these entities as discussed. The rest all activities are chargeable to GST if they are not covered in other exemption entry or are not considered as […]
The above words will equally apply to the Tax Advocates, GST Practitioners and other Tax Professionals, as no doubt they will have toiled into the night to draft the writ petitions, replies to show cause notices, grounds of appeals etc.
Master Directions on Prepaid Payment Instruments (MD-PPIs) provide a framework for authorisation, regulation and supervision of entities issuing and operating PPIs in the country;
Indo-Nepal Remittance Facility Scheme leverages the National Electronic Funds Transfer (NEFT) ecosystem available in the country for origination of such remittances and entails a ceiling of Rs. 50,000 per remittance with a maximum of 12 remittances in a year.
Keeping in view the overall objectives of Clean Note policy and to ensure that all bank branches provide better customer service to members of public with regard to exchange of notes and distribution of coins, the afore-said Scheme has since been reviewed and it has now been decided to revise the incentive being paid to the banks for distribution of coins with a major thrust on alternate avenues so as to extend the outreach.
Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate In general practice many developers treating it as sale of Land by taking an assumption that basic facilities provided such as Roads, drainage system, Electrical work, etc along with land as an ancillary services and sale of land […]
