Government has clarified as under with respect to the correct valuation methodology for ascertainment of GST on Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961:
INTRODUCTION 1. What is the real scope of FORM GSTR–9C ? This is a million dollar question. This is because the views on the issue are clearly divided amongst the professionals. On one side the said Form is viewed as a mere number crunching exercise. On the other side it is viewed as a full-fledged […]
Two kinds of credit notes can be issued by a supplier. One is the tax credit note wherein the tax amount reflected on the credit note is sought as an adjustment in the output tax liability. In other words, the output tax liability is sought to be reduced by issuing such tax credit note.
Challenging the deemed value of land shall be far more difficult than what it seems. It shall be better if an alternate structure is adopted for transfer of land (e.g. separation of land owner and developer) to keep the fair value of land outside the ambit of GST.
Vide letter dated 07.12.2018 Ld. Joint Commissioner (Legal), Gujarat has clarified that even cases where taxable turnover exceeds INR 25 lakhs (wherein total turnover is less than INR 1 crore) for FY 2017-18 shall also be liable to obtain VAT Audit Report and submit the same. Our analysis in this regard is as under:
1. It often happens that an individual is employed by let us say A Ltd. Under the terms of the employment contract (generally referred as joint employment contract), said employee can be deputed by A Ltd. to another group company B Ltd. Hence the concerned employee is deputed with his consent.
Whether the payment of fees to USFDA shall tantamount to import of services and hence shall require payment of tax under reverse charge mechanism ?
1. Circular No. 72/46/2018-GST dated 26.10.2018 has been issued clarifying the procedure in respect of return of time expired drugs or medicines. Said circular clarifies that the time expired drugs or medicines can be returned either by issuance of credit note or by treating the said goods return as fresh supply and hence on an […]
Yesterday Government has issued two Notifications (Notification No. 53/2018 – Central Tax & Notification No. 54/2018 – Central Tax) making certain changes in Rule 89 & 96 of the CGST Rules, 2017. Gist of the changes are as under: Rule 89: Said Rule deals with the refund of tax in cases, other than IGST paid on […]
As per Section 52(1) of the CGST Act, 2017, TCS is to be collected by an electronic commerce operator on the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by such operator.
