"Have been working for more than 5 Years in Indirect Taxation including 3 Years of articleship at S.S Khothari Mehta & Co. & after which working as GST Consultant into CA firms."
CHOGORI INDIA RETAIL LTD Vs UOI-SLP Before Supreme Court on GST Transitional Credit issue : With a view to challenge the above order passed by the Hon’ble Delhi High Court, revenue filled a Special Leave Petition (SLP) against the same before the apex court.
Goods & Service Tax (GST) introduced in year 2017 enacted the law with similar provisions for sale of old or new car. Thereby implementing heavy tax burden on the same with applying Cess over and above the highest slab rate of 28%. Later in beginning of year 2018 statue were relaxed in regards to used car.
Bunching of GSt refund claims across Financial Years: i) At the outset, provisions under GST didn’t allowed taxpayer for clubbing of tax period across financial years for claiming refund application. (Say application from Jan’2018 to Dec’ 2018 cannot be filled since it is crossing two financial year.) The same stand was taken in master circular dated 18th Nov 2019 vide Para no. 8.
At the outset, it is very important to address a common interpretation mistake made by most of us regarding the increase in slab rate of income tax. In the speech the finance minister have clearly mentioned that there is no change in the Slab rate of Income tax but still 100% tax rebate is granted upto income of Rs. 5 Lac. Thus, it means that the slab rate is the same instead the rebate allowed has been increased from Rs. 2,500 to Rs. 12,500.
Invoices being an important document need to properly issue as per the statue for uninterrupted flow of credit as well as compliance of law in force.
Applicability of registration under Model GST Law on various classes of Assessee along with turnover limit can be explained in summarized form in following table
Article discussed various type of returns to be submitted by a dealer under Revised GST Model Law. Which includes Monthly / Annual Returns and Outward / Inward Supply related Returns.
Article Compares Provision Regarding Composition Scheme under Current U.P VAT Act, 2008 VS Model GST Law Regime
