It is amply clear that in case of refund of unutilized ITC accumulated on account of higher tax rates on inputs than the outward supplies of goods or services or both as provided u/s 54(3) of the CGST/SGST Acts, 2017, tax paid on inward supply of services used for making such outward supplies of goods or services of both, is not refundable.
The audit under the GST law owing to its first time is the next challenge not only for trade and industries also for professionals. Section 35(5) of CGST/SGST Act, 2017 (hereinafter referred to as “the Act”) envisages inter alia audit of every registered person whose turnover during a financial year exceeds the prescribed limit. The […]
AN ANALYSIS ON ISSUE OF APPLICABILITY OF IGST/CGST/SGST ON GOODS TRANSPORTATION SERVICES BY GOODS TRANSPORT AGENCY UNDER REVERSE CHARGE MECHANISM UNDER GST LAW Case : A goods transport agency (GTA) registered in Maharashtra state (hereinafter referred to as GTA-Maharashtra) accepts booking of goods from local person for delivery of such goods to a person registered […]
