No Interest Proceedings Can Be Invoked On Ineligible Input Tax Credit Availed But Not Utilized In GST Returns Recent 45th GST Council meeting has put logical end in relation to demand of interest on availment of Ineligible Input Tax Credit but not utilized in GST Returns. Generally, availment of Ineligible Input tax credit can arise […]
In a pre Covid-19, our economy was not reflecting any encouraging position. The growth rate was around 4.3% and the government has little leeway to provide large stimulus. Now, the Covid-19 pandemic and consequent lock down has totally changed economic equations and life style of the public. Public health, personal hygiene and safety have become […]
Examiners (State Legislated Technological Universities) becoming Examinees before Income Tax Department in light of Rule 2BBB of Income Tax Rules 1962 Government Funded Technological Universities legislated by an ACT of State Legislature are receiving demand notices from Income Tax Department which are posing serious challenges to the existence and survival of the Higher Education System […]
As discussed, due to irregular or delayed payments by Government departments, Government Contractors are constrained to delay the payment of GST due to working capital stress. This would result in levy of interest, penalty and denial of Input Tax Credit.
In this article we shall analyse how availment of input tax credit without discharging vendor payment obligation and non-discharge of GST obligation on payments made to unregistered vendors backfires in GST regime.
GST Compliance was founded on the bed-rock of balance between Classification and Valuation. GST is applicable on each and every supply transaction. In this regard, there were several misnomers among professionals and assessees w.r.t GST Rate applicability on taxable supplies viz.
In recent times, loan waiver to farmers has become common agenda in manifesto of political parties. This has again gained the light of the day ahead of 2019 general elections. In this article let us analyse whether loan waiver can become a brahma asthra to address all problems faced by the farmers in India or it is only a tool for political mileage to political parties.
Issue of Credit notes is an age old practice in business environment. They are issued by supplier to buyer for the sales return transactions. In GST there will be a tax component in each & every taxable supply transaction. When there is a supply of goods or services, supplier is liable to pay GST on such transactions.
Rule of Lapse & September Rush A New Jargon For ITC Seekers Under GST Law- Union Budget is based on the Principle of Annuality’ i.e Parliament grants money to the Government of India for one financial year. If Grants are not utilised by the end of the financial year, the unutilised grants shall expire and restored to the Consolidated Fund of India. This practice is known as ‘Rule of lapse’.
In this brief write up we will try to look into the issues with respect to GST implications on pure reimbursable expenses incurred by the pure agent on behalf of his principal.
