Pink color represents the clarification regarding to sales promotion. If Free samples and gifts are supplied without consideration under GST, ITC of such items cannot be claimed. Also, Buy one get one, quantity discount, sales promotion etc. related clarification regarding allowance of ITC has been issued. A useful circular for taxpayers.
Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an ordinance to solve disputes between Maharashtra government and taxpayers. What is this ordinance?
What decisions were taken in the GST Council Meet held on 24th February?This meeting was primarily in relation to the real Estate Sector. To boost the residential segment of the real estate sector, certain recommendations were made in GST rate, applicability, exemption, etc.
, Unregulated Deposits Scheme Ordinance is an Ordinance to ban unregulated deposits as well as to protect the interest of Depositors. This ordinance was introduced on 21-Feb-2019. Everyone needs to study this ordinance of deposit and protect himself rather than believing on fake news.
Arjun , some important amendments were made applicable form 1st February 2019 . Let us discuss changes in relation to Input Tax credit by way of insertion of proviso to section 49 and new sections 49A & 49B.
Arjun (Fictional Character): Krishna, What debate is undergoing on GST interest? Krishna (Fictional Character): Arjuna, Under Sec 50, interest is levied in GST. Hyderabad GST Commissionerate has issued standing order on 4th February, 2019. It lead to argument between taxpayer and government. Arjun: Krishna, When is interest levied under GST and who is liable to […]
Recently the Finance Minister declared the Interim Budget for 2019-20. No such changes were proposed under GST. Earlier the recommendations were made to amend certain provisions. Some of the provisions are now made applicable from 1st Feb, 2019. Most of the taxpayers being unware of the same, let’s discuss them.
Recently the government is focusing on ease and simplicity of returns, because of which the government has initiated certain steps to provide for rectification of tax invoices entered in GSTR 1 of the previous financial year.
From 1st January, 2019, Government has made certain changes in Tax Rates. As per the changes made, Security Service Provider has been exempted from GST liability for non corporate suppliers . The changes made the Security Service taxable under RCM which means Security Service Receiver who will be a registered taxpayer have to bear the GST liability.
f we compare GST and kite flying, then the person who is flying kite is the Taxpayer , kite is GST, Chakri means books of accounts, jumbling in threads means Returns, Air means Tax collection, Cutting of Kites means Matching mis-matching, and String means Law.
