Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
Delhi ITAT held that mere entry in the books of accounts and classifying the said payment as capital, i.e., it has been capitalised in the books will not at all be determinative as it has to be seen on the facts whether such a payment or expenditure falls in the capital filed or revenue field.
A few provisions in the Companies (Amendment) Act, 2017 have important bearing on working of Insolvency and Bankruptcy Code, 2016. Section 53 of the Companies Act, 2013 prohibited issuance of shares at a discount.
Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016 The existing provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide, that, for the purposes […]
The aggregate turnover is a crucial parameter for deciding the eligibility of a supplier to avail the benefit of exemption threshold of Rs. 20 Lakhs [Rs.10 Lakhs in case of special category States except J & K] and for determining the threshold limit for composition levy.
Article discusses Tax Treatment under GST Regime of advances received for future supplies of Goods and Services and includes Tax Treatment under GST for advances received but refunded, Tax Treatment under GST for advances received but forfeited, or Tax Treatment under GST for advances received but adjusted for later supplies. Article also discusses GST on […]
Indian Railways now provides its Short Messaging Service (SMS) facility regarding the status of trains running late by more than one hour to 1,373 trains including Garib Rath, Duronto, Jan Shatabdi, Suvidha, Humsafar, Superfast & Premium trains For the passenger’s convenience, this free of cost SMS service provides the status of late running trains to […]
The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc. have been done away with in favour of just one event i.e. supply.
ICAI has come up with a publication titled Background Material on Exempted Services under GST which inter-alia provides the type of exemptions, legal framework and in-depth analysis of exemption of services under GST.
These GST Flyers have now been updated as on 1st January, 2018, in view of the significant developments since the time they were released. NACIN is now coming out with this compilation containing all the 51 Flyers released till date for ease of reference. This compilation will continue to spread awareness of GST not only among the Tax officers and taxpayers but also people at large.
