The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Dept has come out with a […]
1. The concept of admissibility of input tax credit is elaborated and mentioned in the provision itself (intended to be used or used in the furtherance of business) 2. Capital goods will be entitled for 100% credit immediately except for pipelines and telecommunication tower fixed to earth by foundation or structural support which is as follows :-
The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed in the erstwhile IGST Law and are not repeated.
There are four types of Refunds Available in GST: 1. Unutilized Input Tax Credit 2. Balance in Electronic Cash Ledger 3. Advance Tax deposited by Casual Taxable Person or Non Resident 4. Refund of Embassy, Agency of UNO
The Indian banking scene has undergone a sea change in the last couple of years which can be said to have given us an augmented financial reality. The changes have been in three main directions, though there have been some parallel enabling developments as well. The cumulative and combined impact of these would work out over years to strengthen the financial sector.
As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let’s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services on which cenvat can be taken or […]
Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation.
Works contract is a mixture of goods and services but it is neither a composite supply nor a mixed supply as it has been defined as per Sec. 2(119) of CGST Act. As per the said section “ Works Contract” means a contract for building, construction, fabrication ,completion, erection, installation , fitting out, improvement , modification, repair ,maintenance, renovation, alteration, or commissioning of any immovable property wherein transfer of property in goods ( whether as goods or in some other form) is involved in the execution of such contract. Thus even when there is a transfer of property in goods during execution of any works contract , such supply will be included in Works Contract only. For example ,construction of a new building, installation and commissioning of Cooling Towers, etc.
Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN.
THE PUNJAB GOODS AND SERVICES TAX BILL, 2017 A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Punjab and the matters connected therewith or incidental thereto
