As per 89(4) of CGST Rules, in case of zero rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with the provisions of section 16(3) of the IGST Act, refund of input tax credit shall be granted as per following formula :- Refund Amount […]
Circulars after circulars, amendments, insertion of new Rules and overriding of Rule over Act for the sequence of ITC Utilization created a lot of confusion in the mind of suppliers and professionals. In this article, an attempt has been made to simplified the understanding of the Input Tax Credit ( ITC) utilization sequence. The sequence […]
1. GST Council vide Point 1(b) of press release dated 14 March 2020 has Indicated that where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of the period of application as a one-time measure to facilitate those who want to conduct business). 2. […]
CBIC vide press release dated 14 March 2020 stated that No Late fees for delayed filing of the Annual Return for the financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores. Before this, filing of GSTR 9 was made optional for those with a turnover of less than Rs 2 crores […]
In this article , an attempt has been made to simplify the content of Ruling by Tamilnadu AAR in response to question raised by M/S Shapporji Pallonji & Co Pvt Ltd. Whether mobilization advance received prior to implementation of GST towards supply of Works Contract Service is subjected to GST? Facts & Figures: M/s. […]
Under the New GST Return Form, taxpayers are given an option to file returns on a monthly or quarterly basis. For quarterly return filing, the taxpayer may opt for Form GST RET-01 (Normal), Form GST RET-02 (Sahaj), or Form GST RET-03. Even though the taxpayer opts to file a return on a quarterly basis, he has to […]
Schedule II of CGST Act 2017 determines the list of activities to be considered as supply of goods/Services and as per entry at Sl No. 1 of schedule II , any transfer of the title in goods is a supply of goods and liable to GST. In response of query by M/s. Automative Components Technolory […]
Britannia Industries Limited Vs. Union of India (Gujarat High Court) 1. It is held by Honourable Gujrat High Court in Britania Industries Limited case that the SEZ unit can claim a refund of ITC distributed by Input Service Distributor (ISD). 2. Brief Facts of the Case: M/S Britania Industries, a limited Company filed the petition […]
Small and Medium sector companies has got the benefit of new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in preceding Financial year does not exceed Rs. 5 crore.
In this article, An attempt has been made to simplify GST liability on services related to Intellectual Property rights. What is Intellectual Property Right:- The term ‘Intellectual Property Right’ (IPR) has not been defined in GST Law. MF(DR) circular No. B2/8/2004-TRU dated 10-9-2004 states as follows – Intellectual property emerges from application of intellect, which […]
