Treatment of GST already paid on Advance amount which is refunded subsequently Recently the government has issued a circular no. 137/07/2020-GST dated 13 April 2020 vide which government has clarified various issues. One of issue clarified by the circular is reproduced below: – Sr. No. Issue Clarification 2 An advance is received by a supplier […]
Section 44 of CGST Act mandates every registered person, except the following, to furnish an annual return for every FY electronically in Form GSTR-9 on or before 31 December following the end of Financial Year.
Recently the Central Government issued Circular No. 76/50/2018-GST dated 31st December, 2018 clarifying, Applicability of GST on TCS collected under Income Tax Act: – Sr. No. Issue Clarification 5 What is the correct valuation methodology for ascertainment of GST on Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961? 1. Section 15(2) […]
Section 54(3) of CGST Act 2017 provides refund of unutilised input tax credit. As per section 54(3), refund of unutilised input tax credit shall be allowed in the following two cases only: – (i) zero rated supplies made without payment of tax;+ (ii) where the credit has accumulated on account of rate of tax on […]
The principle of mutuality is based on common law principles. It rests on the theory that a person cannot make a profit from himself/herself. An amount received from oneself cannot be regarded as income so as to be liable to tax. However, litigation often arises on its application to facts of cases.
In this article, an attempt has been to highlight the issues involved in computation of the refund amount attributable to unutilised ITC pertaining to Zero rated supplies made without payment of tax.
The Central Government vide circular number 33/07/2018-GST dated 23 Feb 2018 has provided the following directions: – (i) Non-utilisation of Disputed Credit carried forward: – The circular provides that amount of Cenvat Credit carried forward in GST regime, which is held to be disallowed vide order in original or order in appeal, as it existed […]
The Government introduced GST with effect from 1 July 2017. The introduction of GST was a historic change in the Indirect Tax regime in India which replaced multiple indirect tax levies with single levy that is GST.
Now the question arises, whether supply constitute intrastate supply resulting into applicability of CGST plus SGST or constitute interstate resulting into applicability of IGST. Before answering the question in detail, let us decide the following: –
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