There is great dilemma in pricing of products so much so that for every overvaluation businesses are suspected of money laundering and for every undervaluation they are suspected of tax evasion. Adding to this is Section 171 of the CGST Act which reads as below:- 1) Any reduction in rate of tax on any supply […]
As a principle exemptions are extended in tax statues to grant relief or ease the burden of consumers keeping in view the interest of general public at large. Thus inclusion of an exempted supply under the tax net by combining the same with a taxable supply under the notion of them being composite supply tends […]
Refund in GST regime For a tax payer refunds are always pleasant and it is been looked upon as a blessing in spite of the fact what it really is the reimbursement of tax payers own money by the government. This factor brings it near to recovery of money loaned to a friend that you thought […]
Generally a person is liable for his wrongful acts and one cannot be held liable for the acts done by others. In legal terms this is doctrine of Vicarious Liability and in the layman’s term it is the law of karma. Admittedly no person can be or shall be punished for the act done by […]
Chandani Nawalkha There are close to 32 items of income/payments on which tax is deductible at source (TDS) and 11 items on which tax has to be Tax collected at source (TCS). However this position has now been changed after introduction of new sub section (1H) in Section 206C of the Income Tax Act vide […]
Rule 86A has been put in place w.e.f 26.12.2019 which empowers Commissioner or Officer authorized in this behalf not below the rank of Assistant Commissioner to restrict the use of input tax credit from electronic credit ledger
Section 18(6) covers the situation wherein capital goods are being sold after use and it stipulates that in such cases amount payable by the supplier has to be either Input Tax Credit as reduced by percentage points as may be specified in rules or tax on transaction values whichever is higher.
