The article explains GST job work provisions, ITC-04 filing responsibilities, and compliance requirements. It highlights legal provisions, GST rates, and the consequences of non-compliance.
The article argues that retention money withheld under agreed contract terms should not be treated as non-payment under Section 16(2), as payment is not yet due.
The article explains common objections raised during GST departmental audits under Section 65, including ITC mismatches, GSTR reconciliation issues, and reverse charge disputes. It also discusses judicial rulings supporting taxpayers in genuine ITC claims.
GST applies to under-construction properties while land and completed buildings remain exempt. The regime includes 1% and 5% rates without ITC, deemed land valuation, and reverse charge compliance for developers.
India has simplified GST into three slabs and introduced GST 2.0 reforms, effective September 22, 2025, with a 5% rate for essentials and a 40% rate on sin goods.
Rule 86B imposes restrictions on the use of the Input Tax Credit (ITC) for discharging GST liability. It mandates that taxpayers must use a minimum of 1% of their tax liability to be paid in cash, irrespective of the ITC balance available in their electronic credit ledger. This rule was introduced to curb fraudulent activities.
Understand the latest ITR form changes for FY 2024-25, including expanded eligibility for ITR-1/4, new disclosure requirements, and updated reporting thresholds.
Understand GST on renting immovable property in India, including Reverse Charge Mechanism (RCM), exemptions for residential use, and Input Tax Credit (ITC) applicability.
Section 74A streamlines CGST demand determination from FY 2024-25, setting new timelines for notices, penalties, and voluntary tax payments for taxpayers.
Learn about the GST Reverse Charge Mechanism (RCM) applicable to renting passenger vehicles from non-body corporate suppliers to body corporate recipients under specific conditions.
