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Ca Hemanth Kumar

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Table wise applicability of GSTR-9 for F.Y.2019-20 – GST

January 12, 2021 245577 Views 16 comments Print

In terms of section 44 of the CGST Act, 2017 (hereinafter referred to as the ‘Act’) every registered person is required to file the Annual Return in Form GSTR-9, irrespective of turnover limit on or before 31st December of the following financial year.

Step by Step process for RoDTEP Scheme

January 10, 2021 87870 Views 7 comments Print

Step by Step process for RoDTEP Scheme -A step towards Zero Rating of exports- FTP Background: Foreign Trade Policy 2015-20 and other schemes provide promotional measures to boost India’s exports with the objective to offset infrastructural inefficiencies and associated costs involved to provide exporters a level playing field. Most of the incentive schemes like MEIS […]

Validity of ITC restriction (20/10/5%) under Rule 36(4)- GST

December 24, 2020 43044 Views 0 comment Print

Rule 36(4) restricts the credit relating to the invoices not uploaded by the suppliers in their form GSTR-1 to the extent of 20% (10% w.e.f. 01.01.2020) of such credit. Further w.e.f. 01.01.2021, said percentage was further reduced to 5%. Now let us see on ground it can be said that the conditions imposed under Rule 36(4) is invalid or bad in law.

Interest in case of input tax credit (ITC) and mismatch thereof

April 19, 2020 340428 Views 39 comments Print

One of the fundamental features of GST is the seamless flow of input tax credit (ITC) across the chain (from the origin of the goods/services till its consumer). This seamless flow was to be monitored by way of the matching concept under GST whereby fictitious/duplicate claims were to be identified and reversed.

GST on Ocean Freight a controversy

October 4, 2019 11802 Views 2 comments Print

Introduction: The shipping industry is a vital part of global freight transportation which caters global trade supply-chain. More than 90% of the world trade is through oceans as it is the most affordable and efficient mode of transporting goods, where large volume of goods can be carried on vessels for long distances at a fraction […]

Residential colony expenses – Eligibility of ITC

November 1, 2018 10032 Views 0 comment Print

With a lot of hue and cry about 20th Sep ’18 being the last date for claiming the input tax credit (ITC) for the FY 2017-18, there has been an attempt to reconcile the tax credits as per books and that as claimed in Form GSTR-3B.

Impact of notification No 46/2017 CT(R) on Restaurants

October 17, 2018 58182 Views 3 comments Print

It was recommended that all standalone restaurants, irrespective of whether air conditioned or not, will attract 5% GST without ITC. To give effect to such decision, a notification No. 46/2017- Central Tax (Rate) dated 15.11.2017 was issued, as per which the GST rate applicable to services provided by restaurants, eating joint including mess, canteens etc. was reduced to 5%

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July 2024