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Requirements of Accounts and Records under GST

October 19, 2020 5409 Views 0 comment Print

Sub Section (1) of Section 35 of CGST Act, 2017, Sub Section (6) of Section 35 of CGST Act, 2017 & Section 36 of CGST Act, 2017 read with Rule 56 of CGST Rules, 2017 & Rule 57 of CGST Rules, 2017 governs the provisions for Accounts and other records to be maintained by registered […]

Blocked GST Credit on Construction of Immovable Property

August 24, 2020 10344 Views 0 comment Print

This brief expression of thoughts highlights and enumerates the basics of this one of the most contentious issues in the subject. Here, author has reproduced the provision of blocked credit and compiled a list of judicial discords pending relating to this very aspect across the various high courts of the country. Section 17(5)(c) and 17(5)(d) […]

Data Extraction from GSTN-An Synopsis

August 16, 2020 3153 Views 3 comments Print

This data has been extracted from A Statistical Report on Completion of 3 years of GST released by Goods and Services Tax Network on 3rd Anniversary of GST. Source of the entire data produced here is from this document released by GSTN.  1. Active Taxpayers as on 30th June, 2020: Summary Type of Taxpayer No. […]

Filing GST Refund Under Inverted Duty Structure Simplified

July 17, 2020 8844 Views 2 comments Print

Practical Issues faced while filing Inverted Duty Refund in Statement GST_ REFUND _S01A-Solutions to them… An inverted duty structure is a situation when the tax on inputs is higher than that on output leading to accumulation of credit. Refund under Inverted Duty Structure can be claimed as per Clause (ii) of sub-section (3) of section […]

New GST provisions effective from 30th June 2020

July 17, 2020 6903 Views 2 comments Print

New GST provisions effective from 30-6-2020-Introduced by Finance Act, 2020, Notification No. -49/2020-CT dated 24th June 2020 Background:                                              Goods & Service Tax (in short “GST”) introduced in year 2017 undergone various changes on recurring basis. In Feb’ 2020 the Finance Bill was introduced which eventually enacted as Finance Act’ 2020 (in short F.A.’2020). The […]

Blocked ITC on Construction Activities- Deterrence to Economic Development

July 9, 2020 1752 Views 0 comment Print

Globe is evidencing an unprecedented health hazard in the form of this pandemic. All economies of the world have bowed down on knees. Role of China is being viewed in suspicion. At this time, India can be a favored destination for converting to next manufacturing hub for the world.

Lifetime Opportunity to restore cancelled GST Numbers

July 8, 2020 8088 Views 3 comments Print

Revocation of Cancellation of Registration u/s 30 of CGST Act, 2017 via Removal of Difficulty Order No. 01/2020-Central Tax dated 25th June, 2020 GST has travelled 36 months journey with various milestones and stoppages. Law has seen many ups and downs. Tax payers have witnessed many such issues which were not that significant but have […]

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