GST – Procedures Related Issues- Apportionment of credit and blocked credits – The provisions in the GST law restrict the allow ability of ITC in certain situations. Accordingly, the adversity of undesirable cost cascading effect still remains and needs to be addressed particularly in the below mentioned cases:-
As per GST Flyers by CBEC, The purpose of TDS is just to enable the Government to have a trail of transactions and to monitor and verify the compliances. Certainly, TDS provisions will help in achieving transparency in the operations of governmental contracts and tax compliance.
In its 24th and 25th GST Council meeting, the GST Council announced that the facility for generation, modification and cancellation of e-way bills is being provided on trial/ voluntary basis on the portal ewaybill.nic.in. Once fully operational, the e-way bill system will start functioning on the portal ewaybillgst.gov.in. Certain modifications are being made to the e-way bill rules which are to be notified nationwide for inter-State movement with effect from 01.02.2018 and for intra-State movement with effect from a date to be announced separately by each State but not later than 01.06.2018. Till such time as National e-way Bill is ready, the States were authorized to continue with their own e-way Bill system. It has also been announced that 15 States will roll out intra-State e-bill system from 1.2.2018.
The GST rate on 29 items have been reduced and 53 Services have been exempted from GST, in addition to some other major changes in services sector. GST Council decides to divide Rs 35,000 Crs. IGST collections between Centre & States, provisionally.
GST on Employee benefits/ Recovery from employees The transactions between the employer and employee from GST point of view have been analysed in this article. Related Party The concept of ‘related parties’ is defined under the tax statutes to include certain categories of persons (legal entities and individuals) termed by law as ‘related parties’. As per […]
Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST)
As per section 2(33) of the CGST Act, 2017, continuous supply of goods means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit
An applicant can apply for advance ruling even before taking up a transaction (proposed supply of goods or services) or in respect of a supply which is being undertaken. The only restriction is that the question being raised is already not pending or decided in any proceedings in the case of applicant. Application for advance ruling will not be admitted in cases where the question raised in the application is already pending or decided in any proceedings in the case of an applicant under any of the provisions of this Act. Sec.103 of the CGST Act, 2017/ IGST Act, 2017 provides that an advance ruling pronounced by Authority for advance ruling (AAR) or Appellate authority for advance ruling (AAAR) shall be binding only on the applicant who sought it in respect of any matter referred to in sec. 97 (2) of the CGST Act, 2017/ IGST Act, 2017 and on the jurisdictional tax authority of the applicant. This clearly means that an advance ruling is not applicable to similarly placed taxable persons in the State. It is only limited to the person who has applied for an advance ruling.
The CBEC on 14.12.17 has clarified that the sale of ready-to-move-in or completed property would not attract levy of GST. Hence, GST will be levied only on under-construction property.
The GST Law provides for refund of unutilized input credit or tax paid on inward supplies under certain circumstances. Under the GST regime, there will be a standardized form for making any claim for refunds. The claim and sanctioning procedure will be completely online and time bound, which is a marked departure from the existing time consuming and cumbersome procedure. The relevant provisions embodied in Section 54, Sec. 77 of the CGST Act, 2017 and the requirement of submission of relevant documents as listed in Rule 1(2) of Refund Rules, is an indicator of the various situations that may necessitate a refund claim. The circumstances in which refunds under GST are available, the conditions to be complied with and the procedures for the same are explained in this Article.
