38th GST Council Meeting on 18th December 2019 decisions- Highlights and Analysis GST Rate Changes and Analysis | 38th GST Council Meeting 1. To exempt long term lease contracts of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government- Releases Working Capital pressure for entities where Govt […]
Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. 2. Section 220(2)-Interest on failure […]
Analysis of Section 79 of Companies Act, 1961 -Carry forward and set off of losses in companies Section 79 of the Income Tax Act, 1961 deals with the carry forward of losses for certain class of companies which satisfy the conditions specified in Sec.79 Below is the analysis on carry forward of losses in case […]
There is a lot of debate as to whether registration is necessary in case of entities supplying “ONLY” Exempt supply of goods or services. Let us analyze the provisions of the CGST Act, 2017. Sec.22(1) deals with the requirement of registration reads as follows: “Every supplier shall be liable to be registered under this Act […]
Schedule III of the CGST Act, deals with those areas which can be neither treated as supply of goods nor treated as supply of services. This schedule deals with those goods/services other than that which has been kept constitutionally out of the ambit of GST being alcoholic liquor of human consumption and the items for […]
Reimbursement involves being repaid of what has been spent and restoring to an equivalent of something which has been paid. ‘Reimbursement expenses‘ have always been a point of debate in indirect tax laws. It is associated with the consideration flowing from one person to another and whether it forms a part of consideration or not […]
The CBDT on 12th September 2019, notified the much talked about e-assessment procedure vide Notification no. 61/2019. The stakes were high, as it was expected to reduce the red-tapism in the country, during an assessment proceeding. This notification was quickly followed up by another notification vide 62/2019, giving effect to the Income Tax E-Assessment Scheme, […]
A review of all the audit workpapers shall be carried out, to ensure these are sufficient and appropriate to allow the reviewer to arrive at the same conclusions, and formulate similar observations, as done by the audit staff. The documentation shall record the evidence of the supervision and review conducted, including the performance of any audit procedures subsequent to the review.
One of the practiced business model in trade is that of ‘Bill-to-Ship-to’ model, which raises eyebrows in the Indirect tax world. The bill-to ship-to transaction typically involves two supplies- 1. The supply between the one who supplies the goods and the one who pays for it and 2. The supply between the one who receives […]
Q.1 What is the rate of Kerala Flood Cess? Ans: The rates of Cess are as follows: Goods taxed at the rate of 1.5% KGST-0.25% Cess Goods taxed at the rate of 6%,9% and 14% KGST-1% Cess All services under SGST-1% Cess Q.2 What are the types of supply which would attract Kerala Flood Cess? […]
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