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Mukund Abhyankar

Latest Posts by Mukund Abhyankar

New ITC Utilization Rules under GST from Apr-19 onwards

April 9, 2019 125523 Views 7 comments Print

Rules for Utilization of Input Tax Credit (ITC) have undergone a major change and considering its impact, this change will have on Working Capital Management, an explanatory note prepared by us about new Rules is given below :- Old set off rules for ITC under GST were as follows: – Payment for  First use  Then […]

Service Tax or GST for Development Agreements entered during pre GST period

October 20, 2018 13800 Views 0 comment Print

Introduction In the case of construction projects, it is common to enter into development agreements where the developer undertakes to develop property (residential / commercial) in exchange for the development rights given by landlord. Consideration for such development rights is determined based on some agreed ratio of constructed area or in terms of specific number […]

GST on Development Rights given by societies under Redevelopment Schemes

April 27, 2018 41337 Views 14 comments Print

Notification No. 4/2018-Central Tax (Rate), dated 25th January, 2018 has clarified taxability of development rights under redevelopment schemes but it has still left many questions unanswered. This Article is an attempt to offer my views on the controversial topic. Under redevelopment schemes, societies plan to undertake redevelopment of existing building owned by them and for […]

Exporters – No real respite from GST Worries yet …..

October 11, 2017 12501 Views 8 comments Print

Recent GST Council meeting decisions under which, were announced in the press conference by the Finance Minister on 06.10.2017, promised great relief to exporters whereby it was declared with big Enthusiasm that the Government will start issuing refund cheques from 10.10.2017.

18 Immediate Points of Action before roll out date of GST

June 15, 2017 40653 Views 10 comments Print

Articles deals with following issues related to GST which needs to be taken care of immediately before roll out date of GST 1. HSN /SAC Codes 2. Carry Forward of Cenvat / VAT Credit balance on Inputs / Input Services

Using GST for checking menace of undisclosed sales & incomes

October 25, 2016 4930 Views 3 comments Print

Following measures can be adopted to curb the practice of undisclosed turnovers in the GST law. 1. Discouraging Without Bill Sales through Denial of Input Tax Credit on such sales 2. Tracking Sales Turnover for restriction on Tax Credit.

New Due Dates for Filing of MVAT & CST Returns in Maharashtra

August 28, 2016 215759 Views 50 comments Print

Much awaited Circular for Introduction of New Automation Process for Filing of MVAT and CST Returns has been issued under no. 22T of 2016 dated 26.08.2016 and accordingly Revised Scheduled for Filing of Returns from 01 April 2016 is also been announced

Billing Software, key to success of GST

July 14, 2016 25667 Views 1 comment Print

GST system depends upon online matching of supplier GST liabilities with relevant input GST credit claims by receivers of goods or services. In my opinion, for having a seamless and easy system of matching credits, GSTN should provide for online generation of TAX INVOICES by suppliers, which will altogether eliminate need for data entry of purchases by receivers of the supplies received and hence no need for reconciliation/matching of output GST database with input credit claims database.

Revised MVAT & CST Returns & C form application from April 2016

March 20, 2016 87409 Views 8 comments Print

Maharashtra Sales Tax Department is making substantial changes in its automation processes relating to taxpayer interface, w.e.f F.Y 2016-17. This is expected to result into significantly more efficiency in the working of the Department, less errors due to minimum human intervention and maximum benefits in relation to time management.

Budget 2016: What it should aim to achieve?

February 22, 2016 4596 Views 1 comment Print

Though Budget is not the only policy initiative available with the Government for making major contributions to economic progress, it has over the years assumed great importance as most comprehensive single declaration from the government every year about its policy intentions.

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May 2024