With the lockdown being imposed due to Covid-19, online business has grown manifold. Many traditional businesses are selling their goods online, whether through their own websites or through E-Commerce portals like Amazon. To push online business further, portals like Amazon come up with different models to ensure faster delivery of goods to the customer. One […]
The Director General, DGFT has issued a statement on 17Th May 2021 that the rates of Remission of Duties and Taxes on Exported Products (‘RoDTEP’) scheme shall be announced in about 15 days. In such a scenario, there is a need to recollect an understanding of RoDTEP scheme summarized in the article below: 1) Why […]
There have been numerous judgements of various courts regarding the allowability of transitional credit even though TRAN-1 was filed belatedly. However, in all these judgements the taxpayer was required to prove that the delay accrued to technical errors on the GST portal and the taxpayer had done all within its power to file the same […]
The Article below summarizes the subject of admissibility of input tax credit in respect of works contract and construction services in the light of the provisions of the CGST Act and the related judicial pronouncements.
The Article below summarizes the changes proposed in the CGST Act, 2017 and IGST Act, 2017 vide the Finance Bill, 2020 (‘Budget’). Post the enactment of Finance Act, 2020, these changes shall be applicable only when a notification is issued regarding their applicability. 1. Section 10 (Composition Scheme) With the option to avail composition scheme […]
The Article below summarizes the GST updates for the month of January 2020 with respect of two important circulars / notifications issued during the month: A. Notification No. 01/2020-Central Tax dated 1 January 2020 The above notification makes applicable certain provisions of the Finance Act, 2019 w.e.f. 1 January 2020. The list of the provisions […]
The implications of GST on the sale of capital goods is one of the most baffling subjects. Many questions arise in the minds of taxpayers and professionals such as: GST implications on capital goods that are bought under the erstwhile indirect taxes regime; GST implications in respect of capital goods that are lost, stolen, destroyed […]
As the due date for filing GST returns for the month of September draws nearer, one should keep in mind the various points relating to FY 2018-19 for which the due date of filing the return for September is the last date. While availing any input tax credit relating to FY 2018-19 not claimed yet […]
Article explains GST implications on Free Samples, Extra Units / Quantity of the Same Product, Providing Free Gifts to distributors, Supply under warranty, Cashback coupons a) Cashback coupons in product packaging b) Cashback coupons provided by Person other than supplier c) Gift Vouchers valid on subsequent purchase and on Free Articles. Nowadays, businesses use various […]
he application for filing refund has to be made in form GST RFD-01A along with which invoice wise details of inward and outward supplies have to be furnished electronically in Statement 1A.
