New Income tax rate for individuals and HUFs 1. A new section 115BAC is inserted in the Income Tax Act by Finance Bill 2020 which provides that On satisfaction of certain conditions, an individual or HUF shall, from P.Y. 2020-21, A.Y. 2021-22 onwards, have the option to pay tax in respect of the total income […]
1. ITC cannot be reversed or availed through annual return. For reversing ITC, taxpayers need to file FORM GST DRC-03. 2. Table 8A of annual return is auto-populated from FORM GSTR-2A as on 01/05/2019. 3. Treatment of tax which was to be paid on RCM for F.Y. 2017-18 but was paid during F.Y. 2018-19 – […]
Lapse of unutilised input tax credit on account of inverted duty rate structure unlawful as held by Hon’ble Gujarat High Court in the case of Shabnam Petrofils Pvt. Ltd Vs Union of India. Legal Provisions Section 54(3) of CGST Act, 2017 provides for refund of unutilised input tax credit in following 2 circumstances Zero rated […]
Reflection of input tax credit in electronic credit ledger does not amount to availment or utilization of credit- Patna HC Issue under consideration As per section 73 of CGST Act, 2017 if it is found that an assessee has wrongly availed or utilized input tax credit then the proper officer shall issue a show cause […]
Discount given after supply made has to be established in terms of agreement for deduction from taxable value Crux of this article – Action plan for drafting clause relating to post-supply discount in agreement entered into at or before the time of supply Introduction Section 15(3) of CGST Act, 2017 deals with deduction of discount […]
Time limit for availing ITC for F.Y. 2017-18 is last date of filing annual return (31/8/2019) As per section 16(4) of CGST Act, 2017, last date for taking input tax credit in respect of invoice or debit note pertaining to a financial year is Due date of furnishing of return under section 39 of CGST […]
