The Finance Act 2016, introduced equalization levy of 6% to be charged from amounts paid for specified services to a Non- resident not having any permanent establishment in India. This equalization levy (EL) is independent of income tax provisions and is covered under Chapter VIII of the Finance Act 2016. 1. Why Equalisation Levy was […]
In this article, we would study what constitutes this delayed payment of taxes. Is it the net tax liability after adjustment of input tax credit or the Gross tax liability before set off of input credit available in the Electronic credit ledger.
There is a wide spread confusion that reverse charge as per sec. 9(4) of the CGST/SGST (UTGST) Act and sec. 5(4) of the IGST Act has again been made applicable w.e.f 01.02.2019. For the sake of simplicity we would like to confine ourselves to the provisions of only CGST Act. The CGST Act, 2017 was […]
