Under this topic one need to understand how we will claim the unclaimed ITC as on the date of business reorganization means thereby that when there is change in the constitution of business under the following circumstances ;
Supply of goods or Services IN GST has to determine whether the supply is 1. Inter-state Supply or 2. Intra-state Supply in GST which is After the Above segregation one can determine the right taxes on the supply which is as follows: 1. if it is Inter- State Supply —— > Tax – IGST 2. […]
Restricting Input Tax Credit to 20 % as on 09.10.2019 and further squeezed to 10% from 1.1.2020 will kill the business person or business. Reason is obvious, as most of supplier of goods or services do not file GSTR-1 on due date and consequently recipient of goods or services can not file Form-3B waiting for […]
Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence. Section 122 to 138 of the GST Act defines Offences and Penalties under GST. Article explains about Late Fee for delayed or non filing of GST Return, Interest for Late […]
Section 43A Rule 36(4) of the CGST Act, 2017 and CGST Rules, 2017 – Restricting the Input Tax Credit (ITC) limit to 20% of the eligible ITC which is as per GSTR-2A. GST Payable now shall be paid. ITC Deferred a/c balance left out now shall be recoverable in next months as when appear in […]
Cancellation of Registration is more important than registration of GST. Reason is simple that all are doing registrations of GST and process is simple but on the other way Cancellation is more complicated because only few have come across this situation and not aware of the steps and form to be filed for cancellation. ** […]
Legal provisions of GST Annual Returns In order to understand the gamut of the GST Annual Returns and its requirement, it would be relevant for us to understand the legal provisions relevant for GST Annual Returns. Two important provisions which are relevant and important in this context are Section 35(5) and Section 44(1) of CGST Act, 2017.
The activities of the housing society attracts the levy of GST and the housing society would be required to register and comply with the GST Law. A Society is akin to a club, which is composed of its members. So, can a service provided by a Housing Society to its members be treated as service provided by one person to another.
In the interest of avoiding litigations and trembling investor confidence, the advance ruling plays a very important role. Through this facility, an investor gets clarity over the ambiguous and complex provisions of the law and gets more stability as far as the taxation is concerned. The concept for Advance ruling was first introduced in Income tax laws and later on into the indirect taxes as well.
A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009and before 01.04.2017 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted category
