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Shivashish Karnani

Latest Posts by Shivashish Karnani

GST Implications in case of Slump Sale / Business Transfer

September 15, 2023 23295 Views 0 comment Print

Explore the concept of slump sale under GST, its exemptions, rules, and how to transfer input tax credit. Get insights into GST implications on business transfers.

Draft MOU cum Business Arrangement Document for cross charge under GST

February 15, 2023 4899 Views 0 comment Print

Draft an MOU cum Business Arrangement Document with cross charge rules under GST for head office/corporate office & branch offices. Learn more

No requirement to reverse of ITC in case of a Financial Credit Note & no GST liability on recipient in such cases

February 13, 2023 18177 Views 0 comment Print

Issuance of credit note in terms of GST law is responsibility of supplier. Burden of charging, collecting and discharging GST liability is on supplier of goods or services.

Re-availment of ITC “availed & reversed” earlier

May 27, 2022 11190 Views 1 comment Print

whether it is possible for the company to re-avail ITC which was earlier availed basis invoice/debit note in terms of Section 16 (2) of the CGST Act, 2017 and was reversed in the same tax period by complying with Section 17(2) of the CGST Act, 2017 read with Rule 42/43 of the CGST Act, 2017.

Minimum Alternate Tax & Alternate Minimum Tax- Provisions

June 24, 2020 103533 Views 13 comments Print

Article summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives theoretical insights along with examples for sound understanding of the provisions.

Taxability of Legal Services under GST (including registration provisions)

May 1, 2020 186684 Views 10 comments Print

Definition: Legal Services means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority- Notification no. 12- Central Tax(CT) (Rate) dated 28.06.2017.

Vouchers- Concept & GST implications thereon with Practical Case Studies

April 6, 2020 7362 Views 0 comment Print

A. Concept: Voucher in terms of clause (118) of Section 2 of Central Goods and Services Tax Act, 2017 has been defined as follows: “”voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or […]

Service Tax/GST on Electricity Supply- an Analysis in the backdrop of recent ruling of Calcutta HC

April 16, 2019 14760 Views 0 comment Print

Analysis of recent Hon’ble High Court of Calcutta judgment in the case of Srijan Realty (P) Ltd v. Commissioner of Service Tax[1]. The ruling is given under Finance Act, 1994 (Service Tax law) and has raised a lot of eyebrows considering the fact that the ruling has vide implications under the GST law as well. […]

Threshold limits for Regular & Composition Registration under GST law

March 19, 2019 7671 Views 0 comment Print

In this article, attempt has been made to enlist various thresholds (as amended from time to time) as prescribed under the GST law for normal registration in different States/UTs, thresholds for Composition registration and a snapshot on Notification No. 2/2019- CT (Rate). Normal GST Registration in case of Goods: Particulars States/UTs Relevant Sections, etc. Limits […]

Summary of Hon’ble Supreme Court ruling on Section 68 of Income Tax, 1961

March 8, 2019 27792 Views 2 comments Print

Recently two judges’ bench of Hon’ble Supreme Court in the case of NRA Iron & Steel Pvt. Ltd. vs. Principal Commissioner of Income Tax (Central) – 1 (SLP (Civil) No. 29855 of 2018), by its judgment dated 5th March, 2019 restored the order of Assessing Officer by confirming the addition to the taxable income made under Section 68 […]

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