The DGGSTI is now taking up the job to sensitize the income tax department and even banks about such cases. GST authorities started process of blocking input tax credit of about 1,000 taxpayers who have allegedly claimed more credit than they were eligible for.
Terminal Handling Charge (THC) is currently levied by the port terminals on the shipping lines for services such as unloading cargo containers from the ship and carting them to the storage yard in case of imports and vice versa for exports. THC is charged by both the load port and discharge port and that is […]
Presently the last date of filing GSTR-3B returns for every Regular Taxpayer is 20th of every month. It is been observed that out of over 1.03 Cr Regular Tax Payers, most of them are filling the GSTR – 3B Return on the Last Day, thereby putting Excessive Load on the System, leading to Slowing Down […]
Whether GST Payable on Penalties and Liquidated Damages Levied by Govt. or Local Authorities? Further to my Article ‘Whether GST Applicable on Liquidated Damages?‘ Published in Taxguru on 9th Jan’2020, many readers inquired, ‘Whether GST Payable on Penalties & Liquidated Damages Levied by Govt. or Local Authorities?’ Let’s discuss on the subject in this article […]
In this article let’s discuss about Supply of Services By / To Government or Local Authorities Under GST. Before Proceeding to understand the GST Implication on such Supplies, first let’s discuss What is Mean by Govt. or Local Authorities? What is the meaning of ‘Government’? As per section 2(53) of the CGST Act, 2017, ‘Government’ […]
Liquidated Damages are being levied for Non-Performance or Breach of Contract, Late Delivery of Supplies etc. In this article let’s discuss about applicability of GST on Liquidated Damages. Meaning of Liquidated Damages: Black’s Law Dictionary (Tenth Edition) on page 473 defines Liquidated Damages thus: “An amount contractually stipulated as a reasonable estimation of actual damages […]
Imports are foreign goods and services that are produced in a foreign country and sold to domestic residents of a country. If a country Imports more than it Exports it runs a Trade Deficit. When a country has a trade deficit, it must borrow from other countries to pay for the extra imports. India is traditionally a Trade Deficit Country.
Several goods are taken out of India on consignment basis for exhibitions or other export promotion events. These goods are sold only when approved by the prospective customers abroad. The unsold goods are then brought back to India. This is a widespread practice in various sectors, including the gems and jewelry industry. Exporters of these […]
Foreign Trade Policy 2015-20 and other schemes provide promotional measures to boost India’s exports with the objective to offset infrastructural inefficiencies and associated costs involved to provide exporters a level playing field. At present there are multiple export promotion schemes as per FTP – 2015-20, as shown below, but none of the schemes meets all […]
A contract is a legally binding agreement between the parties identified in the agreement to fulfill all the terms and conditions outlined in the agreement. Contract management plays a vital role in all the companies and determines financial health and also indicates how best the funds are invested and utilized. Contract management is the process of managing contract […]
