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Ca Venkat Prasad

Latest Posts by Ca Venkat Prasad

GST rate increase for Government projects (works contracts) – impact & way forward

July 20, 2022 326937 Views 11 comments Print

Recently, GST council in its 47th Council meeting has recommended for rate increase to 18% for all Government works which was followed by issuance of Notification No. 03/2022-C.T (R) dated 13.07.2022.

Supreme Court’s Gavel Strikes – No GST on Ocean freight under RCM in CIF contract – Part II

May 22, 2022 4149 Views 0 comment Print

Understanding the Supreme Courts decision on GST on ocean freight under RCM in CIF contracts. Learn about the legal background and implications.

Supreme Court’s Gavel Strikes – No GST on Ocean freight under RCM in CIF contract – Part I

May 22, 2022 4713 Views 0 comment Print

Understanding the recent Supreme Court decision on GST applicability in CIF contracts for ocean freight transportation – Part I

GST on Construction service – Forced 1/3rd land deduction is ultra vires

May 9, 2022 18969 Views 0 comment Print

Analysis of Guj HC decision on GST forced land deduction in construction service. Understand the impact & legality of 1/3rd land deduction in Real estate transactions.

ITC Invoice matching under GST – Mis-match case for Taxpayers

August 30, 2021 26028 Views 3 comments Print

Introduction: Input tax credit (ITC) is backbone of GST as it ensures the critical feature of taxing on value addition in the supply chain. Any action of denying ITC would lead to Cascading effect and kills the soul of GST. Hence, the success of GST heavily depends on the free flow of ITC across the […]

Missed charging GST, Golden chance now to rectify by way of Debit note

May 3, 2021 20757 Views 10 comments Print

One of the Mantra’s to avoid litigation in GST is charging GST on the higher side (higher rate or valuation or not taking disputed exemptions etc.,) and pass it to the recipient. It becomes easier when the recipient can take the ITC. While the aforesaid Mantra works wonderfully when sufficient care was taken at the […]

‘Interest’ on Net Tax Liability under GST – Light at the end of Tunnel?

September 12, 2020 23265 Views 4 comments Print

The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date. A question was raised as to whether the interest has to be paid on Gross Tax liability (i.e. the […]

Input services ITC also eligible for refund under Inverted duty structure- Impact of Gujarat HC decision

August 26, 2020 4545 Views 2 comments Print

Input services ITC also eligible for refund under Inverted duty structure – Analysis of Gujarat High Court decision and its impact- Introduction: The fundamental principle of GST laws worldwide is that it is a multi-stage tax and tax on value addition, with final consumer alone ultimately bearing the tax. This is ensured by allowing the […]

GST returns – Due dates conundrum

August 14, 2020 23202 Views 2 comments Print

Introduction: Extending the due dates for various compliances is one of the reliefs extended by the Government to support the struggling taxpayers due to Covid-19 crisis. However, the extensions are not straight forwarded, it comes with conditions and criteria. Hence it is important to carefully check the relevant conditions and make the compliance. We have […]

GST – Availing Missed ITC now in GSTR 3B?

July 11, 2020 67728 Views 14 comments Print

One of the GST objectives is to ensure the seamless flow of the credit & avoiding the cascading effect. The success of ITC is directly proportionate to the success of GST and equally, the business pricing, hence any detriment caused by the ITC would directly impact the business. The ITC claim is the area where […]

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