Introduction : Classification of goods under GST is very important and has very vide implications considering multi tax rate structure. To ascertain whether a subject matter is exigible to tax, exemption, rate of tax, classification is a crucial task. Certain entries in notifications to defined tax rates led to disarray among the industry. Advance rulings […]
♦ Introduction GST was implemented in India from 1st July 2017 and a number of Notifications have been issued since then. The Rules have been amended multiple number of times and the law as it stands today is a complex vortex requiring significant skills for merely comprehending basic facets of the law. The amendment to principle […]
A. Introduction to section 17 of CGST Act, 2017 Section 17 of CGST Act, 2017 restricts the availment of Input Tax Credit (ITC) to the extent it is attributable to the purpose of business and to the extent of effecting taxable supplies. Rule 42 and 43 of CGST Rules, 2017 specifies the mechanism of such […]
When an owner of land transfers his rights of developing a land to a government, local authority or corporation, they use the same land for infrastructure projects such as road widening, metro rail projects, park, garden, schools, new roads or for any other projects of public utility.
On the recommendations of the GST council, it has been decided that the applications / documents / forms pertaining to refund claims on account of zero rated supplies shall be filed and processed manually till further orders. To give effect to rule 89(1) to rule 97A of CGST rules, 2017
Drop shipment is a supply chain management. In this type of transaction, the person, who generated and processed the sale, does not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer or another retailer or wholesaler, who then ships the goods directly to the customer.
Under transitional provisions, benefits of credit of eligible duties and taxes in respect of inputs held in stock, inputs contained in semi-finished and finished goods held in stock as on appointed day can be availed. This article talks specifically about proviso to section 140(3) of CGST Act, 2017 which is commonly known as 60%/40% scheme.
Recently, major decisions were taken in 23rd GST Council meeting. GST rates applicable to hotels, restaurants etc. have been revised. Even after lower revised rates, no reduction in the billing amount is observed. Hence, there is chaos among people.
Under GST regime, transactions between employer – employee and GST implications on the same is one of the major disputed area. The Schedule III of CGST Act, 2017 stands for transactions or activities which are neither to be treated as supply of goods nor supply of services.
