Goods and Services Tax - Page 10

Weekly newsletter from Chairman, CBIC dated 26/07/2021

D.O.No.80/C11(1C)/2020  26/07/2021

On the Anti-smuggling front, acting on specific intelligence, officers of DRI Siliguri Regional Unit intercepted a vehicle coming from Guwahati and moving towards Lucknow. On thorough rummaging, 50 gold biscuits of foreign origin weighing about 8.3 Kg with an approximate value of Rs. 4.07 crore were found concealed in the said vehicle. Th...

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Burning Questions in GST with analysis of latest Judgements ( Part-I)

Introduction After four years of implementation of GST, many questions of law are yet unanswered. As Supreme Court of India has noted, ‘Laws must evolve with the times if societies are to progress’. There are many issues in GST which either requires judicial intervention or some concrete action from Parliament. In this article...

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ITC refund cannot be rejected without affording Opportunity of hearing

Tvl. Naggaraj Anooradha Vs State Tax Officer (Circle) (Madras High Court)

In fact, there is a column available for reasons on the basis of which the claim has been either accepted or rejected. However, this column in the impugned order is conspicuously blank and no reasons have been adduced for the rejection of the request. Bearing in mind the violation of principles of natural justice, the impugned order of re...

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E-Invoice Schema Format – Mandatory Fields

On 30th July 2020 the Central Board of Indirect Taxes and Customs (CBIC) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It will be implemented from 01st October 2020, only for entities whose business having a annual turn over of ₹500 Cr. What is E-Invoicing? E-Invoicing or Electronic ...

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No service tax on amount paid to employees deployed from a company outside India

Imasen Manufacturing India Private Limited Vs. Assistant Commissioner (Commissioner Appeals, CGST, Jaipur): Order in Appeal No. 202(SM)ST/JPR/2021

Under the GST regime services of employee to employer is considered as neither supply of goods nor supply of services as per the Schedule III of the Central Goods and Services Tax Act, 2017...

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Delhi HC directed to hold final order w.r.t. reopening of old assessments of pre-GST period

Tuli Motors & Anr Vs Union of India & ORS. (Delhi High Court)

The Hon’ble High Court, Delhi directed that proceedings pursuant to the SCN and Impugned summons shall continue but the final orders shall not be given effect to till disposal of the writ petition. Listed the case on August 9, 2020 for next hearing....

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Charity and Mutuality Under GST

INTRODUCTION 1. Charity and mutuality are age-old concepts. The former is done as an act of benevolence. The latter is an arrangement to achieve a common purpose. One undertaking such acts, therefore, needs to appreciate the implications under the GST laws to avoid any undue demands in future. This is more relevant for the reason [&hellip...

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List of reconciliations for GST compliances

One word which stand synonym to GST from compliance perspective is RECONCILIATION! Most of the Consultant’s time or the taxation team of any organization is spent in preparing and undertaking several reconciliations under GST. Because of the same, the demand and market for tax technology solutions have thrived and prospered. Several con...

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Important GST & Income Tax Weekly Newsletter dt. 24.07.2021

In this Volume of GST & Corporate Tax Weekly Newsletter dated 17.07.2021, I bring to you highlights of recent updates, important judgments of last week &Compliance Calendar for the upcoming week in the field of indirect taxation and direct taxation to keep you abreast of all the latest happenings. 1. GST Updates CBIC clarifies on...

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What if GST wrongfully collected and paid to Government

Section 77 of CGST Act, 2017 read with Section 19 of IGST Act, 2017 governs the provisions for Tax wrongfully collected and paid to Central Government or State Government.  The same is decided in the case of Shree Nanak Ferro Alloys (P.) Ltd. v. Union of India and details thereof are as follows:- ♦ Facts […]...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

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August 2021