Goods and Services Tax - Page 2

GST, Excise, Service Tax & Customs updates for March 2019 (Till 20th March)

Indirect Taxes Updates- GST, Customs, Excise, Service Tax & VAT Month – March 2019 (Updated upto 20th Mar.19) A. Proposal of 34th GST council meeting The GST Council (Council), in its 34th meeting on 19th March 2019 discussed operational details for implementation of recommendations made in 33rd meeting in respect of new rate of tax...

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Due Date of Payment- Under Reverse Charge (GST)

Generally a supplier use to collect and pay indirect taxes applicable on supply of goods and services. However Reverse Charge mechanism (RCM) is a method under which the receiver of Goods and service, instead of the supplier, is required to pay GST. The concept of RCM (Reverse Charge Mechanism) under GST is not new as […]...

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Unfilled Part B of e-way bill cannot be treated as a minor omission: Goods can be released only on Compliance

Daily Express Vs Assistant State Tax Officer (Kerala High Court)

Daily Express Vs Assistant State Tax Officer (Kerala High Court) Section 129 is a self-contained code. It lays down the entire mechanism for provisional release of the goods.  Section 129 begins with a non-obstante clause. It stands protected from every other provision. Earlier this Court, on more than one occasion, has held that unfille...

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GST Audit Desk Review- Part 2 (Detailed Analysis)

This is my second post on the topic GST Audit Desk Review which will help you all to focus on the key areas . To begin with- 1. Understand the domain of your assessee: Like the trade practices, policies, ratio trend, sales trend, etc. 2. Try to figure out the issues that may prevail: Like […]...

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Provisional property attachment in terms of Section 83 of CGST Act

Whether Section 83 of CGST provides for provisional attachment of any property, including bank account of the taxable person during the course of Investigation i.e., before issuance of SCN /Assessment order/notice?...

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GST on Fixed Assets

GST Provisions for Fixed Assets Background Fixed Assets were subjected to separate provisions under Excise and Service Tax under Cenvat credit rules, 2004. There were several restriction on availability of Cenvat credit, Sale and disposal of Fixed Assets under the previous regime. Under GST, the provision are more liberal as compared to r...

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CAIT not happy with calling of GST as ‘ Gabbar Singh Tax’

Dear Shri Rahul ji,We have come across one of your statement made yesterday at a Rally that traders are suffering from GST and if you come to power you will abolish Gabbar Singh Tax as called by you for GST....

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High Sea Sales- Procedure & Implications under GST & Customs

The economy and the trade have grown to a greater extent as compared to the ancient period and people have come with many types of dealings and transactions over a period of time to either attract the customers, to reduce their costs or to make things easier for conducting their business. One such transaction is High Sea Sale....

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GST on Services Provided to NGOs Registered as Charitable Trust

In re Ecosan Services Foundation (GST AAR Maharastra)

In re Ecosan Services Foundation (GST AAR Maharastra) Question : Services provided to (NGO) Non-profit organization registered as Trust having registration U/s. 12AA of Income Tax Act, amounts to provision of service and any grant/ Donation received towards performing specific service towards preservation of environment as specified in n...

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New GST Structure for Real Estate W.E.F. 1st April, 2019

GST Council met for the 34th time since its constitution yesterday (19th March, 2019) for taking crucial decisions on real estate sector. Taking forward the discussions and decisions of 33rd GST Council meeting dated 24.02.2019 GSTC has now taken important decisions in relation to levy of GST on real estate sector including manner of tran...

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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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