Goods and Services Tax - Page 20

GST on Partially completed flats

In re Durga Projects and Infra Structure Private Limited (GST AAR Karnataka)

Applicability of GST on partially completed flats i.e. a) Partially completed flats having identified customers before GST regime b) Partially completed flats, where customers are identified after implementation of GST regime, and c) Partially completed flats, where no customers are identified....

Read More

GST payable on work executed under JDA on land owner’s portion

In re Durga Projects and Infra Structure Private Limited (GST AAR Karnataka)

The Applicant is liable to pay GST towards work executed under Joint Development Agreement on Land owner's portion, on the value to be arrived at in terms of pars 2 of the Notification No.11/ 2017-Central Tax (Rate) dated 28.06.2017 at the time of transfer of possession of the land owners' portion of the flats....

Read More

GST on Tool Amortisation cost on Capital Goods received on return basis

In re M/s. Toolcomp Systems Private Limited (GST AAR Karnataka)

Clarification regarding applicability of Tool Amortisation cost (Transaction Value) in GST Regime on Capital Goods received freely on returnable basis from the recipients (Customer) for parts production and supply....

Read More

GST Audit – An Analysis

Why Audit ? Whenever I start thinking of undertaking any kind of audit, a sense of exasperation and a little bit of despondency creep into me. Despondency because I will have to displease people again and again, exasperation because there will be unnecessary but obvious arguments not based on facts and logic but backed by […]...

Read More

Reimbursement of SGST applicable on tickets of Super 30 movie

Trade Circular No. 43 T of 2019 (07/08/2019)

You are aware that Super 30 movie which gives an important social message in the field of education is released throughout India. To promote this social message, Government of Maharashtra has issued above referred GR wherein Government is going to reimburse to the registered theatre the component of State Goods and Services Tax (SGST) pro...

Read More

Input Tax Credit on Demo Cars Under GST

According to section 17(5) of CGST Act, 2017,  input tax credit will not be available in respect of motor vehicles and other conveyances,  except when such motor vehicles or other conveyances are supplied further, or used for transportation of passengers or giving training on driving, flying, navigating such vehicles or conveyances or a...

Read More

Analysis of CGST (Fifth Amendment) Rules 2019

Analysis of the Provisions of Goods and Services Tax (GST) vis-à-vis Central Goods and Services Tax (Fifth Amendment) Rules 2019 Introduction Goods and Services Tax department has recently issued two notifications regarding various amendments proposed in the existing GST laws. The revised rules stated in the Notification No. 33/2019–Ce...

Read More

Input Tax Credit – ITC

At every stage of the supply chain, the buyer of the goods or service gets credit for the input tax paid, and he can use it to offset the GST payable on the output which is required to be paid to the Centre and State governments. To understand this Input Tax Credit concept better, let’s take the help of an illustration of a company call...

Read More

Treatment of Write Back Amount in GST Era

Background:  The taxpayers may have long outstanding the creditors whose dues are not paid. The non-payment of dues may be on account of many business decisions. As per prudent accounting policies, the long outstanding dues are reviewed periodically and written back (credited to profit & loss account) in the books of accounts. Write ...

Read More

GSTR 9- One Page Guide on Treatment of ITC, RCM & Outward Liability

The last date for filing of Annual return in FORM GSTR-9 for the FY 2017-18 is 31st August 2019 and many professionals facing lot of Confusion regarding Presentation purpose in different tables of GSTR 9 specially in case of transactions shown in GSTR 3B of 2018-19 which are pertaining to FY 2017-18. So  What will […]...

Read More

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.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.