Goods and Services Tax - Page 3

Refund of accumulated ITC of compensation cess

The entities whose procurements attract compensation cess but there is no compensation cess levy on final goods manufactured could have accumulated ITC of compensation cess. There has been an ambiguity about eligibility of refund of accumulated ITC of compensation cess in GST law....

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Change in Time Limit for Claiming refund of Accumulated ITC w.e.f. 1 Feb 2019: An Analysis

Section 54(3) of CGST Act 2017 provides refund of unutilised input tax credit. As per section 54(3), refund of unutilised input tax credit shall be allowed in the following two cases only: – (i) zero rated supplies made without payment of tax;+ (ii) where the credit has accumulated on account of rate of tax on […]...

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GSTR 4 (Composition scheme Return) FAQs

Form GSTR-4 is to be filed by a taxpayers who are registered under the composition scheme. The composition taxpayer needs to provide the details of the outward supplies and inward supplies (other than attracting reverse charge and attracting reverse charge) and those received from the unregistered dealers including the details of service...

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GST on Freight Charges

Freight refers to bulk transportation of goods via train or truck, aircraft or ship. Since the transport of goods by freight is the commonly used transportation mode for the businesses supplying goods, the introduction of GST on freight charges hasn’t just affected the Indian freight sector but several other sectors as well. Generally...

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Simplified Approach of Advance Ruling under GST

Meaning and Necessity of Advance Ruling under GST: An advance ruling may be defined as an determination of certain matters and question as specified by the law , regarding interpretation of the law specifically in those cases where there is an ambiguity in the law itself and assessee wishes to avoid any type of litigation […]...

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GST Audit –Insights to Practical Approach

The annual income tax audit for most of the taxpayers has just came to end and as we are heading towards the end of calendar year 2018, now it’s time for annual filing and audit under GST law. GST Council in its 31st meeting held on 22nd December 2018 has extended the due date for filing of […]...

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Availability of Input Tax Credit on Factory Building

CA Manoj P Gupta Query : A Company is setting up its Plant in Pithampur. The Construction of factory building is going on. The Input Tax Credit of Input & Input Services used in the construction of building  is not available in view of the provisions of the block credit as provided in the Sec 17(5) of […]...

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Events Which May Hint Suspicion In GST

Following are few illustrative areas which may trigger suspicious business / trade practices in GST regime and raise alert at the revenue authority’s end: (1) Substantial carry forward of input tax credit on closing stock as on 30.06.2017 (GST applicable w.e.f. 1.7.2017) ....

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Job Works under GST – Detailed Analysis

Section 2(68) of the CGST Act – ‘JOB WORK’ means any treatment or process undertaken by a person on goods belonging to another registered person (referred to as Principal) and the expression ‘job worker’ shall be construed accordingly While the person sending the goods out for job work (i.e. Principal), has to be a registered [&...

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Factors to be Considered while GST Return Filing

Being the biggest Tax reform after Independence, GST has been completely digital. This step has curtailed the evils like tax evasions, bribery and other corruptions from the country to a great extent. As we know that it has subsumed a number of previous indirect taxes; and hence, as soon as it got implemented the entire […]...

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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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