Goods and Services Tax - Page 30

Hustle & Bustle of GST in Real Estate industry- Taxability of TDR

In the earlier article, we saw the basics of the new tax rates applicable to the real estate service and some terms like RREP/REP etc. Now let’s move onto the taxability of TDR/FSI. The following article covers taxability / value / rate / time etc. on supply of TDR by landlord. This is made applicable […]...

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Landmark Judgements on Works Contract in Prior Tax Regime & GST

 The Goods and Service Tax Act, 2017 (GST) is the most ambitious, stronger and best decision of recent government. Through GST Legislation, we have sub-merge 17 taxation laws into one GST. The concept of One Tax One Nation to some extent fulfilled with the implementation of GST. The mute matter is that we have find […]...

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No GST on Interest Free Security Deposit & Notional Interest: AAAR, Maharashtra

Levy of GST on Interest Free Security Deposit and Notional Interest was put in front of AAAR, Maharashtra. The appellate authority held that the definition of consideration is inclusive and the consideration may be in cash or kind. The payment received towards Interest Free Security Deposit will not be treated as consideration...

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Standard Accounting Protocol for Reconciliation of GST Returns with Books of Accounts

A STANDARD ACCOUNTING PROTOCOL FOR RECONCILIATION OF GST RETURNS WITH BOOKS OF ACCOUNTS With The advent of GST in INDIA, one of Fastest Growing yet among LARGEST Economies of the globe, the destiny of Accounting Framework was set to be changed to bring in more transparency and thereby adoption of more detailed accounting practices. The [&...

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GST on transfer of Development Right on or after 01/04/2019

Service by way of transfer of development rights or Floor Space Index (FSI) on or after 1st April, 2019 for construction of residential apartments by a promoter in a project, intended for sale to a buyer, wholly or partly, where the entire consideration has been received before issuance of completion certificate or its first occupation, [...

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GST: Vehicle cannot be detained for mere Deficiency in Lorry Receipt

F S Enterprise Vs State of Gujarat (Gujarat High Court)

F S Enterprise Vs State of Gujarat (Gujarat High Court) Insofar as the Lorry Receipt issued by the transporter is concerned, carrying the same is not a requirement prescribed under rule 138A(1) of the rules. It was submitted that under the circumstances, in the absence of any statutory provision empowering the respondents to make an [&hel...

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GST: Goods Seized can be released on furnishing of Bank Guarantee

Ms. S.A. Products Vs State of U.P. & Ors. (Alahabad High Court)

As per Rule 140, in case the owner of the goods furnishes the security in the form of bank guarantee equivalent to amount of applicable tax, interest and penalty payable, the authorities can consider the release of goods and vehicle. ...

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GST on Cheque Dishonour Charges Collected by Assessee

Whether GST should be charged on `Cheque Dishonour  Charges’  had been issue of advance rulings before the various State  Advance  Ruling Authorities.  Recently this issue came before Hon’ble Appellate Authority for Advance Ruling  of Rajasthan  against the judgement by Ld.  Rajasthan Authority for Advance Rulings(RAAR). Appel...

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FAQ Annual Return Form GSTR-9A

Who needs to file Form GSTR-9A ?All taxpayers registered under the composition scheme under GST, for any period during the financial year, need to file Form GSTR-9A.This will include a taxpayer- Who have opted for composition scheme since registration and have never opted out subsequently; and- Who have opted in for composition scheme an...

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GST Invalidates the Tax Planning of Vat ERA

After 21 months of GST Law  being in force,  the assessees and their tax consultants are realising that GST  requires the revisit of every tax  planning / practice which was valid in VAT/ST era, This fact has been very well brought out in the recent judgement of Hon’ble Appellate Authority for the Advance Ruling (GST), […]...

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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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