Introduction In case of GST, tax is payable on ad-valorem basis i.e., percentage of value of the supply of goods or services. Thus, it becomes important to know how to arrive at the value on which tax is to be paid. Section 15 of the CGST Act prescribes the provisions for determining the value of […]...
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Role of Payment of consideration in availment of Input tax credit (ITC) under GST Objective and scope: – 1. whether the consideration for any supply can be paid by any other person other than the recipient? 2.If consideration is paid by 3rd party i.e. someone else then whether credit\exemption is available to recipient though there ...
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Goods and Service Tax (GST)!! Currently this word brings happiness on the face of Government because of good centralised collection of the taxes and on the other hand this brings tension on the face of the tax payers because of lots of monthly compliances, professional fees, etc etc. If in such scenario someone comes and […]...
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When a registered person delays filing his regular GST return before due dates, he will be liable to pay late fee under Section 47 (2) of CGST Act, 2017. The amount of late fee payable depends on the type of return to filed, no of days of delay and due date for filing such return....
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Job Work procedure under CGST Act 2017 with reference to E Way bill Rules 2018. Meaning of Job Work – When the owner of the goods (Principle) sends his goods to a different person for carrying out certain process, which may or may not result in the change of the specifications of the product, that […]...
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BCAS submitted the ‘Representation on Extension of dates for various provisions under Goods & Services Tax Act 2017′ to the Finance Minister of India and Chairperson, GST Council. Text of the representation is as follows:- Date: September 24, 2020 To, The Hon’ble Finance Minister & Chairperson, GST Council Nort...
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It is a known fact that the global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. Since the introduction of GST in 2017, the Union Government had promised a certain amount of their revenues as GST compensation to the states till the year 2022 to compe...
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GST Audit involves verification various GST compliances w.r.t. books and other records maintained by the entity. As the title suggests, GST Audit involves not only verification of Statement of Profit and Loss for ensuring compliances w.r.t. Outward Supplies & Reverse Charge Mechanism etc., but also involves study of Balance Sheet in depth...
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e-Invoicing under India GST is proposed to applicable from 1st October,2020. Index Of Discussion topics > What is an e-Invoice > Applicability of e-invoice compliance > Time limit for reporting invoice > Current transaction flow > New transaction flow > Process of issuing e-invoice > e-invoice Cancellation process >...
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The Central Bureau of Investigation has arrested two Superintendents and one Inspector, all working in the office of Commissioner, Central Goods & Service Tax, Central Excise, Belgaum(Karnataka) in an alleged bribery case of Rs. Five Lakh....
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