Goods and Services Tax - Page 5

GST on Sale/transfer/disposal of Capital Goods – A new pandora box under GST!

This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed or disposed by way of gift and sale of capital goods under Goods and Services Tax Act, 2017. Page Contents ♦ Meaning of Capital Goods ♦ Meaning of Supply in context to “Transfer/Disposal of Capital Goods” [&hellip...

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No Penalty for Not Generation of E-way Bill – Section 129

Absence  of  e-way  bill  or  non generation of e-way bill, being a technical mistake or breach may be contravention  of  the  rule  138  &  138A  as  such  it  will  result  into imposition of penalty Rs. 10,000/....

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Revocation of Cancellation of GST Registration – HC found argument of erroneous exercise of jurisdiction untenable

M.S. Retail Private Limited Vs Union of India (Karnataka High Court)

M.S. Retail Private Limited Vs Union Of India (Karnataka High Court) It is not in dispute that the show cause notices, the order of cancellation and the order rejecting the application for revocation of cancellation are passed by proper officer. The show cause notice dated 18.03.2020 and the order of cancellation of registration dated 06....

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Relief in Late Fees of GSTR-4 or 10 & Change in ITC navigation

GSTN Press Release (23/09/2020)

Relief in late fees to Taxpayers filing Form GSTR-4 or 10 and change in navigation of Comparison of liability declared and ITC claimed report I. Relief to Composition Taxpayers in late fees for delayed filing of Form GSTR-4 (Quarterly Return): a. Vide Notification No 67/2020 dated 21.09.2020, the taxpayers who were under Composition Schem...

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GST Refund under inverted rate structure- decision inverted!

The latest judgement of Hon High Court of Madras in the case of Tvl. Transtonnelstroy Afcons Joint venture on refund of input tax credit on account of inverted rate structure is contradictory to the judgement of Hon Gujarat High Court in the case of VKC Footsteps on the same issue. Now this matter is to […]...

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Analysis of GST Notification No 66,67 & 68 of 2020- Central Tax

Notification No 66,67 and 68 of 2020- Central Goods or Service Tax (21//0/9/20)

The Central Board of Indirect Taxes and Customs (CBIC) on 21st September of 2020 notified 3 Notifications in the official gazette. The purpose of the Notifications is to incorporate the decisions taken in the GST council meeting for reduction of late fees for filing of return. In this article we will discuss the notification and […...

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GST-Inverted duty structure- Section 54 not violates Article 14- HC

Tvl. Transtonnelstroy Afcons Joint venture Vs Union of India (Madras High Court)

1) Section 54(3)(ii) does not infringe Article 14. (2) Refund is a statutory right and the extension of the benefit of refund only to the unutilised credit that accumulates on account of the rate of tax on input goods being higher than the rate of tax on output supplies by excluding unutilised input tax credit that accumulated on accou...

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GST: Taxpayers can demand copies of Seized Documents during Search: HC

Rajive And Company Vs. Assistant Commissioner (Kerala High Court)

Rajive And Company  Vs. Assistant Commissioner Special Circle (Kerala High Court) Petitioners will no doubt be entitled to seek copies of the documents seized from their premises, if and when they are confronted by the respondents with any notice or other proceeding, wherein reliance is placed on the said seized documents. I, therefore, ...

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Revocation of GST registration Cancellation by 30th Sep 2020

Revocation of GST registration Cancellation by 30th September 2020 We have seen many registrations being cancelled due to returns not being filed beyond 6 months by the tax payer. Cancellation of GST registration Suo motu by officer as per Section 29(2) of CGST Act 2017 are 1. A person paying tax under Composition levy has […]...

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Deemed Exports under GST- Complete & Detailed Analysis

Deemed exports are to be treated similar to exports, these supplies are not zero-rated supplies by default. Thus, GST shall be applicable on all the deemed export at the point of supply. Furthermore, these Supplies cannot be made under Bond / LUT without payment of tax....

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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.

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.

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September 2020