Goods and Services Tax - Page 5

Coal rejects attracts levy of compensation cess of Rs. 400 per MT

In re Haryana Power Generation Corporation Ltd. (GST AAR Haryana)

In re Haryana Power Generation Corporation Ltd. (GST AAR Haryana) 1. Whether coal rejects to be disposed of by way of sale at very nominal price by the power plants of the applicant attracts levy of compensation cess @ Rs. 400/- per MT? Coal rejects to be disposed of by way of sale at very […]...

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GST would be levied on recovery of canteen services regardless of “profit-making” aspect

The Hon’ble Gujarat AAR, in the matter of M/s Amneal Pharmaceuticals Pvt. Ltd. [Advance Ruling No. GUJ/GAAR/R/50/2020, dated July 30, 2020] held that GST would be levied on recovery of amount from employee on account of third party canteen services provided by a company to their employees which is obligatory under Factories Act 1948 (Fa...

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GST Authorities can initiate inquiry u/s 70 collaterally with proceedings u/s section 6(2)(b)

G.K.Trading Company Vs Union Of India And 4 Others (Allahabad High Court)

GST authorities are allowed to initiate inquiry proceedings under Section 70 of CGST Act, 2017 collaterally with the proceedings under section 6(2)(b) as prohibition of Section 6(2)(b) of the C.G.S.T. Act shall come into play only when any proceeding on the same subject-matter has already been initiated by a proper officer under the U.P.G...

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e-invoicing under GST- Brief Overview

E Invoicing is one of the biggest and positive update taken place under GST law like E Way Bill system in 2020. The invoicing practices are adopted by business houses are different from one another and government wants unified and equal approach in invoicing....

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1 held by CGST Delhi officials for availing fake ITC of Rs 82.23 crore

In the ongoing drive against availment of inadmissible ITC, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East unearthed a multi-layered network of fictitious firms being used to generate and pass on fake ITC....

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12th GST compensation shortfall Instalment of Rs. 6000 cr released to States

12th Instalment of Rs. 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs. 72,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs. 1,06,830 crore granted to the States....

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RoDTEP scheme come into operation from 01st January 2021

D.O.No. 50/CH(IC)/2020 (18/01/2021)

As you are aware, the RoDTEP (Remission of Duties and Taxes on Exported Products) scheme has come into operation from  01st January, 2021. The scheme seeks to refund duties / taxes / levies at the Central / State and local levels, which have not already been exempted or remitted or given as credit....

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Practical Implementation of Rule 36(4) (5% ITC Rule) By GST Return Preparer

Rule 36(4) of CGST Rules, 2017 inserted vide Notification No. 49/2019 dated 09th Oct, 2019 and it was made applicable w.e.f. 09th Oct, 2019. Enough hue and cry had taken place ever since application of this Rule came in existent. The issue was mainly due to quarterly GSTR-1 filers. According to my opinion very few taxpayers were fol...

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Punjab One Time Settlement of Outstanding Dues, 2021

Notification No. S.O. 11/P.A.8/2005/S.29-A/C.A.74/1956/S.9/2021. (18/01/2021)

(1) This scheme may be called the Punjab One Time Settlement of Outstanding Dues, 2021. (2) It extends to the whole of the State of Punjab. (3) It shall come into force on and with effect from the 15th January, 2021. (4) For assessments completed till 31st December, 2020, under the relevant Act, no application for settlement of d...

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GST Audit by Department: Are You Prepared?

India has completed more than 3 years of GST regime. GST has been one of the landmark tax re- forms in the country and though it has stabilized to a large extent, the business entities are still grappling with some issues and compliances required to be carried out. It has been quite a time since […]...

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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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January 2021