Goods and Services Tax : Intra-state E-way bill has been rolled out in many states and the same has been made applicable within the State of Punjab from 01...
Goods and Services Tax : Concept of Composition levy is prevailing under the current Central Excise as well as under the State VAT Laws. The same has been ...
Goods and Services Tax : Carry forwarding of existing ITC of the stock held on the appointed day is the first basic step that a business house needs to loo...
Goods and Services Tax : Understanding the transition provisions are of prime importance as the same would help in the smooth transition to the New GST Reg...
Goods and Services Tax : The First step towards the transaction of GST will be the carry forwarding of the Inputs held in stock on the appointed day and it...
Intra-state E-way bill has been rolled out in many states and the same has been made applicable within the State of Punjab from 01.06.2018. Section 68 of the GST Act, 2017 read with Rule 138 of GST Rules, 2017 provides for furnishing of the information prior to commencement of movement of goods and generation of […]
Concept of Composition levy is prevailing under the current Central Excise as well as under the State VAT Laws. The same has been continued under the new GST regime but with various changes which are discussed in this article.
Carry forwarding of existing ITC of the stock held on the appointed day is the first basic step that a business house needs to look into for a smooth transition into the GST regime. As the clock is ticking understanding the Transition Provisions and their implementation thereon is of the prime importance.
Understanding the transition provisions are of prime importance as the same would help in the smooth transition to the New GST Regime. Certain situations such as return of goods sold, receiving of the goods after appointed day, change in price of goods/ services can arise during the transition phase. Some of them are discussed in this Article.
The First step towards the transaction of GST will be the carry forwarding of the Inputs held in stock on the appointed day and its quantification thereof. Sections 139 to 142 of the GST Act, 2017 deals with transition provisions.
In the present case the goods were detained by the officers of Mobile Wing Fazilka and penalty was imposed for non generation of e-ICC. The appellant in the appeal contended that the server of the department was non functioning properly and in the given circumstances the appellant was left with no alternative then to send the goods without generation of e-ICC.
Section 13 of the PVAT Act, 2005 provides for the entitlement of Input Tax Credit on the purchases made by a Taxable Person subject to such Conditions as may be prescribed. However when a person uses taxable goods for the production of both taxable and tax free goods Section 13(5) & Rules 23 & 24 of the PVAT Rules, 2005 comes into play.
On 01-04-2005 Government of Punjab introduced Punjab Value Added Tax Act, 2005 (in PVAT Act, 2005) by abolishing the Punjab General Sales Tax Act, 1948. As the name suggests it’s a tax charged on portion of Value Addition at each stage. At each stage, tax calculated on sales (Outputs) and vendors are able to claim tax credits to recover the tax paid on their purchases (Inputs).
Now a day’s cooking of foods products by the Hotel Industry/ Restaurants are mostly done with the help of Liquefied Petroleum Gas. Liquefied Petroleum Gas is the major ingredient used for converting raw food into final product. However the Excise & Taxation Department is disallowing Input Tax Credit on the purchase of Liquefied Petroleum Gas on the basis of Section 13 (5) of the Act while ignoring 1st Proviso to Section 13(1). This had led to many controversies all over the State.
