Goods and Services Tax : The right to claim ITC on goods and/or services received by the Recipient is never disputed both in GST law and erstwhile VAT regi...
Goods and Services Tax : Interest on Delayed Payment of Tax – on Gross or Net Tax Liability – Bone of Contention Remains There has been a big controver...
Goods and Services Tax : September 2020 marks an important month for completion of major compliances under Goods & Services Tax. We present below the l...
Goods and Services Tax : GSTR-3B is a summary return which came into existence since GSTR-2 and GSTR-3 never saw the light of the day due to the technical ...
Goods and Services Tax : Relaxations in due date of Filing of GSTR-1 and GSTR-3B-Article also discusses Conditional Date for Waiver of Late Fee and interes...
The CBIC has inserted Rule 138E in the CGST Rules which restricts generation of E-way bill by the taxpayer if the returns for a consecutive period of two months has not been furnished. Similarly, in case of composition taxpayers have not furnished the statement in FORM GST CMP-08 for two consecutive quarters. This rule has […]
Analysis of CBIC Notifications issued in respect of Jammu & Kashmir detailing the Migration Plan from Erstwhile State of J & K to UTs of J & K and Ladakh As per Jammu and Kashmir Reorganisation Act, 2019, the State of J & K has been divided between Union Territories, namely, UT of J & […]
Analysis of CBIC Circular no 123/42/2019-GST issued to clarify the restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 CBIC has issued Circular No. 123/42/2019-GST dated 11th November 2019 in order to clarify the restriction in availment of input tax credit in terms of sub-rule […]
Analysis of 9 GST Circulars issued by CBIC on 11th October, 2019 CBIC has issued nine circulars which have great implications on the organization as a whole. Kindly find our analysis of the various Circulars; 1. Summary of Circulars: S No Issue Date Circular No. Subject 1 11/10/2019 Circular No. 113/32/2019-GST Clarification regarding GST rates […]
CBIC has issued Notification No. 44/2019-Central Tax to Notification No. 49/2019-Central Tax on 9th October 2019 under CGST Act, 2017 Read with CGST Rules, 2017 which have great implications on the organization as a whole. Kindly find our analysis of the various Notifications; 1. Summary of GST Notifications dated 09th October 2019 Sr. No. Notification […]
Post Supply Discounts, generally refers to discounts which are allowed subsequent to the supply of goods/services. Post Supply discounts are invariably offered to incentivize/boost sales and are commonly quantified based on quantity or turnover achieved for prescribed period. Such discounts are a part and parcel of any distribution business.
The allowability of ITC of GST paid on building repairs is a matter of confusion among the various professionals and prone to litigation. The building repairs may involve the following among other things: Purchase of building materials, such as cement, concrete, bricks, cement or marble or stone slabs or tiles, paint, polish and any other […]
Movement of goods to job workers is an essential business situation which occurs frequently. Many times a manufacturer send goods to a job worker for getting further work done on them, and receive the goods back from job worker or sell the goods directly from the place of job worker.
Article 366(12A) of the Constitutional (101st Amendment) Act, 2016 defines the Goods and Services tax (GST) as “a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption”. The term ‘supply’ is, however, not defined in the Constitution.
In present indirect taxation system, cascading of tax is significant due to non-availability of ITC at various stages. Following are certain instances of such cascading of taxes
