CA Pradeep Jain articles

Burden of tax on Heena Manufacturers and Traders under GST

The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control inflation and avoid surprises. The government ...

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GST on interest, late fee or penalty for delayed payment

As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value....

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Focus Areas of Reports Generated by Software for Filing Returns

Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the assessee to resort to centralised billing mechanism. For ensuring that there is no duplicacy in issuance of invoices by more than one units in the same State, policy of generation of alphanumeric bills can be ...

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Compliance on Cancellation of Registration under Revised GST Law

At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as th...

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Place of Supply of Goods or Services Part-III

Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service except of specified services as given in subsequent sub-sections. This is similar to the default rule applicable to domestic transactions...

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GST: Place of Supply of Goods or Services Part – II

Continuing with the discussion, today we shall discuss the changes made in the section 10. It is newly added clause in the draft GST law for determining place of supply of services where location of service provider or the location of service receiver is outside India....

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GST- Section 16: Eligibility and conditions for taking input tax credit

1. The concept of admissibility of input tax credit is elaborated and mentioned in the provision itself (intended to be used or used in the furtherance of business) 2. Capital goods will be entitled for 100% credit immediately except for pipelines and telecommunication tower fixed to earth by foundation or structural support which is as f...

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GST: Place of Supply of Goods or Services Part – I

The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed in...

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Changes in definition of inputs, capital goods & input services

As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let’s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services on which cenvat can be taken or...

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Work Contract-Sale Vs Service to Continue in GST Regime

The centre of the litigation was the valuation of such service. Both the laws provided independent valuation measures and that is why the situation of double taxation occurred. VAT and service tax was being paid on the same value. Various judicial pronouncements having immense significance were rendered from time to time like the decision...

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Section 34: Returns under Revised Model GST Law

Non-resident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding inward /outward supply of goods & services, credit availed, tax paid. Return is to be filed on or before 20th day of the succeeding month....

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GST- Section 33: Furnishing details of inward supplies

1. Nonresident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding of input supply of goods & services....

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GST- Section 32: Furnishing details of outward supplies

Earlier only the ISD, person opting for composition scheme and person deducting TDS were kept outside the purview of this section. These persons were not required to file the GSTR-1. In the revised draft, the non-resident taxable person, and the person deducting TCS are also been ousted from the scope of this section....

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GST: Section 104 Interest on Refund of Pre-Deposit

Section 104 pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order of the First Appellate Authority or of th...

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GST: Revisional powers of chief commissioner or commissioner

A new concept of revisionary power of Chief Commissioner or Commissioner has been proposed in the GST Law as compared to the provisions prevalent in present indirect taxation. ...

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Section 101- Appeals to Appellate Tribunal under Revised Model GST Law

The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay in filing appeal upto on...

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Principal place of business, Proper Officer and Services under Revised Draft GST Law

The amendment bought in the definition is that principal place of the business will be the place mentioned in registration certificate irrespective of the location of books and accounts. ...

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Outward and zero rated supply under Revised Model GST Law

Earlier outward supply was restricted to transactions like sale, transfer, barter, exchange, licence, rental, lease or disposal, whereas in the new definition any other means has been added thereby widening the scope of the definition....

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Definitions of Accounts, Custom frontiers of India and non-taxable online recipient under Revised Model GST Law

New definition of ‘Account’ has been inserted which refers to bank account. It seems that interest may be exempted from payment of GST. Earlier this definition was not there. It’s main use will be in the determination of time of supply and place of supply....

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Definition of First Stage Dealer under revised Model GST Law

First Stage Dealer means a dealer, who purchases goods directly from,- (i) manufacturer under cover of an invoice issued in terms of provisions of Central Excise Rules, 2002 or from depot of said manufacturer, or from premises of consignment agent of said manufacturer or from where goods are sold by or on behalf of said manufacturer, unde...

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Definition of Consideration under Revised Model GST Law

Another point of probable litigation is that the definition states that consideration can be voluntary or non voluntary. Although the main phrase uses the term ‘any act or forbearance’, but it does not limits the scope of the involuntary considerations. ...

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Definition of Common Working Days under Revised Model GST Law

Common working days in respect of a State shall mean such days in succession which are not declared as a gazetted holiday by the Central Government or the concerned State Government;...

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Definition of Business Vertical under Revised Model GST Law

Business vertical means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals;...

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Deemed exports under Revised Model GST Law

Term ‘deemed exports’ is often referred in the context of Foreign Trade Policy but it is observed that the proposed GST regime seeks to provide definition of deemed exports separately....

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Definition of Turnover in a State and Zero rated supply under revised model GST Law

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law...

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Definition of Principal place of business, Proper Officer & Services under Revised Model GST Law

Principal place of business will be place mentioned in registration certificate irrespective of the location of books and accounts. However, definition of place of business defined section 2(74) clears that it can be place where books of accounts are being kept....

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Definition of Input Service Distributor & Money: Revised Model GST Law

Input service distributor means an office of the supplier of goods and/or services which receives tax invoices issued under section 28 towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable ...

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Definition of Exempt supplies, Goods & Inputs- Revised Draft GST Law

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law...

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Definition of Agriculture under Revised Model GST Law

The exclusive definition of Agriculture brings into tax ambit the activities of dairy farming, poultry farming, and stock breeding into GST net. Similarly for claiming exemption from agriculture activity the Agriculturist is required to cultivate land PERONSNALLY....

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Aggregate Turnover Under Revised Model GST Law

Article analyses definition of aggregate turnover and changes brought in by Revised GST Draft Law. The definition of aggregate turnover under revised GST Draft Law is under section 2(6) which states that the aggregate turnover shall include all taxable supplies, exempt supplies, exports of goods and/or services and inter-State supplies of...

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Definition of Business & Exempt Supplies: Revised Model GST Law

Definition of business seems only to clarify that apart from the activities mentioned in the schedule V, all other activities shall be termed as business transactions and will be covered under GST....

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Adjudicating Authority and Agent under revised Model GST law

Article Analyses changes bought in the definitions of 'Adjudicating Authority' and 'Agent' under revised Model GST law...

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Provisions related to Discount for valuation under revised draft GST Law

Valuation provisions under section 15(3) of revised Draft Model GST Law lays down conditions to be adhered in relation to exclusion of discounts. ...

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Implementation of GST Still Sailing In Boats of Uncertainty

Eighth meeting of goods and services tax (GST) council held on Wednesday yet again ended on an uncertain note, effectively ruling out possibility of implementation of GST from 1 April....

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Provisions related to audit to be undertaken by GST authorities

The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. ...

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Transitional Provisions under Revised Model GST Law- Part-XII

197. Transitional provisions for availing Cenvat credit in certain cases - This provision has been added to as to provide for treatment of such cenvat which was reversed before the appointed day due to non-payment of consideration within a period of 3 months....

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Transitional Provisions under Revised Model GST Law- Part-XI

Provision for transfer of unutilized Cenvat Credit by taxable person having centralized registration under the earlier law...

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Transitional Provisions under Revised Model GST Law- Part-X

It is provided in sub-section (1) that every proceeding of appeal, revision, review or reference relating to a claim for CENVAT credit initiated whether before, on or after the appointed day, under the earlier law shall be disposed of in accordance with the provisions of earlier law...

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Transitional Provisions under Revised Model GST Law- Part-IX

179. Pending refund claims to be disposed of under earlier law This section provides for the treatment of such refund claims which have been filed before the appointed day in respect of any tax, amount of cenvat credit, duty, tax or interest paid before the appointed day. ...

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Transitional Provisions under Revised Model GST Law- Part-VIII

Articles deal with Section 175 of revised model GST Law on Inputs removed for job work and returned on or after the appointed day....

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Transitional Provisions under Revised Model GST Law – Part-VII

Article discusses Sec 173 - Exempted goods returned to the place of business on or after the appointed day and Section 174. Duty (Tax – in SGST Act) paid goods returned to the place of business on or after the appointed day. ...

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Transitional Provisions under Revised Model GST Law: Part-VI

Article explains Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme...

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Transitional Provisions under Revised Model GST Law – Part-V

Articles covers, Sec. 171 of Revised Model GST on Credit of Eligible Duties and Taxes In Respect of Inputs or Input Services During Transit ...

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Transitional Provisions under Revised Model GST Law-Part-IV

170. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations. This is a new provision added in the act aiming to cover such assessees who are engaged in manufacture of both taxable and exempted goods or are providing both taxable and exempted services...

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Transitional Provisions under Revised Model GST Law -Part-III

Section 169. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows...

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Transitional Provisions under Revised Model GST Law -Part-II

Article Analyses Transitional Provisions under Revised Model GST Law specified in section 168 related to Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations...

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Transitional Provisions under Revised Model GST Law -Part-I

It is pertinent to note that person operating under composition scheme will not be entitled for input tax credit and also the tax paid under composition scheme will not be admissible as credit to the recipeint....

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Section 16 Zero Rated Supply (IGST Act)

A new Chapter VIII has been introduced in the IGST Act wherein the concept of zero rated supply has been framed. The provisions contained in the section 16 are discussed as follows...

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Section 15 Value of Taxable Supply Under Revised GST Law

The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price is the sole consideration for supply. Apart from this, certain inclusions and exclusions have also been provided in the transaction value which is discussed in the succeeding paragraphs....

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Section 12 -Time of Supply of Goods Under Revised GST Law

The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows...

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Job Work Under Revised GST Law

Earlier GST law provided that Commissioner may be special order and subject to conditions, permit a registered taxable person to send taxable goods without payment of tax to a job worker for job work....

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Definition of Capital Goods Under Revised GST Law

As contrast to the above definition, the definition of capital goods under earlier GST law was similar to that given under Cenvat Credit Rules, 2004. The earlier definition was very specific as compared to the present definition which has a very wide scope. ...

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New Concepts of Supply in Revised GST Law

Section 2(27) defines this term as “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply....

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Comparative Analysis of Refund of Tax in Revised GST Law-Part-II

A new sub-section 13 has been added in section 48 which states that refund of advance tax deposited by casual or non-resident taxable person shall not be allowed unless they have furnished all returns during their period of registration. ...

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Comparative Analysis of Refund of Tax in Revised GST Law-Part-I

Earlier old GST Law, the limitation of two years for filing refund claim was not applicable for amount paid under protest. This provision has been deleted in the revised GST Law thereby meaning that there will be no mechanism for paying tax under protest....

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Comparative Analysis of Changes Made in Input Tax Credit- Part-II

A list of exclusions has been provided wherein it is specified that the credit shall not be available for motor vehicles and other conveyances except when used for making taxable supplies like supply of such conveyances, transportation of passengers, imparting training or driving or for transportation of goods. ...

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Comparative Analysis of Changes Made in Input Tax Credit-Part-I

This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:-...

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Changes in Schedule IV & V of Revised Draft Model GST Law

In previous GST Law, Schedule IV specified activities or transactions in respect of which Central / State Govt or any Local Authority shall not be regarded as a taxable person....

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Changes Made in Schedule-III of Revised Draft Model GST Law

In the first entry of new GST draft law, services provided by an employee to the employer in the course of or in relation to his employment is mentioned. This means that service provided by employee to his employer will not be considered as supply and no GST will be leviable....

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Changes Made in Schedule-II of Revised Draft Model GST Law

Schedule II prescribes such transactions which will be deemed to be supply of goods and services. There is not much change in this schedule....

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Changes Made in Schedule-I of Revised Draft Model GST Law

As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the changes which have been made and their impact on the trade and...

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Audit by department: Justified or not?

Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits. This piece of articulation is on the journey of provisions related to audit in the Chapter V o...

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Budget 2016: Mobile Accessories turns expensive

With the hype created regarding implementation of revolutionary taxation reform, i.e., GST in the financial year 2016-17, the government attempted to mentally prepare the assessees as regards substantial reduction in the exemptions available. This is reflected by the levy of excise duty on jewellery except pure silver jewellery....

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Service Tax Assessees To File Annual Return

Service tax assessees will be required to file Annual Return in addition to the half yearly returns presently filed by them. This has been done by amending Rule 7 of the Service Tax Rules, 1994 which will be applicable with effect from 01.04.2016. This article is an attempt to analyse the probable consequences of the amendment....

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Limitation for Issuing SCN Under Section 73 Enhanced

It was proposed in the Central Excise Tariff Conference that the time limit for issuing show cause notice under normal period of limitation should be increased and it appears that the suggestion has been considered by the government in this Budget. In this budget, the government has amended section 73 of the Finance Act wherein the time l...

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Rule 7B of Cenvat Credit Rules, 2004– New concept for Multi-Unit Companies

Budget, 2016 has come up with some new provisions and concepts in the Central Excise Law. One such provision has been introduced in the name of rule 7B of Central Excise Rules, 2004 which has been framed on the same lines of input service distributor. This little article is about this new concept in the Central Excise Law....

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Import of Goods at concessional Rate of Duty– Procedure simplified with A Demerit

The new rules namely, Customs (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2016 shall come into force on 1.4.2016. As per new rules, following procedure is to be followed:-...

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Input Service Distributor –Concept Simplified & Scope Widened

Budget 2016 has been introduced and it has bought some major changes in the Cenvat credit scheme by amending the Cenvat Credit rules, 2004. One such change has been introduced in the rule 7 which relates to the input service distributer. With a view to improve credit flows between different manufacturing / service locations, Rule 7 dealin...

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Import of goods by vessel – Budget, 2016 made it expensive!!!

Budget 2016 has been introduced and with it has come many amendments and changes in the law. One such change is with respect to the services by way of transportation of goods by an aircraft or a vessel. The amendments made in it are effective from 1.6.2016 and will impose additional fiscal burden on the importers importing goods via sea. ...

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Single Registration facility under Central Excise – condition amended

Earlier, the single registration could be granted only if the two premises were separated by way of public road or canal or railway line. This condition has been done away with now. However, earlier, there was no condition which stated that the manufacturing processes should be interlinked. Thus, even if both the premises undertook entire...

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‘Excise Duty Studded on Jewellery by Budget, 2016

It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1....

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Glance at burning Legal Issues to Set off in this Budget!

Re-look at the amended penalty provisions contained in section 78 of the Finance Act, 1994/Section 11AC of the Central Excise Act, 1944:-The provision distinguishing the quantum of penalties in section 11AC in cases where short-payment or non-payments have arisen for reasons other than fraud and restricting penalties upto 10% of the tax o...

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Budget 2016: Recapitulation Of Errors That Need Instant Rectification!

With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to ...

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Accumulated Education Cess Balance: All Hopes in Vain!

Since the announcement of the exemption being granted to the levy of Education Cess and SHE Cess by the Finance Minister in Budget 2015-16, the issue as regards the utilisation of the accumulated balance of Education Cess and SHE Cess has been a sensational issue and a topic for discussion among the assessees and the consultants....

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Binding Nature of Board Circulars-Confusion Settled or Created?

The binding nature of the Circulars issued by Board is the issue that has been a matter of litigation since inception. There have been a number of decisions on this matter, that too, of Supreme Courts which have added fuel to the fire of litigation. There has been a constant fight between assessees and revenue department regarding the app...

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Credit Balance of Ed Cess & SHE Cess-Never Ending Story!

The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards ‘Ease of doing business’ with reduction in the compliance procedure for maintaining separat...

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Swachh Bharat Cess-Cleaning India or Cleaning Pockets!!

This new levy of ‘Swachh Bharat Cess’ (SBC) has been revealed by the government by way of issuance of various service tax notifications, circular and FAQs and this new levy is to have effect from 15.11.2015. This article is an attempt to analyse the statutory provisions of this new levy, ‘SBC’....

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Proposed Refund Process under GST – Happiness on the Way to Exporters

Refund mechanism under GST: simplified and tech-based:-The report says that GST law shall provide for the cases in which refund claim can be filed. It states some of such cases as excess payment of tax by mistake, export of goods and services under rebate claim, refund of accumulated credit in case of exports, finalization of provisional ...

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Proposed Payment Process Under GST – New & Improved

‘Report of The Joint Committee on Business Processes for GST’ has already been circulated and views have been sought from people at large for suggesting improvements thereupon. This report is divided into three parts namely GST Registration, GST payment process and GST refund process. In this article, some benefits of the proposed pay...

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Draft Registration Procedure Of GST – There Is A Scope For Improvement

The government with the aim to implement the GST w.e.f. 1.4.2016 has issued a draft for persual of experts, trade associations, etc. to suggest the flaws and improvements thereupon. This draft is in form of ‘Report of The Joint Committee on Business Processes for GST’. This report is divided into three parts namely GST Registration, G...

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Battle on GST: States V/S Centre

Goods and Services Tax (GST), the 122nd Constitutional Amendment Bill, 2014 tabled by Finance Minister Arun Jaitley has already passed in the Lok Sabha. However, due to conflicts between the States and Centre and the reason that the Centre is not having majority in Rajya Sabha; ...

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GSTN- How far is privatization justified?

Already so controversial bill of Goods and Service Tax (GST­­) had another controversy attached to it when The Empowered Committee (EC) of State Finance Ministers decided to incorporate Goods and Services Tax Network (GSTN), a Section 25 (not-for-profit), non-Government, Private Limited Company to provide IT infrastructure for implement...

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Service Tax On Director’s Remuneration-Instigating Litigation!

The issue regarding leviability of service tax on remuneration paid to the directors has been matter of concern since 07.08.2012 when reverse charge mechanism was introduced vide notification no. 45/2012-ST dated 07.08.2012 for the service tax liability as regards services provided by a director to a company. ...

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There Is Rate Change # Return Utility # No More Utility

History of problems in return utility:- In 2012-2013, the return utility (July-Sept) had the facility of inserting an additional row and mentioning that differential rate of tax; thereby showing the additional tax to be paid in a particular month for a particular service....

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GST: 1% Additional Levy: Where is it heading us?

Goods and Service Tax (GST) has been a topic of debate in the recent past. With the NDA government looking firm to bring in the GST, the members of Rajya Sabha still have a number of objections to raise, and for their very reasons. Finance Minister Arun Jaitley has been strongly contending that the implementation of GST would remove casca...

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BCD Hike in Iron & Steel-Tough Amendment!

Introduction:- This article is an attempt to analyse the amendment made in the rates of basic customs duty applicable for various Iron & Steel Products vide Notification no. 45/2015-Customs dated 12.08.2015. This notification seeks to amend the exemption notification no. 12/2012-Cus dated 17.03.2012 which prescribes exemption from the...

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GST: Hyped Are The Merits, Hidden Are The Threats

The introduction of GST along with other government initiatives like the ‘make in India’ programme have the potential to drastically bring down costs, re-define and re-shape the economy of India. The benefits of implementing GST have been much talked but the probable threats have only been popularized as opposition party’s publicity...

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Triple The Amendments, Triple The Hassle, Now All Is Well for Textile Sector

sometimes the amendments to these provisos bring utter confusion which shivers a particular industry to which the notification relates. This is the exact situation of the textile sector which is being shivered by the recent amendments made in the proviso to notification no. 30/2004-CE dated 9.7.2004. Similar amendments have been made in t...

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Section 11AC- Extension by way of omission in 'Relevant Date'

The relevant date for the purpose of computing the time limit for issuing show cause notice is specified in the Explanation no. 1 for different situations. The clause (i) of the Explanation states that in case where no excise return has been filed by the assessee, the relevant date would be the last date on which such return has been fil...

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Mistake In Declaring Liability Will Lead To Recovery Without SCN Or Recovery Without SCN-Constitutionally Valid?

- This article is an attempt to analyse the impact of amendment made in section 11A of the Central Excise Act, 1944 and section 73 of the Finance Act wherein no show cause notice will be issued if the assessee has self-assessed and declared the duty payable by them in the periodic returns filed by them and recovery proceedings will be ini...

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Old practice of Government-High Court Decision undone!!

It is a very old tactic followed by the government that when the interpretation taken by High Court or Supreme Court on an issue is consistently held against the revenue, the best solution lies with amending the statutory provision or adding explanations to it. This is the strategy that the Modi’s government has adopted in this Budget a...

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Rule 14’s ‘Interest’ forgiven, amendment in ‘interest’ of assessee!!!

The Prime minister in his live Lok Sabha Session on 27 February said that they aim to eradicate the ‘grey area’ in the nomenclature so that the ambiguity in law can be eradicated and shackles of litigation can be clogged. One such amendment has been brought in Rule 14 which now finally brings a full stop to the yearlong battle betwee...

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Big change-small impact on “Sacks and Bags”

Recently, Our Finance Minister, Arun Jaitley has increased the rate of excise duty from 12.36% (Including Education Cess and SHE Cess) to 12.5% (without any Education Cess and SHE Cess) for most of the products. In addition to this, amendments have also been made in the exemption notification no. 12/2012-CE dated 17.03.2012. ...

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Procedure for Job Work under Rule 4(5)(a) made assessee friendly

The Budget 2015 has made amendments that that seeks to simplify the procedural aspects and put an end to the flimsy issues that have led to litigation in the past. One such issue that was frequently disputed by the revenue authorities was the availment of cenvat credit on the inputs/capital goods directly sent to a job worker without thei...

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In place of arriving ‘ache din’ assessee misses ‘good old days’

The 2015-2016 Finance Budget is was presented by Hon’ble Finance Minister, Arun Jaitley on 28th February 2015. This budget was show time for the NDA Government that whether the lucrative promises made by the Prime Minister in his election campaigns were just the mushrooming for gaining the votes or he actually aimed at bringing the refo...

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Budget 2015- Simplification of Section 76 of Finance Act, 1994

This article is an attempt to analyse the changes made in section 76 of the Finance Act which concerns with levy of penalty for non-payment or short payment of service tax for reasons other than fraud, collusion, wilful misstatement or suppression of facts with intend to evade payment of duty. ...

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Exemption to Education Cess & SHE Cess- Really Lucrative?

Budget 2015 delivered a staggering blow by hiking the rate of service tax from 12.36% (including Education Cess and SHE Cess) to 14%. Likewise, the rate of excise duty was increased from 12.36% (including Education Cess and SHE Cess) to a consolidated rate of 12.5%. ...

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Service Providers be ready to fulfill the Dream of Modi’s ‘Swachh Bharat’

It is a regular practice of the government to follow tactics that are illusive and misleading. One of the tricks adopted by the government while increasing the rate of service tax is that during the Budget Speech, the Hon’ble Finance Minister announced increase in rate of service tax from 12.36% (inclusive of Education Cess and SHE Cess...

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Budget 2015 – Addition to Services under Reverse Charge Mechanism

The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”; ...

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