CA Rockey

Model GST Law, 2016 A Practical Analysis of Input Tax Credit, Returns, Matching of ITC

Goods and Services Tax - In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST....

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Model GST Law, 2016: Levy and Time & Place of Supply

Goods and Services Tax - Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules....

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Service Tax on Work Contract

Goods and Services Tax - 1. There is a transfer of property in goods involved in the execution of such contract, and 2. Such transfer of property in goods is leviable to tax as sale of goods (such as sales tax, VAT or WCT, etc.). It must be noted that the words which are used here are leviable to tax as sale of goods’, therefore, it is not necessary that VAT ha...

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A New Levy: EQUALISATION LEVY

Goods and Services Tax - Charge of/exemption from Equalisation levy: Following persons a) a person resident in India and carrying on business or profession; or b) a non-resident having a permanent establishment in India. have to charge/deduct at the rate of 6% of the amount of consideration for any specified service, paid or payable to a non-resident. Howeve...

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Decoding GST Act, 2016: Input Tax Credit, Returns, Matching of ITC

Goods and Services Tax - In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/cha...

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Recent Posts in "CA Rockey"

Model GST Law, 2016 A Practical Analysis of Input Tax Credit, Returns, Matching of ITC

In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST....

Read More

Model GST Law, 2016: Levy and Time & Place of Supply

Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules....

Read More

Service Tax on Work Contract

1. There is a transfer of property in goods involved in the execution of such contract, and 2. Such transfer of property in goods is leviable to tax as sale of goods (such as sales tax, VAT or WCT, etc.). It must be noted that the words which are used here are leviable to tax as sale of goods’, therefore, it is not necessary that VAT ha...

Read More

A New Levy: EQUALISATION LEVY

Charge of/exemption from Equalisation levy: Following persons a) a person resident in India and carrying on business or profession; or b) a non-resident having a permanent establishment in India. have to charge/deduct at the rate of 6% of the amount of consideration for any specified service, paid or payable to a non-resident. Howeve...

Read More

Decoding GST Act, 2016: Input Tax Credit, Returns, Matching of ITC

In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/cha...

Read More

Decoding GST Act, 2016: Levy and Time & Place of Supply

In this article I have pen down the provisions related to levy of GST on supplies of goods and/or services, Time of supply of Goods and Services and Place of supply of Goods and Services as proposed in report of Sub-Committee-II on Model GST Law....

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GST – Concept, Input Tax Credit, Taxes to be subsumed & Other issues

GST stands for Goods & Service Tax. Now a days the process of implementation of GST is getting momentum like never before. In this write up, I have discussed the concept of GST, Input tax credit of GST, taxes to be subsumed in GST, amendments to be needed in Constitutions of India and many other related issues....

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Provisions of Audit under Service Tax Law

Service tax is levied through provisions contained in Chapter-V of Finance Act, 1994 (as amended time to time). In the first year of Service Tax implementation i.e. 1994-95, it earned the revenue of Rs. 410/- crores from 3943 registered assesse. However, in F.Y. 2012-13 it realized Rs. 1,32,518/- from 17,12,617 registered assesse....

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Taxability of Transactions in Real Estate Sector

Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime....

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Application of Schedule-II of Companies Act, 2013 and Contradiction with AS-6

-With the introduction of the Companies Act, 2013, the method of charging depreciation on fixed assets has been changed. In the Companies Act, 1956, the depreciation had been charged with the percentage of rate prescribed under schedule-XIV thereof, but in new Companies Act, 2013, depreciation is going to be charged on the basis of useful...

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