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Goods and Services Tax - Sec 17(2) of the CGST Act, 2017 provides that where the goods or services are used partly for effecting taxable supplies (including zero rated) and partly for exempt/ non-business use then the amount of credit as attributable to exempt supplies or non-business use shall be reversed as per Rule 42/43 of the CGST Rules, 2017....
Read MoreGoods and Services Tax - It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude the activity from the scope of works contract or construction activity and will have impact of ITC eligibility or otherwise. The term has not been defined in GST law....
Read MoreGoods and Services Tax - Writing an article to appraise readers, how they can use SUMIF in analyzing the financial data. Use of SUMIF in excel: ♠ SUMIF is used to sum up the values of a given range as per the specified criteria. ♠ For example: You are working on GST liability computation and analyzing your ITC register to […]...
Read MoreGoods and Services Tax - Let’s understand the amendments made in the CGST and IGST Act by way of CGST & IGST Amendment Act 2018 assented to by the President on 30.08.2018. A conversation between CFO and Indirect Tax Manager to discuss the amendments. Mr. Vinit, CFO of M/s Classic Care Limited a pharmaceutical company asked Mr. Vivek working as […]...
Read MoreGoods and Services Tax - Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]...
Read MoreSri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court) - HC held that since before 01.06.2015 section 234E providing for late fee for delay filling of TDS returns was not linked to / not referred under Sec 200A processing of TDS returns. As a result of this the late fee charge was invalid and illegal....
Read MoreCIT vs. M/s D. Chetan & Co. (Bombay High Court) - HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....
Read MoreCIT (LTU) vs. IDBI Ltd. (Bombay High Court) - Bombay HC held that supplying of reasons for reopening assessment is a jurisdictional requirement and non-supplying of same when assessee specifically asked for same would made reassessment notice bad in law. ...
Read MoreSiemens Public Communication Network P. Ltd. vs. CIT (Supreme Court) - SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by parent company to protect its investment made in subsidiary....
Read MoreM/s Alpha Nipon Innovatives Ltd Vs. CIT (Gujarat High Court At Ahmedabad) - HC held that a reference to TPO can be made only after passing a speaking odder disposing off objections raised by assessee. In the present case since, the reference was made without passing such a speaking order, the reference so made was invalid....
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Sri. Fatheraj Singhvi And Others Vs. UOI And others (Karnataka High Court) -
CIT vs. M/s D. Chetan & Co. (Bombay High Court) -
CIT (LTU) vs. IDBI Ltd. (Bombay High Court) -
