CA Saurabh Chokhra articles

Reversal of ITC attributable exempt supplies under Rule 42/43 of CGST Rules, 2017

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....

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ITC eligibility on works contract and construction activities

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....

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Use of SUMIF function in excel

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 […]...

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Amendments made in GST laws- a conversation between CFO & Indirect Tax Manager

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 […]...

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Understanding Determination of place of supply and connected issues in GST

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 […]...

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Tax positions under GST on a few business transactions

In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India....

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GST- Streamlining Accounting of credit reversals, re-availments etc.

Many Indian companies donot have proper tracking of their credit reversals and re-availments because of not properly accounting the credit reversals and reavailments in the books of accounts....

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6 Suggestions on Revised Model Draft GST Law

As per draft law (revised draft),input tax credit to receiver shall be available only when the supplier has paid the tax on supplies made to receiver and the same get matched (i.e. matching of output supplies with input supplies declared by supplier and buyer respectively).Once the credit get matched it will reflect in electronic credit l...

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6 Quick thoughts on revised Model GST Law

Simple definition of capital goods has been given in revised draft which states that capital goods means goods, value of which is capitalized in books of accounts of person claiming credit and which are used or intended to be used in course or furtherance of business....

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Place of Supply Rules – Draft GST law- Case Studies

Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions...

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July 2020