Dr Sanjiv Agarwal

Recent Updates In GST till 02nd December 2020

Goods and Services Tax - Indian economy is now on a recovery drive. The figures suggest that it has fared well as against predictions. A GDP contraction of 7.5% is a better picture after witnessing a 23.9% negative growth in June, 2020 quarter. For March 21, people now predict a contraction of 7-9% only. Economists and other agencies have now […]...

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Major Recent Updates in GST

Goods and Services Tax - It is expected by various agencies that GDP may fall in majority of major economies amid covid crisis. In Q2 of 2020-21, India may be one of the slowest growing economies. In Q1, India’s growth has fallen the steepest among G-20 nations. Although markets have responded positively to the vaccine news, rising cases of Covid […]...

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GST Taxability of Food & Accommodation Services for Coaching Services

Goods and Services Tax - In one of the recent Advance Rulings, the Authority for Advance Rulings, Andhra Pradesh, has opined that GST will be levied on supply of food and accommodation services for coaching services and no exemption is available to such services. [In Re: Master Minds (2020) 7 TMI 348; (2020) 117 taxmann.com 824 (AAR, Andhra Pradesh)]. In [&hellip...

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Thoughts on Current Economic and GST Scenario

Goods and Services Tax - Indian economy has started picking up, if GST revenue for October, 2020 is any indication. Finance Minister has also signaled that economy has started growing and India may be among the fastest growing ones by text year. Government has already prioritized spending in infrastructure sector. Revival of demand and consumption; focus on secto...

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Patanjali GST Profiteering Case for Supply of Detergent Powder

Goods and Services Tax - It is a proven fact that anti-profiteering provisions actually work and section 171 of the CGST Act, 2017 provides protection to the customers against illegal, inappropriate and excessive profiteering resorted by suppliers of goods and services. It becomes quite clear when rates are not reduced at all or commensurate with reduction in GST...

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Compendium of Judicial Pronouncements (Relevant under GST Regime)

Goods and Services Tax - New Book on GST Namely Compendium of Judicial Pronouncements (Relevant under GST Regime) Authored by Dr. Sanjiv Agarwal and published by Bloomsbury Publishing India Pvt. Ltd. Book is priced Rs. 1995/- and have 1150+ Pages....

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A Complete Guide to Goods and Services Tax -Ready Reckoner in Q & A Format

Goods and Services Tax - The Book, 'A Complete Guide to Goods and Services Tax - Ready Reckoner in Q & A Format' is perhaps the only book available containing over 1400 Frequently Asked Questions (FAQs) on proposed Goods and Services Tax (GST) which explains entire concept of GST with 3600 approach to the new taxation regime....

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R. Sekar Launches Book on Service Tax

Goods and Services Tax - R. Sekar, Commissioner of Service Tax, Mumbai released the Book – Law of Service Tax in India, (August, 2014) authored by Jaipur based Chartered Accountant and Service Tax expert Dr. Sanjiv Agarwal at a function in Mumbai. This new book on Service Tax is a set of two volumes comprising of whole gamut of law […]...

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Book on New Law of Service Tax in India, March 2013

Goods and Services Tax - About the Book New Law of Service Tax in India, March 2013 Dr. Sanjiv Agarwal, FCA, FCS In the Finance Bill, 2013, not much of changes have been proposed. The revised budget estimates for the financial year 2012-13 is Rs. 1,32,697 crore (Rs. 1,24,000 crore BE). However, for the 2013-14 fiscal, Service Tax revenue has […]...

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Indian Banking will Revolutionize In 2013

Goods and Services Tax - With our Government's focus on financial inclusion, introduction of cash for subsidy scheme (CDS) and issuance of unique identify cards based on 'Aadhaar', the banking in India is going to witness a sea change this year. The changes will not only be by way of explosion of number of beneficiaries or customers but also in areas of products...

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Litigation in Relation to Transitional Credit Under GST – Government’s Stand

It’s a fact that there are various writ petitions filed before various high courts /Supreme court in relation to disputes on allowability or disallowance of transitional credit under GST regime. While most of the writs have been disposed in favour of tax payers, yet disputes are not getting settle...

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Recent Posts in "Dr Sanjiv Agarwal"

Recent Updates In GST till 02nd December 2020

Indian economy is now on a recovery drive. The figures suggest that it has fared well as against predictions. A GDP contraction of 7.5% is a better picture after witnessing a 23.9% negative growth in June, 2020 quarter. For March 21, people now predict a contraction of 7-9% only. Economists and other agencies have now […]...

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Major Recent Updates in GST

It is expected by various agencies that GDP may fall in majority of major economies amid covid crisis. In Q2 of 2020-21, India may be one of the slowest growing economies. In Q1, India’s growth has fallen the steepest among G-20 nations. Although markets have responded positively to the vaccine news, rising cases of Covid […]...

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GST Taxability of Food & Accommodation Services for Coaching Services

In one of the recent Advance Rulings, the Authority for Advance Rulings, Andhra Pradesh, has opined that GST will be levied on supply of food and accommodation services for coaching services and no exemption is available to such services. [In Re: Master Minds (2020) 7 TMI 348; (2020) 117 taxmann.com 824 (AAR, Andhra Pradesh)]. In [&hellip...

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Thoughts on Current Economic and GST Scenario

Indian economy has started picking up, if GST revenue for October, 2020 is any indication. Finance Minister has also signaled that economy has started growing and India may be among the fastest growing ones by text year. Government has already prioritized spending in infrastructure sector. Revival of demand and consumption; focus on secto...

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Patanjali GST Profiteering Case for Supply of Detergent Powder

It is a proven fact that anti-profiteering provisions actually work and section 171 of the CGST Act, 2017 provides protection to the customers against illegal, inappropriate and excessive profiteering resorted by suppliers of goods and services. It becomes quite clear when rates are not reduced at all or commensurate with reduction in GST...

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Recent Updates In GST till 12th October 2020

World Bank has now signaled that Indian economy may contract 9.6% in Financial Year 2020-21. It says that Indian economy was already slowing before the pandemic and its situation is worse than before. There had been a 33% rise in poverty. India’s growth is projected to rebound to 5.4% in Financial Year 2022. However, new […]...

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Recent Updates In GST till 02nd October 2020

On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore [&hellip...

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Recent Updates in GST till 24th September 2020

E-invoicing is going to commence from 1st October, 2020 but now various industry bodies including MNC’s have sought its deferment at least till January, 2021 for want of proper preparedness , i.e. to develop requisites technical capabilities and festive season ahead....

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Economy and GST In COVID ERA

The Covid hit life and economy continues and all of us are becoming used to it and both co-live together. The economy is still weak and looking at various options on how to recover and move forward. Presently in India, local lockdowns are in force depending upon local situation as nationwide lockdown is not considered […]...

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Interest income is part of aggregate turnover but not taxable under GST

Under the GST regime, assessees are required to obtain registration under the GST law based on their aggregate turnover. There is a threshold exemption provided to all taxpayers (suppliers of goods and services). If the aggregate turnover exceeds such threshold limit, registration under GST is mandatory. Controversy over what to be includ...

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Towards Enhancing Governance In Indian Banking System

The importance of corporate governance in banks can not be undermined and is paramount in larger interests of shareholders, depositors and economy as a whole. Indian banking is today at cross roads facing challenges such as mounting non-performing advances (NPAs) failure of risk management triggers, ethical vacuum at top management and la...

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Levy of GST on Alcohol Based Sanitizers

In India, hand sanitizers are manufactured in the form of liquid, gel or foam and its demand has shot up during recent times. Many Sugar Mills and distilleries are also engaged in manufacturing/supplying alcohol-based hand sanitizers. In India many liquor manufacturing companies and distilleries have commenced manufacturing of sanitizers ...

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Litigation in Relation to Transitional Credit Under GST – Government’s Stand

It’s a fact that there are various writ petitions filed before various high courts /Supreme court in relation to disputes on allowability or disallowance of transitional credit under GST regime. While most of the writs have been disposed in favour of tax payers, yet disputes are not getting settled and the number of new writs are also o...

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Economy and GST in Covid Times

The Covid -19 Pandemic is still on and has moved India up in top five nations to suffer from this virus in terms of people affected. Covid-19 has also and is continuing to adversely affect our lives and economy as well making it difficult for one and all to survive and cope up with its […]...

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Highlights of Insolvency Ordinance, 2020

Back drop Covid-19 pandemic has impacted business, financial markets and economy all over the world, including India, and created uncertainty and stress for business for reasons beyond their control. A nationwide lockdown is in force since 25th March, 2020 to combat the spread of Covid-19 which has added to disruption of normal business o...

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GST on Director’s Remuneration – To Levy or Not?

There has been a lot of confusion on taxability of director’s remuneration from companies in which they are directors in different forms. The confusion or doubts got mounted in the wake of recent conflicting advance rulings. CBIC has now come out with a detailed Circular No. 140/10/2020-GST dated 10.06.2020 which clarifies issues relati...

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PRE-Packs: Next Step in Insolvency?

The term 'pre-pack sale' has been defined by the Association of Business Recovery Professionals in the United Kingdom as, 'an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an Administrator, and the Administrator affects the sale immediately on...

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Covid-2019, Economy and GST

We are now in June, 2020 and India moves into the orbit of Lockdown 5.0 or Unlock 1.0 as most of the restrictions get lifted and businesses and life being allowed to move on, of course with Covid -19 on board. The economy has been announced to be opened up to a large extent, though […]...

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CESTAT adopts new appellate procedure for online filing & hearing

We are all aware that the entire world is reeling under severe pandemic, COVID 2019 or Corona virus and India too has been badly affected causing social disruption, economic shut down and health concerns. The economy is at a virtual standstill and entire nation is under lockdown since 25th March, 2020 resulting in shutdown of […]...

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Relaxations In GST Compliances Due To Covid 2019- Part-2

There have been various compliance related relaxations and extension of last dates in relation to GST. Some of them are listed hereunder including other recent amendments.  Amendment in Rule 36(4) on ITC  Rule 36(4) of CGST Rules, 2017 has been amended to the following effect: Before amendment:  The registered person shall be required ...

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Covid-2019 Changes IBC Norms Too

Covid-2019 or Corona virus has impacted almost entire world including India. It has changed the way of life and has impacted businesses deeply and adversely so much so that even many resourceful and strong economies are facing its dreaded impact. The economies have been hit by and large in all sectors including corporate performance, bank...

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Relaxations in GST Compliances Due to Covid 2019- Part 1

Central Government has provided various relaxations on payment and in filing of returns which, inter alia include allowing delayed payment of taxes, lower or nil rate of interest, extension of due dates for payment of GST and filing of GST returns etc....

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Corona: Impact

Hit by the dreaded virus- CORONA or COVID 19, as it is called, the world (180 + countries) is under the pandemic and struggling to fight and overcome the virus. All affected nations are on their toes to combat the disease by all means in a war against Corona. This virus, as we all know […]...

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GST Council’s Recommendation on GST Procedures

The all empowered GST Council (GSTC) had its 39th meeting on 14th March, 2020. The meeting deliberated with a three pronged focus, viz, changes in law and procedure for trade facilitation, GST rates rationalization and I.T. facilities. The GSTC also took certain decisions to defer the new facilities/utilities and/or extend the due dates a...

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GST Council’s 39th Meeting- Issues which require attention

Today in GST Council’s 39th meeting in New Delhi. Amid economic slowdown and under the threat of Corona virus now, there are dark clouds hovering over Indian and global economy. At this point in time, one does not know the overall impact of virus on economy and lives. If it damages more, as it appears, […]...

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Recent updates in GST till 12th March 2020

A major controversy these days is on payment of interest for delayed GST on gross or net amount (net of ITC). Department is now demanding interest on gross amount and has sent numerous recovery notices throughout the country. However, there are few high court judgments to the contrary....

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Recent Updates in GST till 24th February 2020

The next GST Council meeting is scheduled for 14 March, 2020 at New Delhi. It will, inter alia, take up the issue of compensation to states in the backdrop of revenue shortfall. States are already concerned over delayed release of compensation cess to them. Meanwhile, centre has already released a total of Rs. 1.20 lakh […]...

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Recent Updates in GST till 13th February 2019

Tax evasion and related arrests on tax offences have increased in last few weeks and the amounts involved are huge running into few thousand crores. Is it tax terrorism ! not for evaders. However, compliances continue to be troublesome. ‘We evolve and mature as we grow’ seems to be the Government’s stance. CBIC appears to […]...

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Major proposals on GST in Union Budget 2020-21

So  far as GST is concerned, the focus of budget is on simplification and curbing tax evasion. A new return regime will happen from April 2020 including SMS based filing of Nil returns, return pre-filing and improved input tax credit. Electronic invoices will check tax evasion while refunds would be easier with so manual interface. The B...

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Trends In GST Collections

The  gross GST revenue collected in the month of December. 2039 is Rs. 1,03,184 crore of which CGST is Rs. 19,962 crore, SGST is Rs. 26,792 crore, IGST is Rs. 48,099 crore (including Rs. 21,295 erore collected on imports) and Cess is Rs. 8,331 crore (including Rs. 847 crore collected on imports). The total number […]...

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GST on Discounts

In any tax law, tax has to be paid on the value which is subject to tax. In case of GST, valuation principles are relevant. (a) To arrive at the fair value of consideration, to take out the effect of all the factors which could lead to suppression of value. (b) To arrive at the […]...

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GST- Current Scenario

Recently IMF has cautioned India on economic slowdown stating that India is in the midst of a significant economic slowdown calling for urgent steps to check the slowdown and continuing with fiscal consolidation. The policy reforms suggested are ongoing cleaning up of bank’s balance sheets, strengthening of bank’s governance, regulato...

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GST Revenue Gives Hope Amidst Economic Slow Down

The opposition parties, mainly Congress have claimed that GDP for the Q3 of financial year 2019-20 is going to be further down, given the state of economy. India’s economic growth, GDP, has slipped to slab 5% level @ 4.5% in July – September quarter, which is a six year low. India’s GDP grew by 4.5% […]...

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Recent Update in GST till 28th November 2019

20 November, 2019 was to last date to file Form GSTR 3B for month of October 2019. The data released by CBIC indicate that returns filed on last two days were 11.52 lakh and 14.36 lakhs where as cumulative figure till 20.11.2019 is 60.91 lakh indicating that bulk of returns are filed on last 2 days or so, of course putting tremendous pres...

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6 Recent Updates in GST till 12th November 2019

Government has made Document Identification Number (DIN) mandatory to be mentioned an all communications issued by officers of CBIC to taxpayers and other concerned persons. The Punjab and Haryana High Court vide order dated 04.11.2019 has directed Goods and Services (GST) Department to allow filing or revising Form TRAN-1 either electron...

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Recent Updates In GST till 02nd November 2019

The slowdown in economy continues. The output in core sectors has claimed by 5.2 percent in September, 2019 with production in all major sectors declining – steel, cement, electricity, natural gas, crude oil, refinery products and coal. The ease of doing business ranking has however, improved with India moving up at 63rd position. I...

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Gist of GST Circulars issued on 3rd and 11th October 2019

RECENT CLARIFICATIONS ON GST CBIC has recently issued three Circulars Nos. 111, 112 and 113, all dated 03.10.2019 to clarify on eligibility to file a refund application for a period and category under which NIL refund application has already been filed; Procedure to claim refund subsequent to favourable order in appeal or any other forum;...

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Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019

CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assess...

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Recent Updates In GST till 02nd October 2019

CBIC has issued 14 notifications yesterday on 30.09.2019 the decisions taken in 37th GST Council meeting which was held on 22.09.2019 in Goa. The gist of new notifications is given below in this article...

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Update on 37th GST Council meeting at Goa on 20.09.2019

The 37th meeting of GST Council was held on 20th September, 2019 at Goa where in several taxpayer friendly measures have been announced which inter alia include GST rate reduction on hotels, few exemptions, lower rate on diamond related job works and outdoor catering, measures to boost export, few clarifications and relaxation in filin...

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Economic Recession And Reforms

Its more or less an accepted fact that almost all economics including Indian economy are passing through a rough weather amidst global slowdown. The economic growth has slowed down in various industrial and service sectors over past few quarters. Some economists term it as a cyclical slowdown while others as structural due to changes taki...

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Recent Updates in GST till 02nd September 2019

We thought that first GST audit under GST regime would be over by the August end but it was not to be, the last data stands extended to 30th November, 2019 now. For whatever reasons, most of the taxpayers and professionals are not happy at this approach and looking at deferring permanent solution, while taking the entire system for a rid...

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Recent Updates in GST till 23rd August 2019

The date of implementation of Rule 138E of the CGST Rules, 2017 which pertains to blocking of e-way bills on non-filing of returns for two consecutive tax periods, has been extended to 21. 11.2019 from 21.08.2019. ...

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Taxation changes in Budget 2019

In Budget 2019  there are Numerous  of changes related to  Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and ,  step taken by giving  enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn  to curb  cash transaction, and encouraging [&he...

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Recent Update in GST upto 12th August 2019

Dr. Sanjiv Agarwal, FCA, FCS The Union Budget 2019-20 / Finance Bill, 2019, which was presented in Parliament on 5th July, 2019 has been passed by the Parliament now and since enacted on 1st August, 2019.  The provisions relating to changes in CGST Act, 2017 in sections 10, 22, 25, 31A, 39, 49, 50, 52, 54, […]...

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Recent Updates In GST till 22nd July 2019

 The Finance Bill, 2019 stands passed by the Parliament. Within a month of the last meeting, GST Council meets again for 36th time on 25 July, 2019. It is likely to consider the proposals of GST rate reduction in case of electric vehicles, from 12% to 5% besides taking up similar issue for solar systems, wind mills etc. The GST rate on c...

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Union Budget 2019-20 – Major Tax Proposals

Union Budget for the year 2019-20, as laid in the Parliament on 5th July, 2019 is the first Budget of the new Union Government and so for the Union Finance Minister, a woman. While the Budget promises a host of plans, welfare schemes and developmental activities, here is a snap shot of the of the major offerings in terms of direct and ind...

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Major Recent GST Changes till 28th June 2019

GST Council has already proposed new return forms which shall be rolled out from January 1, 2020 but pilot testing will start now. The GST Council took some important decisions in 35th Council meeting held on 21st June, 2019 including e-invoicing,  extension of due dates for returns including ones extension of tenure of National Anti-p...

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Major Recent GST Changes till 24th June 2019

35th meeting of the GST council took place on 21st June, 2019, first one for current Union Finance Minister, Mrs. Nirmala Sitaraman and under the new Government’s tenure....

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Recent Updates In GST till 12.06.2019

nput tax credit on inward supplies received in 2017-2018 but availed in April, 2018 to March, 2019shall be declared in Table 8C of FORM GSTR-9. > Transactions relating to financial year 2017-18 but declared in returns from  April, 2018 to March, 2019 shall be declared in Part V of FORM GSTR-9....

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GST – Way Forward under MODI Government 2.0

GST Council should now seriously think of including petroleum products, electricity, and real estate in GST ambit.  If alcoholic liquor can also be subsumed, it would be indeed a great achievement....

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Recent changes In GST updated till 23.05.2019

CBIC has recently issued a new set of FAQ’s on GST on real estate projects for which changes were made recently. Accordingly, while a home buyer can not decide upon the rate of GST to be levied to installments remaining to be paid for a under construction flat or on a new booking, it is the builder who will have to opt for the GST rate,...

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Issues In Indirect Taxation On Alco Beverages

Alco beverages sector is highly regulated in India from all angles be- it regulation of industry itself in terms of capacity, products, marketing and distribution or taxation. Indirect taxation has been a concern for alco-beverages, both in pre-GST regime prior to July 1, 2017 and even today. While it suffered heavy and multiple taxation ...

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Analysis of GST Circular/Notification/Press Release issued or or after 23.04.2019

CBIC has issued two more Circulars, viz, Circular No. 100 dated 30.4.2019 on applicability of GST on seed certification tags and Circular No. 101 dated 30.4.2019 on GST exemption on upfront amount payable in installments for long term lease of plots. Earlier 3 Notifications, 2 Circulars and one Order were issued on 23.04.2019. Circular No...

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Clarification On Manner of Utilizing Input Tax Credit (ITC)

The Government has issue a clarification on manner of utilizing input tax credit w.e.f. 29.03.2019 [As clarified by CBIC Circular No. 98/17/2019-GST dated 23.04.2019] because GSTN does not have updation for the new manner of taking credit....

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Profiteering Complaints Adjudicated by NAA In 2018

During the year 2018, the NAA has passed 28 orders against the complaints referred to it. Following is the gist of NAA Orders issued in 2018. It may be noted that out of 28 Orders, Anti-profiteering could not be established in 18 cases....

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New manner of Utilizing Input Tax Credit (ITC) W.E.F. 29.03.2019

Section 49 of the CGST Act, 2017 contains provisions in relation to payment of tax, interest, penalty and other amounts. Section 49 (5) of CGST Act, 2017 provides manner of utilizing Input Tax Credit (ITC) for payment of GST output tax liability, e.g IGST can be set off against IGST and then CGST and SGST, CGST can be set off against CGST...

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New GST Structure for Real Estate W.E.F. 1st April, 2019

GST Council met for the 34th time since its constitution yesterday (19th March, 2019) for taking crucial decisions on real estate sector. Taking forward the discussions and decisions of 33rd GST Council meeting dated 24.02.2019 GSTC has now taken important decisions in relation to levy of GST on real estate sector including manner of tran...

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Recent Developments in GST on Real Estate

The 33rd meeting of GST Council was held on 20.02.2019 which was later adjourned to 24.02.2019.  In a major move, GST Council recommended a much needed breather to real estate sector so much so that it would be beneficial to both – builders-developers as well as buyers and this sector, already reeling under slow down / recession will b...

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How To Compute Input Tax Credit Under GST

The Government has amended CGST Act, 2017 vide CGST Amendment Act, 2018 with various changes w.e.f 01.02.2019 and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A to the CGST Act, 2017....

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No Profiteering when Base Price is Constant & Selling Price Reduced

Dr. Sanjiv Agarwal, FCA, FCS The complaint against profiteering came up recently before the National Anti-profiteering Authority (NAA) in a case involving supply of tiles. In Kerala State Screening Committee on Anti-profiteering & DGAP, CBIC New Delhi v. Asian Grantio India Ltd., Ahmedabad, the NAA vide its Order dated 24.12.2018 orde...

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Changes in GST Law between 29.01.2019 to 31.01.2019

Here are few updates and amenements in GST compliances which includes Withdrawal of RCM on unregistered persons, CGST (Amendment) Act, 2018, CGST (Amendment) Rules, 2019, Extension of GST Composition Scheme for Services, Extension in due date for furnishing of FORM GSTR – 7 and Extension of due date for furnishing of FORM GST TRAN-1....

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Top 8 Recent Updates / Changes / Amendment in GST

Articles clarifies on Amendment in the meaning of Advance Authorization, section 140(1) of the CGST Act, 2017, GST on Services of Business Correspondent (BC)/ Business Facilitator (BF) to Banking Companies, GST on supply of food and beverage services by Educational Institutions, GST on Printing of pictures, Applicability of GST on se...

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Events Which May Hint Suspicion In GST

Following are few illustrative areas which may trigger suspicious business / trade practices in GST regime and raise alert at the revenue authority’s end: (1) Substantial carry forward of input tax credit on closing stock as on 30.06.2017 (GST applicable w.e.f. 1.7.2017) ....

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GST Stakeholders: Happy New Year

This is no time to admire or criticize GST but to address the implementation issues including the technical glitches it is confronted with. As the data would reveal, the high-empowered Council, GST Council, which takes decisions under GST regime has had 31 meetings so far including 7 in 2018 itself, more than the average board meetings, a...

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Agenda Wish List For GST Council

GST Council is meeting on Saturday, 22nd December, 2018, perhaps for the last time in 2018 and for the first time after recent elections in few states. With the dates for filing GST Annual returns already postponed to March 2019, this meeting is likely to focus on GST rate cuts to bring further rationalisation in rate structure in India. ...

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Recent Changes In GST Implementation (December, 2018-Part II)

The next GST Council meeting (31st) is scheduled to be held on 22 December, 2018 in Delhi, perhaps the last one of 2018, wherein certain further rationalization steps may be taken. New functionalities on advance ruling, GST refund, appeal etc have since been added on GST portal....

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Recent Changes In GST Implementation – Part I

Following are some of the updates on filings and procedures in implementation of GST : Result of Examination of GST Practitioners held on 31.10.2018 declared by NACIN. Due to Assembly elections on 7th December, 2018, the examination of GST Practitioners to be held on 7th December, 2018 postponed to 17th December, 2018. GST Practitioners ...

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Evidence Must For Proving Profiteering In GST

Section 171 of GST law is the most powerful provision to check excessive profiteering resorted to by businesses owing to tax efficiency accruing because of goods and services tax (GST). The National Anti-profiteering Authority (NAA) entrusted with disposing of such cases including implementation of provision and monitoring has already dec...

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Anti Profiteering Upheld In Noodles Case

In yet another case where anti-profiteering charges have been established, the National Anti-profiteering Authority (NAA) has confirmed that sale of Maggie Noodle pack (Noodles) at same price even after rate of GST on it was reduced from 18% to 12% w.e.f. 15 November, 2017 was a case of anti-profiteering u/s 171 of the CGST Act 2017 read ...

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Analysis of GST Notification & Circulars from 23.10.2018 to 04.11.2018

CBIC has issued various Circulars and Notifications in last few days. The approach of ‘listening, adjusting and changing’ is the order of the day. Article covers Analysis of GST Notification and Circulars issued between 23.10.2018 to 04.11.2018...

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GST – What’s Happening

The GST regime is plagued with extension of due dates since its inception. There is not even a single return whose due date has not been extended, atleast once or even more- be it any return. The latest comes for extension of due date for filing GSTR-3B for the month of September, 2018 which has been extended by five days from 20th Octobe...

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Anti-Profiteering on Sale of Flats

Dr. Sanjiv Agarwal, FCA, FCS For the first time, National Anti-Profiteering Authority has held against the real estate company for Anti-profiteering activities in case of sale of flats to buyers. In Sukhbir Rohila v. Pyramid Infratech Pvt. Ltd. (2018) 9 TMI 1107 (NAA); (2018) 97 taxmann.com 379 (NAA), the National Anti-Profiteering Autho...

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Services To Foreign University Not Export But Taxable Under GST

It is a growing trend now a days that more and more Indian students are opting for higher and technical education from foreign universities abroad and there are agencies who act as facilitators (intermediaries) between potential students and foreign universities. ...

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Goods & Services Tax (GST) – Recent Updates

Central Goods and Service Tax (Amendment) Act, 2018 – which amends CGST Act, 2017. The Act provides for certain provisions for smooth transition of existing taxpayers to new goods and services tax regime. However, the new tax regime had faced certain difficulties. One of the major inconveniences caused to the taxpayers, especially small...

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Extra Neutral Alcohol – Taxability under GST

Dr. Sanjiv Agarwal, FCA, FCS The year 2018 so far has seen revival of demand of Indian Made Foreign Liquor (IMFL) by 2-3 percent, which was in negative for last two years. The slow down during 2016-2018 was mainly due to adverse effect of demonetization in November, 2016 followed by highway sale ban by Supreme […]...

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No Anti-Profiteering Under GST In Online Discounts

As per GST law in India, the GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India, i.e., anti-profiteering measure would obligate the businesses to pass on the cost benefit arisin...

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How Rumors on GST Impact Capital Market

The rumors or expectations of inclusions and exclusions from Goods and Services Tax (GST) net have its toll on stock market prices of liquor manufacturing companies. And it work both ways to raise or lower the stock market prices of these companies. This was witnessed recently in stock market behavior of alco-beverages companies....

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GST Rate Slabs – 1, 2, 3 Or More !!

Goods and Services Tax (GST) is levied and collected under four broad tax rates, viz, 5%, 12%, 18% and 28%. However, there is a upper ceiling of 40% GST under the law upto which GST would be levied....

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Appellate Orders Against Advance Ruling Start Pouring In

In March, 2018, Authority for Advance Ruling (AAR), Maharashtra had pronounced a ruling on job work vis-à-vis manufacture in relation to supply of goods (electricity). The advance ruling under reference is with reference to scope of ‘supply’ under section 7 of GST law....

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Housing Loans Come With Twin Benefits

Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions....

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Clarity On Pre-Deposit Before CESTAT

Pre-deposit means the deposit of amount of duty (service tax) and penalty pending the disposal of the appeal. According to Section 35F of the Central Excise Act, 1944, any person desirous of appealing against the order shall pending the appeal, deposit the duty demanded or penalty levied thereon....

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Plan Your Taxes, Via Investments

March of any year is the month when one feels as if he is being subject to extortion – not in its literal meaning but in the form of tax deduction at source or advance tax or forced to invest in tax saving investments. There could be moments when you feel that you have paid too much of taxes or too much of tax has been deducted from you...

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4 Recent Judicial Pronouncements on GST (Part-X)

In Hindalco Industries Ltd. v. Union of India where assessee filed writ petition against recovery of service tax demand raised upon it, petition was disposed of stating that on account of subsequent development and particularly CGST Act and the issue in petition was purely academic and rendered infructuous....

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GST After One Year – Hits and Misses

On 1st July 2018, GST in India completes first year of implementation. Goods and Services Tax was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that implementation of GST has thrown...

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Can India Have A Simplified GST

India witnessed its biggest ever tax reform in July, 2017, almost a year back when it migrated to Goods and Services Tax (GST) w.e.f. 1st July, 2017, subsuming therein over a dozen central and state indirect taxes. Given the nature of its federal structure, India followed a dual model of GST with simultaneous levy of Central and State GST...

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Recent Pronouncements On GST (Part-IX)

In Mascot Entrade (P) Ltd. v. Union of India, the Assistant Commissioner of GST and Central Excise issued a show cause notice to the assessee related to service tax matter. ...

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First Judicial Pronouncement on Anti-Profiteering In GST

Anti-profiteering provisions have been subjected to judicial scrutiny by the National Anti-Profiteering Authority (NAA) set up under the CGST Act, 2017 recently in Dinesh Mohan Bharadwaj v. M/s Vrandavaneshwree Automotive Pvt. Ltd. vide Order dated 27.03.2018 [Case No. 1/2018 instituted on 27.02.2018 ...

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Major Recommendations of GST Council in 27th meeting

It the 27th meeting held on 4th May, 2018, GST Council, the high powered Constitutional body to take decisions on levy and administration of Goods and Service Tax in India considered various issues and concerns and made recommendations. These recommendations are subject to detailed consideration by Group of Ministers or other bodies and s...

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GST Collection : Does it mean Economic Revival ?

In first nine months of Financial Year 2017-18 when GST was in force w.e.f. 1st July, 2017, GST collections have averaged @ Rs. 89800 crore per month. Effectively it is for eight months as GST is collected in the following month. The GST collection in 2017-18 (9 months) has averaged @ Rs. 89800 crore per month which is on a lower side (pr...

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Recent Pronouncements on GST (Part-VIII)

In Nirmal Constructions v State of Madhya Pradesh, where State Government cancelled tender proceedings which were initiated prior to introduction of GST, in view of change in tax environment on introduction of GST, it was held that since the person who had tendered was eligible for Input Tax Credit (ITC) on GST paid on goods/services, the...

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8 Recent Pronouncement on GST (Part-VII)

In Evergreen Seamless Tubes Pvt. Ltd. & Ors. v. Union of India & Ors, WP No. 12378 of 2017(Bombay), HC dismissed writ petition challenging constitutional validity of Section 140(3)(iv) of CGST Act which deals with transition and therefore, refused to strike down one year time limit for transitional credit availment. ...

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Understanding E-Way Bills – At a Glance

1st April has become a land mark date in the GST journey, I not because it is April Fools day but it marks the advent of e-way bills in the country under the GST regime, a tool to check tax evasion and bring in operational efficiency so far as taxpayers and logistics management is concerned....

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GST Action Points for Current Financial Year

The first financial year of GST regime is coming to an end next week on 31.03.2018. This is also the year of transition or migration of old indirect tax regime (VAT, Service Tax, Central Excise and other taxes) into goods and services tax regime (GST)....

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Anti Profiteering Law Under Indian GST

The GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India, i.e., anti-profiteering measure would obligate the businesses to pass on the cost benefit arising out of GST implementati...

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Banking to be Next on Economic Reforms Agenda

Indian economy has been on the path of positive but experimental reforms for last two years or so. I call it experimental because India has experimented with these far reaching decisions (or reforms) as a rare and dare task. ...

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Is Liquor License Leasing a Immovable Property ?

Liquor manufacture in India is very complicated with very few cases where brand owner, distiller and bottler are the same entity. Since license for distilleries are highly regulated by the State, brand owners get the liquor manufactured / bottled through on license lease basis which could be either by leasing of the distillery or factory...

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Recent Pronouncements on GST (Part-VI)

In Ramdev Trading Company & Another v. State of U.P. & 3 others (2017) 12 TMI 341 (Allahabad), where the goods of assessee were detained by detaining authority and also a penalty imposed on the ground that goods were mis described, it was observed that at the stage of seizure the detaining authority had not applied his mind, nor formed an...

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Court Verdict on GST Implementation & hardships faced by tax payers

The petitioner approached the high court with the grievance that despite being granted the provisional GST registration, it was not able to access its online profile on the GST network and that it is not even able to generate e-way bills which had paralyzed its business activities. It was also not able to file the tax returns or pay tax o...

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