goods and services tax

Impact of GST on Insurance Premium

Goods and Services Tax - The implementation of Goods and Services Tax (GST) is affecting the insurance sector adversely. The premium rates on policies are bound to increase as the previous tax value has been revised to a higher percentage by 3%....

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Can the filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

Goods and Services Tax - This article discusses in detail whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?...

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Difficulties faced by dealers and Professionals under GST & solution

Goods and Services Tax - Please refer to the meeting held between your good self and office bearers of Punjab Tax Bar Association in which various issues were discussed point wise in very healthy atmosphere. This information was passed on by member PTBA Punjab to ATL. It was really appreciable for the concern shown by your good self towards the problems discussed...

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Accounting Entries for GST related Transactions

Goods and Services Tax - The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is a Indirect Tax which was earlier known as Excise & Service Tax and Value Added Tax (VAT). Now the GST is is a single tax on the supply of goods and service...

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Advisory Note for claiming credit in TRAN 1

Goods and Services Tax - It has been observed that taxpayers are facing problem in claiming transitional credit in respect of existing registration(s) under earlier law(s) of Central Excise, Service Tax and VAT. When these registrations are mentioned in the TRAN 1 form in different tables, and transitional credit is claimed against them, the tax payers get the me...

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Govt clarifies on Transition Credit of Rs. 65,000 crore claimed by taxpayers

Goods and Services Tax - There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted....

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Govt clarifies on Blockage of Working Capital of Exporters in GST

Goods and Services Tax - There are lot of apprehensions expressed in the media about the problem of blockage of working capital for exporters post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts....

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GST rate for branded cereal, pulses and flour and Actionable Claims

Goods and Services Tax - The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:...

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CA’s created negative atmosphere to increase their remuneration- GST Commissioner

Goods and Services Tax - GST site is working properly and CA’s and Practitioners have created negative atmosphere to increase their remuneration and fees for filing GST which is quite unacceptable. We as a GST Practitioners feel that this irresponsible statement of Shri Rajivji Jalota is to hide the shortcomings of GSTN network to provide suitable facility to f...

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Certification Course for GST Practitioners by MSME

Goods and Services Tax - The Course aims to facilitate the Graduating students, members in industry as well in practice by: Providing specialized and updated knowledge in the area of GST in a systematic manner. Enhancing analytical and problem solving skills for decision making. Employable skill for Industry and self employment...

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Relief to taxpayers by Rajathan High Court from late fees and penalty on account of technical glitches on GSTN portal

Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court) - माननीय राजस्थान उच्च न्यायालय की डिवीज़न बेंच के न्यायाधीशगण जस्टिस श्री के. एस झवेरी व जस्टिस श्री विजय कुमार व्य...

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GSTN system is not working upto level & needs correction: Rajasthan HC

Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court) - Looking to the averments which are made in the petition and the reply which has been filed, it appears that the system is not working upto the level and the same is required to be corrected & updated to meet requirements....

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Release Seized Goods on payment of 50% of demand as per GST: Kerala HC

Tne Commercial Tax Officer Vs Intelligence Inspector (kerala High Court at Eranakulam) - The respondent herein, a dealer registered under the KVAT Act and migrated to CGST Act, had purchased a consignment of plywoods from a manufacturer at Perumbavoor, and was transporting the same. The goods were detained by the appellants and Ext.P5 notice under Section 129(3) of the Central/State Goo...

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HC allows Import without IGST payment against Advance Authorization

Narendra Plastic Private Limited Vs Union of India & Ors. (Delhi High Court) - Delhi High Court on appeal by Narendra Plastic Private Limited  directed as under: (i) The Petitioner will be permitted to clear the consignments of imports constituting inputs for the fulfilment of its export orders placed on it prior to 1st July 2017 without any additional levies, and subject to ...

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GST: Delhi HC grants interim relief to Gold Dore Bar Importers

Kundan Care Products Limited Vs Union of India & ANR. (Delhi High Court) - Rule 44 A is challenged as being ultra vires Section 140 of the CGST Act as well as the rule making powers under Section 164 thereof. It is contended that the impugned Notification is in grossly discriminatory and unreasonable and has imposed the restrictions which are applicable only to imported go...

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CGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Central Tax (Rate) - (21/09/2017) - GST Council, hereby exempts intra state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) by the Department of Atomic Energy to the Nuclear Power Corporation of India Ltd. ...

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CGST exemption on tickets of FIFA U-17 World Cup 2017

Notification No. 25/2017-Central Tax (Rate) - (21/09/2017) - Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017 vide Notification No. 25/2017-Central Tax (Rate)...

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CBEC reduces CGST rate on specified supplies of Works Contract Services

Notification No. 24/2017-Central Tax (Rate) - (21/09/2017) - CBEC Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) dated : 21st September, 2017...

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IGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Intergrated Tax (Rate) - (21/09/2017) - Notification No. 26/2017-Intergrated Tax (Rate) GST Council, hereby exempts inter-state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 ...

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IGST exemption on tickets of FIFA U-17 World Cup 2017

Notification No. 25/2017-Intergrated Tax (Rate) - (21/09/2017) - Notification No. 25/2017-Intergrated Tax (Rate)- Seeks to amend notification No. 09/2017-IT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017 ...

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Recent Posts in "goods and services tax"

Impact of GST on Insurance Premium

The implementation of Goods and Services Tax (GST) is affecting the insurance sector adversely. The premium rates on policies are bound to increase as the previous tax value has been revised to a higher percentage by 3%....

Read More

Can the filling of GSTR-3B be avoided by filing GSTR-1, 2 & 3?

This article discusses in detail whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?...

Read More

Govt clarifies on Transition Credit of Rs. 65,000 crore claimed by taxpayers

There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted....

Read More

Govt clarifies on Blockage of Working Capital of Exporters in GST

There are lot of apprehensions expressed in the media about the problem of blockage of working capital for exporters post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts....

Read More

Difficulties faced by dealers and Professionals under GST & solution

Please refer to the meeting held between your good self and office bearers of Punjab Tax Bar Association in which various issues were discussed point wise in very healthy atmosphere. This information was passed on by member PTBA Punjab to ATL. It was really appreciable for the concern shown by your good self towards the problems discussed...

Read More

Accounting Entries for GST related Transactions

The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is a Indirect Tax which was earlier known as Excise & Service Tax and Value Added Tax (VAT). Now the GST is is a single tax on the supply of goods and service...

Read More

CGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Central Tax (Rate) (21/09/2017)

GST Council, hereby exempts intra state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) by the Department of Atomic Energy to the Nuclear Power Corporation of India Ltd. ...

Read More

CGST exemption on tickets of FIFA U-17 World Cup 2017

Notification No. 25/2017-Central Tax (Rate) (21/09/2017)

Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017 vide Notification No. 25/2017-Central Tax (Rate)...

Read More

CBEC reduces CGST rate on specified supplies of Works Contract Services

Notification No. 24/2017-Central Tax (Rate) (21/09/2017)

CBEC Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) dated : 21st September, 2017...

Read More

IGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Intergrated Tax (Rate) (21/09/2017)

Notification No. 26/2017-Intergrated Tax (Rate) GST Council, hereby exempts inter-state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 ...

Read More
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