goods and services tax

Checklist of Accounts, Records & Documents to be maintained for GST Audit – Part I

Goods and Services Tax - As an important requirement under GST Audit, there was an onus on the professionals i.e., CA/CMA to verify the completeness, correctness, and compliance of the various accounts and records maintained and any deviations thereon need to be reported as an observation, comment, or qualification in Part B of the Form GSTR 9C while certifying t...

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Debit-Credit note: Commercial Practice Vs GST

Goods and Services Tax - The Article explains the meaning of debit note credit note under normal commercial practice Vs under GST Law, definition, Act, Q & A under GST, relevant amendment under GST....

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Time of Supply of Goods – Section 12 CGST Act 2017-Simplified

Goods and Services Tax - Section 12 – Time of Supply of goods Meaning of Time of supply – Time of supply of goods means ‘’occasion when we are liable to pay tax on goods as per provisions of law ’’ ♦ Time of supply – Forward Charge Time of Supply will be earlier of – – Date of issue […]...

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GST on Third Party Exports

Goods and Services Tax - ‘Third-party exports’ means exports made by an exporter or manufacturer on behalf of another exporter(s). In such cases, shipping bills shall indicate the name of both the exporter/ manufacturer and exporter(s). The applicable GST rate for third party exports are as follows:- -For intra-State supply, GST should be applied at t...

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GSTR-9 and GSTR-9C for FY 2021-22

Goods and Services Tax - With the recent changes in the time limit to make amendments and claim ITC in GST returns in respect of preceding financial year up to 30 November 2022, the businesses are hustling to complete their reconciliation of both revenue and ITC. This extension has given the much-needed window to make corrections in the GST returns […]...

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DTPA Pre-Budget Memorandum 2023-24 on Direct Taxes and GST

Goods and Services Tax - s agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....

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Centre releases Rs. 17,000 crore of GST compensation to States/UTs

Goods and Services Tax - The Central Government released an amount of Rs. 17,000 crore to States/UTs on 24.11.2022 towards the balance GST compensation for the period April to June, 2022 (State-wise details as per Table below). The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs.1,15,66...

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GST Doctor Web Application for holistic analysis of GST-Returns

Goods and Services Tax - Sh. Milan Tiwari, Inspector of Chennai GST Zone had developed a Web-Application named as GST Doctor which is useful for efficient and holistic analysis of GST-Returns, Invoice-wise data etc. for the purpose of Audit; scrutiny of GST returns; and processing of GST Refunds....

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Mandatory furnishing of correct ineligible ITC & reversal thereof in Form GSTR-3B

Goods and Services Tax - Mandatory furnishing of correct and proper information of ineligible Input Tax Credit and reversal thereof in Form GSTR-3B That CBIC circular no. 170/02/2022- GST has highlighted incorrect reporting of ineligible Input Tax Credit by Taxpayers. In this context, it has been observed that large portion of unclaimed IGST ITC has led to loss o...

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GST Council Newsletter for the month of October, 2022

Goods and Services Tax - GST Council Secretariat, New Delhi  MESSAGE It is heartening to see the buoyancy in revenue collection for the past eight months where the monthly GST revenue collections were reported above 1.4 lakh crores. The revenue collection for the month of October, 2022 stood at 1,51,718 crore indicating a 16.6% year-on-year rise as well being th...

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Notification no. 79/2017-Customs granting IGST exemption to import of capital goods under EPCG is clarificatory

Sanathan Textile Pvt. Ltd Vs Union of India (Bombay High Court) - Bombay High Court has held that notification no. 79/2017-Customs dated October 13, 2017 (amending notification no. 16/2015-Customs) granting exemption from the IGST to the capital goods imported under the Export Promotion Capital Goods Scheme is clarifying and curative in nature....

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Bail application rejected as informant likely to be pressured

Rohul Amin Vs State of Assam (Gauhati High Court) - Gauhati High Court held that rejected the pre-arrest bail as the informant referred to mobile call screenshots which project that the petitioner repeatedly called him to mount pressure to compromise the matter....

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Mistaken request for GST Registration cancellation- HC permits to file manual application for Restoration

S.S.G. Apparels Vs Deputy Assistant Commissioner GST (Central Taxes) (Madras High Court) - HC held that request for cancellation was only a simple and inadvertent error. The impugned order is set aside and the petitioner is permitted to make an application seeking restoration of registration, setting out the correct details of the principal and additional places of business....

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SCN issued to driver not sufficient under GST Act to proceed against appellant

Ramki Cements Private Limited Vs State Tax Officer (Madras High Court) - Respondent submitted that notice was given to driver of consignment and that is sufficient under GST Act. HC held that show cause notice issued to driver is not adequate...

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GST on lease instalment to RIADA in respect of scheduled land/shed for a period of 30 years

In re Tangerine Skies Private Limited (GST AAR Jharkhand) - In re Tangerine Skies Private Limited (GST AAR Jharkhand) The amount payable in instalment to the Ranchi Industrial Development Authority (RIADA) on lease in respect of the scheduled land/ shed for a period of 30 years from the date of allotment after getting the allotment letter does not come under...

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Manner of processing and sanction of withheld IGST refunds

Instruction No. 04/2022-GST - (28/11/2022) - Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017-regarding...

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Notification No. 02/2022-Union territory Tax | Dated: 25th November, 2022

Notification No. 02/2022-Union territory Tax; [G.S.R. 849(E).] - (25/11/2022) - CBIC notifies member for the Authority for Advance Ruling in the Union Territory of Chandigarh vide Notification No. 02/2022-Union territory Tax | Dated: 25th November, 2022 MINISTRY OF FINANCE (Department of Revenue) New Delhi, Notification No. 02/2022-Union territory Tax | Dated: 25th November, 20...

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Inclusion of GSTN as a Financial Information Provider under Account Aggregator Framework

Notification No. RBI/2022-23/140 DoR.FIN.REC.82/03.10.123/2022-23 - (23/11/2022) - With a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework. Department of Revenue shall be the regulator of GSTN for this specific purpose and G...

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CBIC amends rules related to National Anti-Profiteering Authority

Notification No. 24/2022-Central Tax [G.S.R. 843(E)] - (23/11/2022) - Central Goods and Services Tax (Fourth Amendment) Rules, 2022 – CBIC omitted following GST Rules 122,124,125,134 and 137 vide Notification No. 24/2022 – Central Tax Dated 23rd November, 2022 which are related to National Anti-Profiteering Authority. It ameds rule 127 (Duties of the Authorit...

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Now Competition Commission of India to examine Anti-Profiteering

Notification No. 23/2022-Central Tax [S.O. 5450(E)] - (23/11/2022) - CBIC notifies Competition Commission of India to examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him vide Notification No. 23/2022 – Cen...

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Recent Posts in "goods and services tax"

Notification no. 79/2017-Customs granting IGST exemption to import of capital goods under EPCG is clarificatory

Sanathan Textile Pvt. Ltd Vs Union of India (Bombay High Court)

Bombay High Court has held that notification no. 79/2017-Customs dated October 13, 2017 (amending notification no. 16/2015-Customs) granting exemption from the IGST to the capital goods imported under the Export Promotion Capital Goods Scheme is clarifying and curative in nature....

Read More

Bail application rejected as informant likely to be pressured

Rohul Amin Vs State of Assam (Gauhati High Court)

Gauhati High Court held that rejected the pre-arrest bail as the informant referred to mobile call screenshots which project that the petitioner repeatedly called him to mount pressure to compromise the matter....

Read More

Mistaken request for GST Registration cancellation- HC permits to file manual application for Restoration

S.S.G. Apparels Vs Deputy Assistant Commissioner GST (Central Taxes) (Madras High Court)

HC held that request for cancellation was only a simple and inadvertent error. The impugned order is set aside and the petitioner is permitted to make an application seeking restoration of registration, setting out the correct details of the principal and additional places of business....

Read More

Checklist of Accounts, Records & Documents to be maintained for GST Audit – Part I

As an important requirement under GST Audit, there was an onus on the professionals i.e., CA/CMA to verify the completeness, correctness, and compliance of the various accounts and records maintained and any deviations thereon need to be reported as an observation, comment, or qualification in Part B of the Form GSTR 9C while certifying t...

Read More

SCN issued to driver not sufficient under GST Act to proceed against appellant

Ramki Cements Private Limited Vs State Tax Officer (Madras High Court)

Respondent submitted that notice was given to driver of consignment and that is sufficient under GST Act. HC held that show cause notice issued to driver is not adequate...

Read More

Debit-Credit note: Commercial Practice Vs GST

The Article explains the meaning of debit note credit note under normal commercial practice Vs under GST Law, definition, Act, Q & A under GST, relevant amendment under GST....

Read More

Time of Supply of Goods – Section 12 CGST Act 2017-Simplified

Section 12 – Time of Supply of goods Meaning of Time of supply – Time of supply of goods means ‘’occasion when we are liable to pay tax on goods as per provisions of law ’’ ♦ Time of supply – Forward Charge Time of Supply will be earlier of – – Date of issue […]...

Read More

GST on lease instalment to RIADA in respect of scheduled land/shed for a period of 30 years

In re Tangerine Skies Private Limited (GST AAR Jharkhand)

In re Tangerine Skies Private Limited (GST AAR Jharkhand) The amount payable in instalment to the Ranchi Industrial Development Authority (RIADA) on lease in respect of the scheduled land/ shed for a period of 30 years from the date of allotment after getting the allotment letter does not come under the category of upfront payment. [&hell...

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Preventive Health Care comes within ambit of ‘Care’, Hence GST is not chargeable

In re TATA Motors Ltd. (GST AAR Jharkhand)

In re TATA Motors Ltd. (GST AAR Jharkhand) Preventive Health Check-up is a preliminary investigation process for diagnosis of illness. Hence it is covered by the definition of Health Care Services and accordingly not chargeable to GST. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, JHARKHAND  Note: Under Section 100 of the JGST Act [...

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GST on services for right to use minerals including its exploration & evaluation

In re Anil Khirwal (GST AAR Jharkhand)

In re Anil Khirwal (GST AAR Jharkhand) The applicant sought Advance Ruling on the three questions i.e,- 1. What is the classification of service provided by the State of Jharkhand to the petitioner for which Royalty is being paid in light of the notifications mentioned below? 2. What is the GST Rate applicable on given […]...

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