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Goods and Services Tax - Goods and Services Tax (GST) introduced to the Indian economy to bring a new regime of business compliance by subsuming most of the indirect taxes such as excise, VAT, service tax etc. In order to minimize the tax compliances for Start-ups and Small and Medium Enterprises, the government has introduced the concept of Composition levy unde...
Read MoreGoods and Services Tax - The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018. The circular deals with calculation of ITC to lapse, impact of lapse of ITC on exports, input services and capital goods and also deals with situations of fabrics where tax ra...
Read MoreGoods and Services Tax - When Audit under GST is required? 1. If Turnover of the registered person crosses the threshold limit for audit under GST i.e. Rs. 2 cr in a financial year 2. An audit by Tax Authorities...
Read MoreGoods and Services Tax - In this brief write up we will try to look into the issues with respect to GST implications on pure reimbursable expenses incurred by the pure agent on behalf of his principal....
Read MoreGoods and Services Tax - Export under GST : Eligible for LUT vide Notification No. 37/2017-Central Tax dated 4th October, 2017 may apply for release of Bond. Initially, the option to furnish LUT in place of Bond was available only to the eligible registered person as specified in Notification No. 16/2017- Central Tax dated 7th July, 2017 However, vide Notificat...
Read MoreGoods and Services Tax - In the absence of any past precedent, it shall be difficult to compare the GST revenue collection with the corresponding months of the previous years due to a number of factors like overlap of taxpayers pre and post introduction of GST, variation in exemption limits between Centre and States and among States and mechanism of apportionment...
Read MoreGoods and Services Tax - Government has compensated to the States/UTs for the reported revenue deficit on account of implementation of Goods and Services Tax (GST). As per provisions in Section 7 of the GST (Compensation to States) Act, 2017 loss of revenue to the States on account of implementation of Goods and Services Tax shall be payable during transition [&h...
Read MoreGoods and Services Tax - Steps taken by the Government to increase awareness about the features of Goods and Services Tax (GST) are as follows: i. conducting workshops and seminars regularly across the country, ii. posting of laws, rules, notifications and other information on the departmental website, iii. placing of Frequently Asked Questions (FAQs) and topic-w...
Read MoreGoods and Services Tax - Comparison of data in FORM GSTR-1 and FORM GSTR-3B is being done by GSTN for tax liability analysis. Reports based on such analysis are being shared with tax authorities for taking necessary action....
Read MoreGoods and Services Tax - Hurry Up!! JOIN 4 day GST CERTIFIED PRACTITIONER course of Ministry of M.S.M.E. at Mumbai, New Delhi, Agra, Chennai, Coimbatore, Bangalore, Kolkata, Indore, Pune, Hyderabad, Cochin, Trichy and Jaipur in August 2018 and September 2018 starting from 18th August 2018. WHAT THE GST CERTIFICATION COURSE AIMS AT? The Course aims to facilitate...
Read MoreIn re Global Reach Education Services Pvt Ltd (GST AAAR West Bengal) - This Appeal has been by filed M/s Global Reach Education Services Private Limited, holding GSTIN 19AAGCG0859E1ZK (hereinafter referred to as the Appellant), on 16.04.2018 against the Ruling dated 21.03.2018 pronounced by the West Bengal Authority for Advance Ruling....
Read MoreIn re Switching Avo Electro Power Limited (GST AAAR West Bengal) - In re Switching Avo Electro Power Limited (GST AAAR West Bengal) Whether UPS with battery is a composite supply? There is no denying of the fact that an in-built battery of static converter (UPS) is part and parcel of the uninterrupted power supply system and is covered under Tariff Head 8504 and in...
Read MoreIn re Sika India Private Limited (GST AAAR West Bengal) - `SIKA Block Joining Mortar' is non-refractory and that it is not used for preparation of surfaces. Considering the nature, use and commercial identity of the item in question and, notwithstanding the Appellant's earlier voluntary declaration about the classification of the item, we are not inclined ...
Read MoreMGI Infra (P.) Ltd. Vs Assistant Commissioner, State Goods & Service Tax (Calcutta High Court) - Although the petitioner enjoys provisional registration, the final registration could not have done as the office of the petitioner is located at a very remote area. Such area had faced various political problems over a considerable period of time, preventing the petitioner from taking appropriate s...
Read MoreGaruda Timber Traders Vs The Assistant State Tax Officer (Kerala High Court) - Garuda Timber Traders Vs The Assistant State Tax Officer (Kerala High Court) Once the petitioner provides the bank guarantee for the tax and penalty and bond for the value of goods, under Rule 140 of the Rules, it will have the goods provisionally released. Besides, the petitioner can challenge the ...
Read MoreF. No. 354/290/2018-TRU - Certain doubts have been raised regarding the applicability and intent of notification No. 20/2018-Central Tax (Rate) dated 26th July, 2018 (which seeks to amend notification No. 5/2017-Central Tax (Rate) dated 28.06.2017) relating to the provision for lapsing of input tax credit on account of inver...
Read MoreCircular No. 55/29/2018- GST - (10/08/2018) - CBIC clarifies vide CIRCULAR No. 55/29/2018- GST on (a) Whether GST is payable on vocational training provided by private ITIs in designated trades and in other than designated trades. and on (b) Whether GST is payable on the service, provided by a private Industrial Training Institute for conduct o...
Read MoreCircular No. 54/28/2018-GST - (09/08/2018) - It is clarified that the fertilizers supplied for direct use as fertilizers, or supplied for use in the manufacturing of other complex fertilizers for agricultural use (soil or crop fertilizers), will attract 5% GST....
Read MoreNotification No. 34/2018–Central Tax [G.S.R. 761(E)] - (10/08/2018) - CBIC prescribe the due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019 vide Notification No. 34/2018–Central Tax dated 10th August, 2018...
Read MoreNotification No. 33/2018–Central Tax [G.S.R. 760(E)] - (10/08/2018) - CBIC prescribes due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crores for the period from July, 2018 to March, 2019 vide Notification No. 33/2018–Central Tax dated 10th August, 2018...
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F. No. 354/290/2018-TRU -
