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Goods and Services Tax - 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....
Read MoreGoods and Services Tax - According to the provisions of Rule 89(4) sub-rule (C), after considering the Notification No. 16/2020 – Central Tax dated 23rd March, 2020, the definition of calculating turnover has been changed. Before 23rd March 2020, For calculating the amount of the refund of an Input Tax Credit, turnover was considered as per the amount mentioned...
Read MoreGoods and Services Tax - The Government vide Notification No. 39/2018–Central Tax dated 04/09/2018, amended Rule 89(4) which provides mechanism for calculation of refund amount of input tax credit in relation to zero-rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with provisions of sub-section ...
Read MoreGoods and Services Tax - Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid. The 2nd […]...
Read MoreGoods and Services Tax - As per 89(4) of CGST Rules, in case of zero rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with the provisions of section 16(3) of the IGST Act, refund of input tax credit shall be granted as per following formula :- Refund Amount […]...
Read MoreGoods and Services Tax - This article have updated Central Goods and Services Tax Rules, 2017 / CGST Rules, 2017, which were initially released on 19th June 2017 and amended by various notifications issued from time to time. CGST Rules are updated with notifications issued till 03rd April 2020. Details of Initial and Subsequent Notifications is as follows :- &nbs...
Read MoreGoods and Services Tax - Extract of Rule 142A of Central Goods and Service Tax Rules, 2017 as inserted vide Notification No. 60/2018-Central Tax Dated 30th October, 2018. 142A. Procedure for recovery of dues under existing laws. – (1) A summary of order issued under any of the existing laws creating demand of tax, interest, penalty, fee or any other [&helli...
Read MoreGoods and Services Tax - On 19th June 2017 CBEC released Six Central Tax notifications , two Integrated Tax notifications paving the way for implementation of GST with effect from 01st July 2017. In Addition to that it also released with Format GST Rules related to Advance Ruling , Anti Profiteering, Appeals and Revision, Assessment and Audit and E-way. Detai...
Read MoreGoods and Services Tax - Every registered person requesting for payment of tax on a provisional basis in accordance with the provisions of sub-section (1) of section 60 shall furnish an application along with the documents in support of his request, electronically, in FORM GST ASMT-01 on the Common Portal, either directly or through a Facilitation Centre notified...
Read MoreGoods and Services Tax - Till such time as an E-way bill system is developed and approved by the Council, the Government may, by notification, specify the documents that the person in charge of a conveyance carrying any consignment of goods shall carry while the goods are in movement or in transit storage. ...
Read MoreRe. P.B. Suresh Kumar, J (Kerala High Court) - The Kerala High Court, in M/S Indus Towers Limited Vs. The Assistant State Tax Officer, held that the power of detention contemplated under Section 129 of the SGST Act can be exercised only in respect of goods which are liable to be confiscated under Section 130 of the SGST Act....
Read MoreNotification No. 37/2020–Central Tax [G.S.R. 266(E)] - (28/04/2020) - CBIC notifies 21st day of April, 2020 asthe date from which Rule 87(13) of CGST Rules & Form GST PMT-09 will comes into effect. After this rule comes into effect a registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available ...
Read MoreNotification No. 16/2020-Central Tax [G.S.R. 199(E).] - (23/03/2020) - Central Government notifies Central Goods and Services Tax (Third Amendment) Rules, 2020 to further amend Central Goods and Services Tax Rules, 2017 ...
Read MorePress Release ID: 1606430 - (14/03/2020) - a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension ...
Read MoreNotification No. 75/2019–Central Tax - (31/12/2019) - Central Goods and Services Tax (Ninth Amendment) Rules, 2019 as notified by Notification No. 75/2019–Central Tax dated: 26th December, 2019. Above rules shall come into force on their date of Publication in Official Gazette. In CGST Rules, 2017: With effect from 1/01/2020: 1). Under Rule 36(4): In...
Read MoreCircular No. 99/18/2019-GST - (23/04/2019) - Seeks to clarify the extension in time under sub-section (1) of section 30 of the Act to provide a one time opportunity to apply for revocation of cancellation of GST registration on or before the 22nd July, 2019 for the specified class of persons for whom cancellation order has been passed up to 31...
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Notification No. 37/2020–Central Tax [G.S.R. 266(E)] - (28/04/2020) -
Notification No. 16/2020-Central Tax [G.S.R. 199(E).] - (23/03/2020) -
