GST - Page 30

Compliance Calendar for The Month of June 2021

Most of the places in India are in complete lockdown due to the raise in Covid cases. However, it is important for businesses and entrepreneurs to stay compliant with various compliances during the month of June 2021. Considering the current Covid-19 situation the govt has recently given an extension for various deadlines. Every month the...

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Posted Under: CA, CS, CMA |

Composition levy under GST – A quick recap

Who can opt for such scheme? As per Section 10(1), subject to sub-sections (3) and (4) of section 9 of CGST Act 2017, a registered person whose aggregate turnover in the previous financial year is not more than Rs. 1.5 Crore in relation to supply of goods and restaurant services, can opt, in lieu of […]...

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Posted Under: CA, CS, CMA |

Recent updates in GST Refund- May 2021

The Central Board of Indirect Taxes & Customs (CBIC) has introduced few amendments vide Notification No. 15/2021 – Central Tax dated 18.05.2021 in the CGST Rules relating to refunds which have been discussed below: ♦ Exclusion of the period between the date of filing of refund application to the date of issuance of deficiency memo...

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Posted Under: CA, CS, CMA |

Changes in GST Refund Procedures and Rules

Changes in GST Refund Rules: Recently CBIC has issued Notification No. 15/2021–Central Tax dated 18th May 2021 specifying changes in the CSGT Rules, which has brought changes in GST refund procedure (e.g. withdrawal of refund application, adjustment of refund amount against pending demand, extension of time period for computation of per...

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Posted Under: CA, CS, CMA |

Important issues of the traders related to GST

we invoke your kind attention to the following burning core issues for discussion in the meeting of the GST Council with a request to please take immediate action in order to relieve the traders from compliance of the same temporarily....

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Posted Under: CA, CS, CMA |

GST Saga on Health Care Services – Classification of various items used by Healthcare Industry

Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmace...

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Posted Under: CA, CS, CMA |

No connection between FEMA & IGST Act for realisation of foreign exchange for export of goods

Vandna Pharma Industries Vs Commissioner of Goods and Service Tax (Delhi High Court)

A perusal of Section 8 of FEMA would show that, it calls upon the concerned person to take “reasonable steps” for realisation and repatriation of foreign exchange proceeds. In this case, the realisation and repatriation of foreign exchange involves proceeds from goods exported by the petitioner....

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GST Saga on Health Care Services – Classification of sanitizers

Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmace...

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Posted Under: CA, CS, CMA |

Whether ITC is allowed to be utilized across different business verticals?

With reference to the Advance Ruling In re Aristo Bullion Pvt Ltd (GST AAR Gujarat), as ruled by the Gujarat Authority for Advance Ruling, the applicant cannot use the input tax credit balance available in the Electronic Credit ledger, from the purchase of inputs used for the outward supply of bullions, against the outward supply [&hellip...

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Posted Under: CA, CS, CMA |

Validity of re-claiming/re-availing in form GSTR-3B of ITC already reversed in case of exempt supply

This is an attempt to briefly discuss the provisions with regards to issuance of credit note in case of exempt supply and simultaneous reclaiming/reavailing of input tax credit under GST regime. Question: Taxpayer has entered into an arrangement for rendering of exempt supply of service to a government entity which has been notified as ex...

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Posted Under: CA, CS, CMA |

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