Goods and Services Tax : It is an ongoing debate since Service tax days that which functions of the Government are taxable and which are exempt. Recently...
Goods and Services Tax : 1. ITC is available only if the supplier has deposited it with the Government:2. ITC is not available in respect of goods/ service...
Goods and Services Tax : In its 34th meeting, the GST Council, in its much- awaited attempt to revamp the GST structure (or simplifying the GST framework) ...
Excise Duty : The provisions pertaining to filing of returns/declarations/forms under Central Excise and Service tax law are based on the princi...
Goods and Services Tax : Recently, on 13th July, 2015, Maharashtra Government has come out with a Trade Circular No. 11T of 2015, clarifying that recent de...
Goods and Services Tax : What is needed by a GST certifier in the pressing times of completing GSTR-9C? What are the essentials of a GST practitioner to...
It is an ongoing debate since Service tax days that which functions of the Government are taxable and which are exempt. Recently Bangalore bench of the Tribunal has analysed this complex issue and here are the three major takeaways from the landmark decision on this issue…
1. ITC is available only if the supplier has deposited it with the Government:2. ITC is not available in respect of goods/ services used for construction of immovable property 3. ITC cannot be availed once the due date of submitting GSTR 3B of September of the next financial year is over 4. ITC is not available in respect of motor car 5. ITC is not available in respect of food and beverages: Composite supply
What is needed by a GST certifier in the pressing times of completing GSTR-9C? What are the essentials of a GST practitioner to advise a client? What does a GST taxpayer need to know to effectively comply with the law? What does a GST administrator need to implement the law? May be common answers to above questions could be as […]
In its 34th meeting, the GST Council, in its much- awaited attempt to revamp the GST structure (or simplifying the GST framework) for the real estate sector has put across some path breaking propositions. However, we need to deliberate whether the propositions are indeed path breaking and may bring about simplicity in GST framework or it may prove to be a nightmare for the real estate sector.
The provisions pertaining to filing of returns/declarations/forms under Central Excise and Service tax law are based on the principal of ‘self assessment’, which means that every assessee should make true and correct disclosures in its returns and pay the taxes due.
Recently, on 13th July, 2015, Maharashtra Government has come out with a Trade Circular No. 11T of 2015, clarifying that recent decision of Bombay High Court is comprehensive and it is now well-settled that VAT can be levied on transfer of right to use goods of intangible nature even if it is transferred to multiple users.
Urban Development department of Maharashtra State vide Notification No. LBT-2015/CR-82/2015/UD-32, notified an amnesty scheme for Local Body Tax (LBT) defaulters in Maharashtra Municipal Corporations.
1. Local Body Tax- Local Body tax is proposed to be abolished from 1st August, 2015 and the loss of revenue due to the abolishment shall be compensated by enhancing the rate of Value Added Tax. 2. Entry Tax- Entry Tax at 5% is proposed to be levied on import of Long Steel.
Finally a step towards GST – major indirect tax reform in India, has been taken when 122nd Constitutional Amendment Bill,2014 made its way through the Lok Sabha on 17th December, 2014.
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