Goods and Services Tax : Introduction Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses tha...
Goods and Services Tax : Rule 36(4), i.e. the ITC matching and claim based on vendor GSTR filings is one such insertion into the law which is creating more...
Goods and Services Tax : Though GST department claims only a miniscule percentage of exporters have been selected for risky exporter verification, it appea...
Goods and Services Tax : Government should consider providing the benefit of zero tax even for the dies and moulds manufactured for further use in manufact...
Goods and Services Tax : One of the GST objectives is to ensure the seamless flow of the credit & avoiding the cascading effect. The success of ITC is ...
In August 2018, the State of Kerala faced a devastating flood due to high rainfall which was the worst flood in nearly a century. There was huge loss to the assets, revenue of the State. As a result, the State of Kerala proposed for levy of additional cess in GST which was approved by the GST council in its 32nd Council meeting held on 10th January 2019.
The economy and the trade have grown to a greater extent as compared to the ancient period and people have come with many types of dealings and transactions over a period of time to either attract the customers, to reduce their costs or to make things easier for conducting their business. One such transaction is High Sea Sale.
Article 366(12) of Constitution defines goods to include all materials, commodities and articles. Constitution (101 Amendment) Act, 2016 inserted in clause 366(26A) definition of services to mean anything other than goods.
The free movement of goods across India without any checkposts in between is one of the major objectives of GST. Nation-wide E-Way bill system under GST is set to be implemented from February 1, 2018.
Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does not bother much to the manufacturers since they […]
Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing […]
Conceptually GST is destination/consumption based tax i.e. person consuming the service/goods shall bear the burden of such tax and that revenue shall go to the corresponding state but no provision express this concept/ philosophy. However same was inherent and more adequately embodied in the provisions of Place of supply (POS).
Banks are registered under service tax in the category of Banking and Financial Services. They collect and pay service tax on its various incomes such as commissions, bank charges, documentation charges, processing fees etc. levied on its customers.
Organizations that will plan its business processes better in a manner to best suit the needs of the GST regime, then such organization will have competitive edge over others.
The levy of GST is on supply of goods and/or services which is dealt with by Section 8 of the revised model GST law. Section 3 of the said law provides for meaning and scope of supply. In this article, we would be discussing on the relevance of two terms namely meaning and scope, similarities, conflicts and overriding nature of both the terms.
