Manas Joshi

38 Common Mistakes in GST Compliance & Precautions for GST Audit

Goods and Services Tax - I have identified certain common mistakes in GST compliance, few of them are summarized below. The intention is to highlight common mistakes and precautions to be taken for GST audit so that efforts can be taken to solve / rectify them before starting GST audit and save cost of interest and penalty....

Applicability of GST on out and out sale – i.e. purchase from X country and direct sale to Y country

Goods and Services Tax - After one year of GST implementation in India, one can observe that law of GST is based on law of central excise and service tax whereas GST compliance is based on law of sales tax. In spite of this, there are some transactions where related legal provisions are not clear and therefore, call for interpretations. One of the transactions is...

19 Important GST points while finalizing balance sheet

Goods and Services Tax - This being the first financial year since GST implementation, it becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet. ...

Excise Duty on Freight & Insurance Charges When Recovered Separately

Goods and Services Tax - Manas Joshi Central Excise Duty is one of the oldest tax in India having history of more than 70 years, but still we are finding it difficult to answer many questions. In this article, I am trying to discuss one of the fundamental questions regarding chargeability of central excise duty on outward freight and insurance […]...

Service Tax on TDS In Case of Import of Service

Goods and Services Tax - As you all are aware that as per the general principle of service tax law, the liability to pay service tax lies on the service provider but as per Section 68(2) of Finance Act, 1994 read with Rule 2(1)(d)(G) of Service Tax Rules, 1994 in certain cases specifically mentioned therein, there is a reverse charge mechanism whereby the liabili...

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Recent Posts in "Manas Joshi" | Total 12 Posts

38 Common Mistakes in GST Compliance & Precautions for GST Audit

I have identified certain common mistakes in GST compliance, few of them are summarized below. The intention is to highlight common mistakes and precautions to be taken for GST audit so that efforts can be taken to solve / rectify them before starting GST audit and save cost of interest and penalty....

Posted Under: Goods and Services Tax | Articles, Featured, Trending

Applicability of GST on out and out sale – i.e. purchase from X country and direct sale to Y country

After one year of GST implementation in India, one can observe that law of GST is based on law of central excise and service tax whereas GST compliance is based on law of sales tax. In spite of this, there are some transactions where related legal provisions are not clear and therefore, call for interpretations. One of the transactions is...

Posted Under: Goods and Services Tax | Articles

19 Important GST points while finalizing balance sheet

This being the first financial year since GST implementation, it becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet. ...

Posted Under: Goods and Services Tax | Articles, Featured, Trending

Excise Duty on Freight & Insurance Charges When Recovered Separately

Manas Joshi Central Excise Duty is one of the oldest tax in India having history of more than 70 years, but still we are finding it difficult to answer many questions. In this article, I am trying to discuss one of the fundamental questions regarding chargeability of central excise duty on outward freight and insurance […]...

Posted Under: Goods and Services Tax | Articles

Service Tax on TDS In Case of Import of Service

As you all are aware that as per the general principle of service tax law, the liability to pay service tax lies on the service provider but as per Section 68(2) of Finance Act, 1994 read with Rule 2(1)(d)(G) of Service Tax Rules, 1994 in certain cases specifically mentioned therein, there is a reverse charge mechanism whereby the liabili...

Posted Under: Goods and Services Tax | Articles

CENVAT Credit On Canteen Service Post 2011 – Yes, You May

As we all are aware that the definition of input service under Cenvat Credit Rules, 2004 has been amended drastically w.e.f. April 2011 and because of such drastic amendments, majority of interpretations and settled positions have taken U-turn. One of the settled position was CENVAT credit on canteen service was allowed prior to April 201...

Posted Under: Goods and Services Tax | Articles

Export to Nepal in INR and FOC export – whether excise duty benefit is available

Receipt of foreign currency plays a very vital role in development of the economy of any of the country and therefore, many of the countries maintain foreign exchange reserves in order to meet international payment obligation including sovereign and commercial debts, financing imports etc. ...

Posted Under: Goods and Services Tax | Articles

CENVAT Credit On Debit Note…??… YES

If I make this sentence without referring to any supporting reference then probably I would be wrong. But thanks to the Delhi Bench of the Hon’ble Tribunal which has allowed CENVAT credit of input service on the basis of Debit Note raised by the service provider. This is one of the rarest judgments which I recently came across and there...

Posted Under: Goods and Services Tax | Articles

Cenvat Credit on CHA Service Used For Export of Goods

Manas Joshi One fine morning, my mobile rang and my client asked me “Sir, can I take CENVAT credit on CHA services used for export of goods?” Officers are disallowing our credit”. Since law is very clear, I immediately gave positive reply to my client and discontinued our conversation. Then I thought do we really […]...

Posted Under: Goods and Services Tax | Articles

Removal of Goods as Such and Restricted Related Cenvat Credit Provision

It has been a very common practice in the manufacturing industry to remove raw materials as such i.e. without using in manufacturing activity. One of the common reasons for as such removal is that such raw materials do not satisfy the quality which is required for manufacturing the finished goods. In such a case, the manufacturer returns ...

Posted Under: Goods and Services Tax | Articles