Goods and Services Tax : Explore the concept of slump sale under GST, its exemptions, rules, and how to transfer input tax credit. Get insights into GST im...
Goods and Services Tax : Issuance of credit note in terms of GST law is responsibility of supplier. Burden of charging, collecting and discharging GST liab...
Goods and Services Tax : whether it is possible for the company to re-avail ITC which was earlier availed basis invoice/debit note in terms of Section 16 (...
Income Tax : Article summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives theoretical i...
Goods and Services Tax : Definition: Legal Services means any service provided in relation to advice, consultancy or assistance in any branch of law, in an...
Chapter I – Preliminary: 1. Whether GST law is applicable in J&K? Yes. CGST and IGST act were made applicable in J&K from 8th July, 2017 through respective ordinances. J&K GST Act was also passed and made applicable from this date (Act is on same lines as other State GST Acts). 2. Whether General Clauses […]
a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business
Construction, installation, etc contracts in respect of immovable property(i.e. building, complexes, civil structure, roads, bridges, etc) falls under the definition of Works Contract;
Meaning and Relevance: Time of supply of goods determines time, when the tax (GST) will be levied. GST is levied on supply (i.e. for ex: when the goods are sold, transferred to branch, etc). Now, let us take example of sale of goods. In a sale transaction various events are involved i.e. invoice issuance, payment […]
Introduction of Goods and Services Tax (GST) is one of the important perfection and the next logical step towards a widespread indirect tax reforms in India. GST shall also apply in Jammu & Kashmir (‘J&K’).
Legal Objective of the Act: To regulate the acceptance and utilisation of FC/donations or foreign hospitality by certain individuals or associations or companies; and To prohibit acceptance and qutilisation of FC/donations or foreign hospitality for any activities detrimental to the national interest and matters connected thereto. It Applies to whole of India including (also applies […]
Information Technology (IT) industry has grown multi folds in last 2 decades in India. It is one of the most revenue generating sector for government, job creating sector for individuals. The taxability of Software/Solutions/Clouds has always been a litigative area because of difficulty in its classification as goods or service due to its inherent nature […]
Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper released by the Empowered Committee of the State Finance Ministers on 10.11.2009, it has been made clear that there would be a “Dual GST” […]
