The right to claim ITC on goods and/or services received by the Recipient is never disputed both in GST law and erstwhile VAT regimes. However, what should be the correct amount of ITC which can be claimed by the recipient has been a matter of legal debate in both GST law and erstwhile Indirect Taxation regime.
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund Recently GSTN has enabled the facility to delink reporting of debit note or credit note corresponding with their original invoice. Earlier, to report debit or credit note in GSTR 1/ GSTR 6, tax payers had to link […]
In response to the spread of the Covid-19 virus, various business support measures have been put in place by Central Government, State Governments, RBI, SEBI, CBEC, Ministry of Corporate Affairs (MCA), ICSI and ROC. With an objective to ensure and generate awareness and confidence on readiness of Indian Companies to deal with the situation, MCA […]
Article explains TCS related provisions under Section 206C(1H) of Income Tax Act, 1961 Effective from 1st October 2020. It explains Transaction on which TCS under Section 206C(1H) of Income Tax Act, 1961 is aopplicable, Rate of TCS, Rate if PAN No. is not provided, Due date of payment of TCS etc. XXXX as Buyer Effective […]
Ashutosh Gupta and Gaurav Rana The burden of proof of a fact is the most crucial aspect in any legislation and disputes or litigation arising in the implementation of the legislation. Entire thrust of the litigation and also the fate of the parties to the litigation depends on this fundamental issue. In this piece we […]
(Notified vide General Circular 12/2020 dated 30/03/2020) COMMENCEMENT AND VALIDITY OF THE SCHEME: The Scheme shall commence from 01.04.2020 and shall be valid till 30.09.2020. APPLICABILITY: The Scheme shall apply on all Defaulting Companies except: i. Companies against which action for final notice for striking off the name of the company has already been initiated. […]
Every day some economist or other will suggest changes in lands available for industrial growth or moan our backwardness in the system of landholding. It is time to study seriously what is the present system adopted in various states and whether Torren’s system being suggested by some experts is feasible. Luckily respected Mr. Brij Kumar […]
Simplified GST Series – Section 7- IGST Act, 2017 – Inter State Supply (1) Subject to the provisions of section 10, supply of goods, where the location of the supplier and the place of supply are in–– (a) two different States; (b) two different Union territories; or (c) a State and a Union territory, shall be treated […]
INTRODUCTION: Under the Central Goods and Services Tax Act, 2017 normally, the refund provisions under Section 54 of the Act applies in the following cases :- 1. Zero Rated Supplies (Exports to a country outside India & Supplies to SEZ). 2. Inverted Tax Rate Structure. “Inverted Tax Rate Structure” means a situation when there is […]
Equalisation Levy is a form of direct tax. The primary issue with such type of unconventional taxing is lack of payment getaways and methods, for this reason the payment is withheld at the time of payment by the service recipient.
