Definition of Capital Goods [Section 2(19)] “Capital goods” means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. Goods will be regarded as capital goods if the following […]
41st GST Council meeting outcome : Key highlights dated 27th August, 2020 The 41st GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 27th day of August, 2020. Shri Anurag Thakur and Finance Ministers of States & UTs and Senior officers from Union […]
Prospective Effect is not at all a Problem – Interest on GST liability “Every single move in life have Double Effect i.e. prospective as well as Retrospective” Introduction Interest is always considered as compensatory in nature and it has been imposed on a registered person who has failed to pay the tax liability within the […]
As we all know, during Covid – 19 Government has come up with few notifications on 03rd April, 2020, 24th June, 2020 & 30th June, 2020 for the purpose of extending the due dates for filing of GSTR-3B and GSTR-1 for various months. In this article I am trying to clarify the manner of calculation […]
Introduction: Before implementation of GST, government was planning to collect good fund through it but it remains the dream and actual fund collection continuously remain short from the budgeted value. Now, government is planning to collect approx. 46000 crore through interest on delayed payment of tax. Notices has started to the assesse and it makes […]
The taxpayers contended that interest on delayed payment of GST should be levied on the net tax payable i.e. amount debited from electronic Cash Ledger whereas the department contended that interest should be levied on the gross amount of tax payable.
Clarification on Extension of Annual General Meeting (AGM) for the financial year (FY) ended as at 31.03.2020- Companies Act, 2013 [ICSI once again has made a request dated 26.08.2020 to MCA for extension for holding AGM due to COVID-19] The Ministry of Corporate Affairs (MCA) vide General Circular No. 28/2020 dated 17th August 2020 has issued […]
Simplified GST Series /Offences & Penalties /Section 134-138/CGST ACT 2017 Article explains Provisions of Section 134- Cognizance of offences, Section 135- Presumption of culpable mental state, Section 136- Relevancy of statements under certain circumstances, Section 137- Offences by Companies and Section 138- Compounding of offences. Section 134- Cognizance of offences- No Court shall take cognizance […]
BACKGROUND Audit under indirect tax laws is not a new concept. This concept of audit was also existing in the erstwhile Central Excise laws, State level VAT laws and Service tax laws. Audit is a tool available to the tax department to review and verify transactions entered into by a taxpayer to ensure tax compliance […]
The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate.
