In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of the Act and they could not take away what was conferred by the Act or cutting down its effect.” This is placed with respect to Section 54(3) of CSGT Act , […]
(1) General Provision [Section 45(1)]:- Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to Income-tax under this head in the previous year in which the transfer took place. (2) Special Case [Section 45(2)]:- A person who is the owner of a capital asset […]
This data has been extracted from A Statistical Report on Completion of 3 years of GST released by Goods and Services Tax Network on 3rd Anniversary of GST. Source of the entire data produced here is from this document released by GSTN. 1. Active Taxpayers as on 30th June, 2020: Summary Type of Taxpayer No. […]
Situs of Goods or accretion of goods in works contract whether relevant to determine the nature of Supply in case of Works Contract Introduction Though GST is destination based tax but In works contract, it is important to determine the point of origin from where supply is made. The point of origin shall not only […]
The Scheme: To provide relief to small taxpayers from tedious task of maintaining books of accounts and getting them audited, a presumptive taxation scheme is framed which allows the assessee to declare income at prescribed rates and pay tax thereon, thereby avoiding the tedious work of maintaining books of accounts and audit. Relevant Sections under […]
The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and the States will be replaced by one tax called the Goods and Services Tax (GST). GST is a multi-stage value added tax levied on the […]
If the turnover exceeds the threshold limit mentioned in the GST Act, then the person is mandatory to take GST registration. In some cases, people are mandatory to take GST registration like in case of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc. Many times taxpayers take GST number but he […]
Seamless Input Tax Credit (ITC) under GST Regime In The Cases of Civil Constructions Intended For Renting or Leasing One of the primary mottos behind introduction of GST is to provide seamless input tax credit till the chain of supply breaks for consumption, as it’s introduction is to eliminate cascading effect. A simple example to […]
1. Relevance – Time of supply decides when the supplier or recipient is liable to pay GST for goods or services or both. It is the most crucial part in the GST law. 2. Time of Supply of Goods (Section 12 of CGST Act) a) General Provision – The date of issue of invoice by […]
The Registrar of Companies (ROC) in September, 2017, 2018 and now in 2019 took an outrageous step and struck off many Companies who had not done their filing for a period of two financial years or more believing that the Companies are not doing any business in accordance with Section 248 (2) of the Companies […]
