As per Paragraph 5 of Schedule III ‘sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building’ shall be treated as neither supply of goods not supply of services. Development rights are as such not defined in GST law, nor they were defined under the service tax law or […]
Article explains What is Refund of TAx Under GST, Refund Scenarios Under GST, Time Limit of GST Refund, Procedure for GST Refund, Maximum Input We Can Claim For GST Refund and Points To Be Considered For Smooth GST Refund. What is Refund of Tax Under GST: -Refund refers to any amount that is due to […]
Article explains Meaning of job work under GST Law, Classification of job-work transaction as supply of goods or service for GST, Treatment of job work transactions in GST in diffrect Scenarios i.e. (a. Supply of goods from Principal to Job worker & returned by job worker within specified time b. Supply of goods from Principal to Job worker and returned by job worker after specified time
GST portal has now enabled filling of GST ITC-02A. GST ITC-02A is a declaration of untilized ITC transferred for obtaining a separate registration within the same state or union territory. Rule 41A deals with Transfer of credit on obtaining separate registration for multiple places of business within a state or UT- (1) A registered person […]
Covid-19 Pandemic has brought uncertainty and raised doubts on the future course of action to be adopted by entities. Amongst others, one cause of concern is the impact of the wide-scale defaults of the contractual obligations to be fulfilled during this pandemic.
Article 279A(4)(f) of the Constitution grants power to the GST Council to levy a special tax during any natural calamity or disaster in order to raise additional revenue from GST. Kerala Government had introduced Kerala Flood Cess last year following the Monsoon Floods of 2018 and started levying 1% cess on GST for two years from […]
Though the Rule 86A has been introduced by the Department to safeguard the interest of the revenue, there is every possibility that this Rule can be used against bona fide tax payers, who may have availed the ITC on the basis of genuine invoices and yet their ITC is blocked for various reasons, for eg. ITC does not reflect in GSTR-2A.
INTRODUCTION: The term Buy Back of shares is not a new concept to the Capital market in India. Recent, action in corporate world has witnessed large amount of buy back of shares by cash rich companies mostly in IT Sectors like TCS, Infosys and Wipro and others. In common parlance, Buy Back of shares means […]
E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book explains Provisions of Section 44AB, Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961, Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, Presumptive Taxation Scheme […]
COMPARISON OF NEW INCOME TAX REGIME WITH OLD REGIME The Budget 2020 introduced new income tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer to forgo certain specific deductions. The taxpayer has to forgo standard deduction of Rs 50000, deduction under 80C of Rs 1.5lakh and interest on […]
