As we all know about the section 269ST, which was introduced by the Central Government in the Income Tax Act, 1961 by the Finance Act, 2017, to curb tax evasion, regulation and circulation of black money. 1. Basic Understanding of Section 269ST As per section 269ST, any person who enters into a transaction of Rs […]
The big industrial houses or the MSME (Micro, Small and Medium Enterprises) no one is left untouched with the impact of COVID-19. Therefore it would not be wrong to say that the industry is trying to survive the impact with all available resources. But are we judiciously using the resources available with us? Asking the […]
Rule 117 of CGST Rules, 2017 provided an important timeline for claiming the input tax credit under transitional arrangements of 90 days with a power to commissioner to extend this period further for 90 days. The period was extended till 27th December, 2017 to claim transitional credit
While presenting the Union Budget 2020, Finance Minister Ms. Nirmala Sitaraman announced Vivaad se Vishwas scheme (‘VSV Scheme’ or ‘the Scheme’) as a part of GOI’s direct tax relief measures, in line with Sabka Vishwas Scheme, which aims at resolution of legacy disputes in Indirect Taxes. The Scheme aims at bridging the dispute-trust divide between […]
Let us now understand some of the issues under GST refund where the authority has gone beyond the delegated powers to provide the restriction to claim the GST refund.
After lots of efforts, the Goods and Service Tax Act was introduced in India with effect from 1st July 2017. GST- Being a major indirect tax reform GST replaced many indirect tax laws that were prevalent and under which tax was levied by both the Centre Government and the State Government. Indirect Taxes that existed […]
Rule 117 as being directory in nature, insofar as it prescribes the time-limit for transitioning of credit and therefore, the same would not result in the forfeiture of the rights, in case the credit is not availed within the period prescribed. This however, does not mean that the availing of CENVAT credit can be in perpetuity.
Credit and Debit note under GST Introduction of credit note A supplier of goods or services or both is mandatorily required to issue a tax invoice.However, during the course of trade or commerce, after the invoice has been issued there could be situations like: Original tax invoice has been issued and taxable value in the […]
What is Compensation Cess :For the purpose of providing compensation to the States for any loss of revenue post GST regime, compensation cess (CC) provisions were introduced for a period of 5 years (till 30.6.2022). Following goods are covered [Schedule u/s 8(2) of GST (compensation) Act or CESS Act] on which CC would be levied […]
1. The charging section (Section 9 of CGST Act, 2017, Levy and collection of GST) is the most important section in any law for levy (impose) and collection (payment) of taxes. The very basic for the charge of tax in any taxing statute is taxable event. i. e. the point of time when tax will […]
