The New Return System proposed under Goods and Services Tax (GST) was implemented on trial basis from 1st July, 2019 with 1st October, 2019 being date when the same would be mandated for all taxpayers in phased manner. But, the GST Council in its 37th Meeting held on 20th September, 2019 in Goa decided to […]
Article contains Draft Format of Engagement letter on GST Audit and Draft Format of_Management Representation on GST Audit. However the Auditor needs to understand the limitations of management representations as audit evidence.
For Real Estate Sector, one of the most important aspect after introduction of Goods and Services Tax Act, is to calculate ‘Eligible Input Tax Credit’.
On Supply of Capital Goods, ITC shall be reversed. The manner of calculation of amount of ITC to be reversed is prescribed in section and rules. But both do not coincide. Let us understand the nuances of section and rules to decide the method to be adopted.
Composition Scheme under GST was earlier available to only the Suppliers of goods. However, in 32nd GST Council Meeting, it has been recommended that the scheme shall be made available to service providers too. The scheme for service providers is available from 1 April 2019 . The composition scheme for service providers gives an option to […]
The very purpose of setting up the concept of Authority for Advance Ruling under GST is to provide clarity and to remove ambiguity in terms of the unanswered question in GST law. It is a kind of knowing the correct interpretation of GST Act from the Government (i.e.Authority) itself which will help reduce disputes and […]
An Order of Rajasthan Authority for Advance Ruling (AAR) in case of M/s CLAY CRAFT INDIA PVT. LTD. (JAIPUR)(Order No. RAJ/AAR/2019-20/33 date 20th Feb,20) held that remuneration payable by company to its directors is taxable and attract GST under reverse charge. This order has left all the company taxpayer in dilemma whether to pay GST […]
Intention of the Government is not to charge GST on services rendered by employees to employer. On the same lines as per Schedule III, clause no 1, of Central Goods and Service tax Act, 2017 Services by an employee to the employer in the course of or in relation to his employment is covered in […]
According to thisVirtual Permanent Establishment (VPE) theory, it is proposed that the taxing nexus for electronic commerce should be “the continuous commercially significant conduit of business activity”, rather than the fixed place of business. The virtual PE approach applies to the jurisdictional criterion for source-based taxation of profits.
Applicability of Section 50C and Section 56(2)(x) / Section 56(2)(vii) of Income Tax Act, 1961 on Rural agricultural land Computation of Capital Gain is many times not free from ambiguity. Further, due care is required in cases of transactions of immovable property for a consideration, which is less than the stamp duty value of such […]
