This article contains all aspects related to Supply of Service by Goods Transport Agency (GTA) and explains what is GTA, tax payable on forward charge basis as well as on reverse charge basis, exempt service with FAQs. GST is a labyrinth. To understand any particular subject of GST one needs to refer all sections of […]
Almost its three years now since GST laws were brought into force, yet there are some confusions in the very basic terminology around which the whole GST revolves. One such web of confusion is the meaning of taxable supply, non taxable supply and exempt supply.
Who would not want to claim the input tax credit (ITC)? ITC reduces the cost of producing/supplying goods/services and thereby reduces the cascading effects. ITC also makes the businesses competitive globally by ensuring that only goods/services are exported and not taxes as part of the cost.
Section 54 of CGST Act 2017 provides various mechanism to the taxpayer under which they can claim REFUND of the INPUT TAX CREDIT (ITC) they had paid on the purchase of their supplies and otherwise also. > PROVISION As per explanation 3 to section 54 the registered person may claim refund of any unutilised input […]
In this Article I am going to discuss the law relating to Tax Deduction at Source (TDS) under GST Act, 2017. The concept of TDS is not new for us as the same was already applied or complied under Income Tax Act, 1961. In this article I will share or discuss the following concepts of […]
INTRODUCTION In the erstwhile laws, there were provided certain events basis which the leviability of tax was attracted, generally called the ‘taxable event’. If we talk about the Central Excise laws, such taxable event was manufacturing of goods, in case of service tax laws, such event was provision of services and in case of VAT […]
GST on directors remuneration has been a contentious issue lately. The matter has been sought before various Authority of Advance Rulings and varied decisions have been received. Recently advance ruling was provided by AAR – Rajasthan in the matter on Clay Craft India Private Limited wherein the question sought for advance ruling was upon applicability […]
1. E-Way bill rules are prescribed in Rule 138 of CGST Rules 2017. 2. E-Way bill is required if movement causes through motorized vehicle. 3. Before causing any movement of Goods of value exceeding Rs. 50,000 (Including Taxes) generation of E-way bill is mandatory, either by the Supplier, Recipient, or transporter, as the case may […]
What is Speculative Income? Income Tax Act has not defined the meaning of ‘speculative income’ but has defined ‘speculative transaction’. Thus, it can be said that the income derived from the speculative transaction is a speculative income. Meaning of speculative transaction As per provisions contained under section 43(5) of the Income Tax Act, any transaction […]
Depreciation allowance is provided under the Income Tax Act for building. The word building has however not been defined under the Income Tax Act and must be construed based on the ordinary grammatical sense, together with the available judicial interpretations. According to the Oxford English Dictionary, the word ‘building’ means ‘a structure with a roof […]
