Whether GST is levied on Sale of Capital Goods purchased in Pre GST era? What will be the treatment on Sale of Capital Goods purchased after implementation of GST? Is there any liability on sale of Capital Assets on which Input Tax Credit (ITC) is not allowed? How to deal with loss/damage of asset where no consideration is received? Tax treatment on sale/disposal of capital goods in case when ITC is availed
Article contains Definitions of Private listed Company, Listed Company, Securities and Private Company. Article interprets term ‘marketable securities’ specified in SCRA, 1956 and explains Marketability of securities issued by a private limited company. Article further explains Whether SEBI has the power to regulate unlisted companies if they are issuing securities? Article further explains with respect […]
Section 54 (1) of CGST Act 2017 provides that Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years from the relevant date in such form and manner as may be prescribed.
Second & third proviso to Section 16(2), of the Central Goods & Services Tax (CGST) Act, 2017 provides for reversal and reavailment of ITC on account of non-payment. Same is reproduced below for ready reference: Second Proviso to Section 16(2) :- “Provided further that where a recipient fails to pay to the supplier of goods […]
1. GST refund process for exports of Goods and /or services without payment of Tax involves a different document. The option to export goods without payment of tax can either be used under the cover of a Letter of Undertaking (LUT) or a Bond. In such case, any ITC accumulated on inputs/input services unutilised will […]
It is very common that many factories and offices provide canteen facilities to their employees. Such facility may be provided as a matter of compulsion or as per the terms of employment or otherwise. The canteen facility may be provided to employees at free of cost or concessional rate or on chargeable basis. The GST […]
To provide relief to businesses wriggling with the economic impact due to Covid-19, the central government has provided the extension in GST return filing. To give effect to the same, the central government has issued certain notifications. However, from the perusal of the same, it appears that the government intends to provide relief only to […]
Section 143 lays down the procedure for sending the inputs and capital goods to a job worker. As per the said provision, a registered person (‘Principal’) may send inputs or capital goods to a job worker without payment of tax subject to condition that such inputs or capital goods would be brought back within prescribed time period.
File FORM GST PMT 09, to shift/transfer money available in Electronic Cash ledger, between various major and minor heads of GST Taxpayers deposit money using challan and the paid amount gets credited in the particular head in the Electronic Cash ledger and the same can be utilized in settling liabilities of that head only. In […]
The Insolvency and Bankruptcy Code, 2016 (IBC) streamlines the process minimizing losses and promoting efficient allocation of resources to deal with sick companies. The article provides an analysis of the effect of moratorium on ongoing tax proceedings against the Corporate Debtors (CD). Tax collection in India, be it income tax, excise tax, GST or any […]
