There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA) and the benefits attached with a home loan be claimed in the sqme year. This article intends to clear the doubts in this regard.
This article is prepared considering the changes in ITC eligibility under GST which are effective from 01.02.2019. The changes in credit restrictions is a product of ambiguity and scope of various interpretations of the law. The aim was to bring in clarity, and ensure common man is not burdened with the law. An analysis on […]
Key highlights of the Circulars issued by GST Policy Wing, CBIC on 18th February 2019 : The GST Policy wing of CBIC has issued 3 circulars today clarifying 3 issues – 1. Requirement of disclosing details of Inter-State Supplies made to Unregistered Persons in return GSTR 3B and GSTR 1 2. Disclosing Place of Supply […]
NEW PROVISIONS RELATING TO THE SEPARATE REGISTRATION FOR MULTIPLE PLACES OF BUSINESS WITHIN THE STATE OR UNION TERRITORY Section 25 of the CGST Act, 2017 contains the registration provisions and as per section 25 (2) of the CGST Act, 2017 the person shall be granted a single registration in a State or Union territory. The proviso to […]
The provisions of section 9 (4) of the CGST Act, 2017 deals with the applicability of reverse charge mechanism, wherein, the goods or services or both is being procured by the registered person from the unregistered person.
there are various rules / provisions affecting utilization of input tax credit which has been amended and the said amendments relating to the rules / provisions affecting utilization of input tax credit is being highlighted in the present article.
There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— […]
Arjun (Fictional Character): Krishna, What debate is undergoing on GST interest? Krishna (Fictional Character): Arjuna, Under Sec 50, interest is levied in GST. Hyderabad GST Commissionerate has issued standing order on 4th February, 2019. It lead to argument between taxpayer and government. Arjun: Krishna, When is interest levied under GST and who is liable to […]
After receiving the assent from The President of India on 22nd August 2018, the GST Council in its 31st meeting held on 22nd December 2018, announced following amendments in GST Act(s) 2017 which have now got effective from 01st of February 2019. The government has made various important changes in CGST and IGST Act which […]
KYA BADLA, KITNA BADLA : A Comparative Analysis of Recent GST Notifications Issued by CBIC dated 29/01/2019, effective from 01/02/2019 The Central Board of Indirect Taxes and Customs (CBIC) has notified various amendments to the Goods and Services Tax which came into force on 01st February 2019 which is considered as the effective date. On a […]
