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Companies will have to pay GST on the remuneration they give to directors. Clay Craft India Pvt. Ltd had filed application before the Rajasthan bench of the AAR and sought clarification on whether salaries paid to directors would attract Goods and Se ...
Collection of GST was just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating diminishing collection in future, putting additional pressure on the government ...
The Goods and Services Tax Network (GSTN), IT backbone of GST has enabled over 20,000 registrations and processed about 8,000 refund cases till April 3, 2020, during the first 10 days of the lockdown. They have provided remote access, securely throu ...
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and ...
1. CBIC has clarified that there is no restriction on bunching of refund claims across financial years (Circular No. 125/44/2019-GST Dated-18.11.2019 stands modified). 2. Refund of accumulated ITC on account of reduction in GST rate not applicable ...
Later in recent days, actions have been taken to give relief to the taxpayers- 1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances. 2) Belated returns or Revised returns for the FY 2018-19 can be file ...
In Joint Development Agreement there are two parties- 1. Land Owner and, 2. Developer. Further there are two types of JDA- 1. Revenue Sharing and, 2. Area Sharing. However, sometimes partly Revenue and Area Sharing Agreements may be ...
In Joint Development Agreement there are two parties- 1. Land Owner and, 2. Developer. Further there are two types of JDA- 1. 1.Revenue Sharing and, 2. Area Sharing. However, sometimes partly Revenue and Area Sharing Agreements may ...
The government announced a Rs 1.7 lakh crore relief package aimed at providing a safety net for those hit the hardest by the Covid-19 lockdown, along with insurance cover for frontline medical personnel. The 21-day lockdown began on March 25. 1. Ab ...
Through a notification dated 23.03.2020 it has been provided that where a registered person has claimed refund of any amount of tax wrongly paid or paid in excess for which debit has been made from the electronic credit ledger, the said amount, if fo ...
GST Council have not come up with an idea of extension of monthly complying return GSTR-3B because of Covid-19. GSTR-3B was to be filled by 20th of march if the aggregate turnover is or exceeds Rs. 5 crores. But there are still cases where the same h ...
In the last GST council meeting held on 14th March, 2020, the GST rate on mobile phones was increased to correct the inverted duty structure on recommendations of Fitment Committee. GST rate was raised from 12% to 18% on mobile phones. Another decis ...
GST collections is falling month by month, devising methods for a higher collection resorted from October 2019 onwards. It started with imposing restriction of 20% in ITC offsetting and with effect 01.01.2020 it was reduced to 10%. Such restriction a ...
Millions of salaried employees will earn less on their statutory monthly provident fund deductions in 2019-20, as the Employees Provident Fund Organisation (EPFO) on Thursday decided to slash the interest rates on provident fund savings of formal sec ...
ClearTax is built on top of India's Massive Digitization of its Tax Systems. They are a Bangalore based Financial-Technology platform providing solutions for Income Tax filing, GST and Mutual Fund Investments and so on. Also, it is the largest tax fi ...
MCA has notified CARO 2020 in place of existing CARO 2016 after consultation with National Financial Reporting Authority. The key differences between the two are as follows- Clause no. Details of Changes Clause 3(i) The company has to maintain prop ...
MCA has come out with revised CARO rules which will be effective from 01.04.2020. 5 more clauses have been added to CARO, 2016 making a total of 21 clauses in CARO, 2020. A brief analysis of the same is as under:  If company has given any loans and ...
The Government has reiterated its commitment to introduce new returns and e-invoicing system from April 2020 in continuation of its efforts to simplify and ease the GST compliance framework. Several sectors, including Auto, Petroleum and Healthcare, ...
States and the GST Council have to decide when they will bring petroleum products under GST. “No amendment (to the law) will be required. Whenever the states decide to bring this under the new regime, it can be done.” said Finance minister Nirmala Si ...
Rajasthan High Court Jodhpur bench has intervened to address the grievances and extend the due date of filing GSTR-9 and GSTR-9C for taxpayers in the state till February 12, without late fees. The court further directed the department to file a detai ...
Continuing with our series of updates from the Union Budget 2020, today we will talk about some of the key amendments proposed to the existing GST structure. 1. COMPOSITION LEVY It is proposed that dealer registered under GST for supply of goods ...
Finance minister presented the budget for fiscal year 2020-21. FM introduced a new optional personal income tax system which has a lower tax rate on income computed without availing most of the exemptions and deductions. Around 70 of the exemptions ...
Nirmala Sitharaman hinted at reform in personal income tax, speculation is rife that the government will cut income-tax rates in the coming Budget. This would be ill-timed, given the huge shortfall in revenues after the steep cut in corporate tax tha ...
Over 65.65 lakh GSTR-3B returns were filed till January 20, for the tax month of December, of which 13.30 lakh GSTR-3B returns were filed on the last day, as per data from Goods and Services Tax Network (GSTN). “This month’s return filing data till ...
The government has said lawyers are exempt from service tax and there is no move to impose the levy on them for providing legal services. The response came after some lawyers raised the issue with the finance ministry following notices from tax a ...
The government is looking to get services professionals such as plumbers, electricians and beauticians listed on online platforms onto the Goods and Services Tax Network, in what could be yet another move to bring gig economy workers into the fold of ...
Auto industry urged the Centre to consider a temporary reduction in goods and services tax (GST) to 18% for two-three years from 28% as the anticipated 20-25% increase in acquisition cost would reduce the number of buyers, affecting the industry’s fi ...
Because of massive amount of frauds detected by GST authorities, the Central Board of Indirect Taxes and Customs (CBIC) has now written to Directorate General of Foreign Trade (DGFT) to continuously seek a compliance and verification reports from oth ...
Telecom companies will not get input tax credit refund as the Goods and Services Tax Council (GSTC) will decline any such requests, said Bihar Deputy Chief Minister Sushil Kumar Modi. The input tax credit means reducing the taxes paid on inputs from ...
Appellant Rep by: Shri Arijit Chakraborty, Adv. Respondent Rep by: Shri A K Singh, AR CORAM: P K Choudhary, Member (J) P V Subba Rao, Member (T) Cus - The appellants are importers of readymade garments from Bangladesh - The Bills of Entry were as ...
The Fifteenth Finance Commission (FFC) recently submitted its report for the year 2020-21 to the President. The panel’s chairman, Mr. N. K. Singh recently hinted at the need for incentives to states that have higher collection and a need to have pred ...
Tobacco-to-consumer goods conglomerate ITC may touch its lowest levels of 2019, as Goods and Services Tax Council could increase taxes on cigarettes. Expectations of a tax hike on cigarettes have pulled ITC shares down by 8% in a month. In spite of t ...
For the 1st time since introduction of the Goods & Services Tax, the GST council is expected to discuss major restructuring to raise the base slab from 5% to 9-10%, while moving 243 items from 12% segment to the 18% band. These moves will increase t ...
The government withdrew a circular issued in July on what constituted ‘intermediary’ services, providing respite to the business and knowledge process outsourcing (BPO, KPO) industry. Under the circular, they were not regarded as exporters but as int ...
Things have started to heat up ahead of the meeting of ministers which is expected before the end of this month. In a move to raise revenue, the government has begun discussing with states, the possibility of bringing a few exempted items under the l ...
Facts: A contract was awarded for supply of Engineering, Procurement & Construction (EPC) for establishment of Integrated Cryogenic Engine & Stage Test Facility (ICET) wherein both goods & services are supplied. Contention: Advance ruling was sou ...
GST is to be made less complex, among the demands of industry. As regards the rationalization of the taxation… too many rates, too many high rates and so on. The finance minister said they would further like to simplify GST. “As regards the rationali ...
CBIC wants companies to proportionately distribute common costs from head office to branch offices and treat this cost as supply of services, which will result in creation of liability to pay GST. Once this is treated as a supply, 10% of this elemen ...
The GST Council has newly approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST retu ...
A recent amendment in GST rules has put the changes in entry of S.No. 26 of Notification no. 11/2017 Central Taxes (Rate) Dt. 28.06.2017 through Notification 20/2019 no. Central Taxes (Rate) Dt. 30.09.2019. There was confusion regarding applicabilit ...
At times, discounts are not known at the time of supply and thus, are offered after the supply is already over. Let’s take an example. Mr. X supplies 1000 bottles at ₹ 10 per bottle. No discount is given. Subsequently, a discount of ₹ 1 is given and ...
As per the latest rankings released by the World Bank, India has jumped 14 places to rank 63rd in the ease of doing business. This further strengthens the government’s aim to take India within the top 50 nations over the next few years. Finance Mini ...
In 37th meeting, held in Goa on September 20, the GST Council reorganized the slabs from four to three and reduced the highest tax from 28% to 18%. To make this effective, the Central Board of Indirect Taxes and Custom (CBIC) and State Tax authoritie ...

E-invoicing, a game-changer for GST? 'E-invoicing' or 'electronic invoicing' was approved on 20th September by GST council for B2B transactions and will be applicable from 1st January 2020. Since it enables pre-filling of GST returns with the e-i ...

GST offline tools Mostly GST related activities including GST registration, GST filing and application for GST Refunds are transacted online, the official GST portal does provide a range of downloadable GST Offline Tools. These tools are available f ...
Govt. Demands GST on Brands & Logos Some big Indian corporates and foreign banks are under observation for allowing subsidiaries or Indian entities to use brand names and logos they own for free. Govt. wants these entities to put a valuation on the ...

Tax Occasions in September 7th Sept., 2019-Due date for deposit of Tax deducted/collected for the month of August, 2019 10th Sept., 2019 - GSTR-7: Return of TDS (Tax deducted at source) with payment of tax. GSTR-8: Statement by e-commerce oper ...

GST Network starts online refund processing GST Network, the IT backbone of the indirect tax system, on Thursday unveiled an online refund process as decided by the GST Council. With the deployment of online refund functionality, taxpayers can now ...
Govt. expects GST shortfall of Rs. 40k cr. The government is expecting a shortfall of around Rs 40,000 crore in the GST collections compared to what has been budgeted for 2019-20. This could put pressure on the compensation that states are eligibl ...
Cos. can maximise tax cut gains Companies incorporated in India on or after 1st October 2019 making fresh investment in manufacturing sector and commencing production on or before 31st march 2023 have to pay tax rate of 15% plus surcharge and cess ...
GST Council may qualify BPO as exports Goods and Services Tax Council could consider a proposal to clarify that business process outsourcing services will qualify as exports and not be taxed at 18%. The government had clarified the issue in July, ...
Learn to live with 28% GST N Srinivasan, MD of India Cements, on Thursday joined Rajiv Bajaj, MD of Bajaj Auto, saying there was no necessity for any GST cuts on automobiles as the current crisis was a result of bad planning by automakers. The GST ...
No GST on everyday items like milk and meat As a consumer, it’s important to know what’s the right GST amount you need to pay, and which items are exempt from GST altogether. Here are a few everyday items, across three categories, on which you don’ ...
The Modus Operandi Of E-Invoicing Electronic invoicing (also called e-invoicing) is a form of electronic billing. E-invoicing methods are used by trading partners, such as customers and their suppliers, to present and monitor transactional documents ...

The Goods and Services Tax, which is considered as one of the most significant change in the recent history, has failed to live up the expectations on multipl ...

GST is payable on the 'transaction value' (section 15 of CGST Act). 'Transaction value' is the price actually paid or payable for the said supply of goods and/or services between un-related parties and where 'price is the sole consideration'. Typica ...
The Union Government has shortlisted 167 transformative ideas for implementation in the first 100 days of the Modi led government’s second tenure - that is by October 15. Finance Ministry will be taking measured steps for turning India into a $5 ...
The Government of Rajasthan presented its Budget for the financial year 2019-20. Calling it “a people’s budget,” chief minister Ashok Gehlot said it was prepared after discussion with “all the sections of the society” and claimed that the ...
Today, Finance Minister Nirmala Sitharaman presented the Union Budget 2019 in the Parliament. She announced no change in personal income tax slabs but levied cess on  petrol & diesel, levied additional surcharge on super rich. She also s ...
Recently, An Independent director of a large public sector company received a message from GST authorities that there was a mismatch in GST Return filed by the company. After that the director immediately contacted the company management, which in ...
To strengthen anti-profiteering measures in the country, the National Anti-profiteering Authority (NAA) has proposed a Standard Operating Procedure (SOP) for Central and State GST officers to keep an eye on top 20 suppliers in their jurisdictions, ...
Chaired by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, the GST council held its 35th meeting yesterday.
There were in total 12 agenda items up for discussion during the meeting.
The key decisions taken ar ...
There have been constant murmurs about the inclusion of Oil products under the GST regime. The speculations further escalated when Punjab’s Chief Minister, Captain Amarinder Singh wrote to the PM, urging him to bring Oil products under the ...
In the past, we have talked about the importance of the National Anti-Profiteering Authority (NAA) in safeguarding the end user’s interests. The government too is well aware of the role played by NAA in dealing with complaints of profite ...
The GST council, in its 31st meeting had decided to introduce a new GST return system to replace the existing one. However, in order to facilitate an easy changeover to the new system, roadmap for the transition plan has been released by the gover ...
If you are in Pune and are tempted to park your vehicle in the ‘No Parking’ zone, then think again, because soon, the fine for parking in the non-designated zones will get costlier by 18%, courtesy, GST.
Cases of parki ...
The Export Promotion Capital Goods (EPCG) Scheme allows exporters to import a certain amount of capital goods for upgrading technology related to exports at Zero duty.
However, some of the services that were allowed in t ...
The powers of the tax authorities to arrest evaders and defaulters help in establishing confidence among the tax payers and ensuring a smooth implementation of the law. THE CGST Act empowers the commissioner, for offenses specified, to order t ...
Elections are over and the incumbent government has come back to power with a thumping majority. The beauty of Indian democracy is in the fact that keeping political rivalry aside, leaders are willing to aim for the nation’s growt ...
Many times, political leaders make promises during the heat of electoral battle and then forget about them once the elections have been won.
However, the Modi Government 2.0, seems to be delivering on its promises from th ...
Discounts, which is a general business practice, have become a bit of distress for a few.
In our blog dated 22nd May, we discussed the unfair trade practise followed by some sellers when it comes to charging GST on the di ...
The current system of generating E-way bills for transporting goods valuing more than ₹ 50,000 has proved effective in implementing a real-time authentication mechanism for manufacturer and traders.
In a move to have more che ...
As already mentioned in our blog dated 23rd May, chances are that with the new Finance Minister taking charge this week,the GST council is expected to meet in June to discuss, among other things, the possibility of bringing Natural Gas & ...
India’s ruling party, the BJP, promised in its election manifesto to ease GST related processes if voted back to power.
Now, with the country trusting the government with a thumping majority, businesses are looking forward to the ...
With the incumbent government all set to come back to power, the industry is expecting stabilization and reformsin the current GST regime. Recently, there have been numerous reforms aimed at bringing clarity and uniformity in the ta ...
Everyone loves discounts, don’t we all? But do we bother with checking the small * mark saying ‘Conditions Apply’? We often don’t and hidden in these so-called conditions are sometimes the words “Taxes Extra”.
...
Come June this year, we can expect the GST council to consider a proposal on setting up a national bench of the Appellate Authority for Advance Ruling (AAAR).
Under the GST regime in the country, each state is required to set ...
There have been numerous cases where the goods were detained by the department for defects in E Way bills. One of such cases (C/SCA/7189/2019) was adjudicated by the Hon’ble Gujarat High Court and is summarized below:

Facts - The ...
In our Blog on 9th May, we discussed how the CBIC, through its FAQ clarified the option given to builders of under construction projects to opt for GST @ 5% or 1 % for affordable homes without ITC or 12% with ITC. This option was to be exe ...
The data available with the Society of Indian Automobile Manufacturers (Siam) have painted a grim picture for the automobile sector in the country. As Compared with April 2018 which recorded a sale of 2,380,294 units, April 2019 figures show a de ...
10th May 2019 will mark a significant event in the country’s housing and construction sector post introduction of the GST regime. Lauded as a welcome relief for buyers, the GST council had, in February earlier this year, reduced ...
It’s been almost two years since the GST regime was introduced and yet the Solar Power industry is in dark about the tax rate. The GST council, in it’s 31st Meeting held in December 2018 recommended that, in case of contracts of supply for solar p ...
Gone are the days when "Campus Placements" were a luxury to Engineers and MBAs. Looking at the future prospects,The Institute of Chartered Accountants of India (ICAI) laid the foundation and began its campus placement process in the ye ...
Someone said “See the world. It's more fantastic than any dream made or paid for in factories. Ask for no guarantees, ask for no security.”, but like really!! With the coming trends of vacation everyone in some or the other way indeed needs a leis ...