On July 30, 2020, the Authority for Advance Ruling, Karnataka (AAR) put forward a ruling in which it stated that Good and Service Tax (GST) at 12% rate will be applicable on manufacturing and supply of the Railway parts including but not limited t ...
While the government is working to boost GST revenues, steps to make the filing of returns easier for taxpayers are also needed. Filing GST returns will be easier with technological changes set to be introduced over the next few months, while putt ...
Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR). An analogous stand has been taken earlier, by the Ma ...
The Authority of Advance Ruling (AAR) Maharashtra came up with a ruling that clarifies that immovable property with no distinct goods and services will attract Work Contracts.
The said ruling comes into a case where the Applicant, Prasa Info ...
It has been over three years since the introduction of GST, but there still continue to be several areas of drawbacks of the GST portal. Even today the GST portal is not error or glitch free. Taxpayers are unable to access GST Return filing system ...
The state governments are facing a severe revenue crunch, which could be exacerbated by delays in receipt of adequate Goods and Services Tax (GST) compensation from the central govt.
The states own tax revenues, which form the bedrock of the ...
An application filed by Uttarakhand Forest Development Corporation in AAR Uttarakhand. The applicant filled Form 2.1 for transportation of goods from one place to another. The said form carries details of material, vehicle no., name of driver & ...
In the case of Amit Beriwal vs. State of Odisha before Odisha HC, the Petitioner, who was in custody, had filed a bail application. Underlying complaint and the prosecution report indicates that a large number of fraudulent business transactions w ...
A Writ petition was filed in HC of Kerala by Jeelani against Assistant State Tax Officer State Goods and Service Tax Department & Deputy Commissioner (GST)
The petitioner has approached the Court aggrieved by detention of his vehicle, wh ...
The Attorney General has opined that there is no obligation on the central government to pay the GST compensation shortfall to states and the GST Council has to decide on ways to make good any shortfall.
After the GST Council's meeting in Ma ...
States are under tremendous stress to agree to rationalization of GST charges by transforming slabs and elevating the le ...
In the case of M/S Versatile Construction Versus State of U.P. and 4 others the petitioner filed a writ petition i ...
The Central Board of Indirect Taxes and Customs (CBIC) has invited suggestions to review the Customs laws and procedures a ...
Refund under GST is covered by Rule 89 to Rule 97 of CGST Rules, 2017. Rule 89 of the CGST Rules, pertains to application ...
The other day CBIC has signed an MoU with CBDT to share information on automatic and regular basis. Under the MoU CBIC w ...
In a situation where the decision of the Delhi HC permitting filing of TRAN-1 return by 30th June 2020 by i ...
The Goods and Services Tax Network (GSTN), which manages the information technology system of the indirect tax regime, ...
In a first welcome move the Delhi High Court has allowed Samsonite India, a company engaged in the business of manufactu ...
The Karnataka State AAR has recently ruled that leasing services provided by a tenant would be subject to GST.
...The Central Board of Indirect Taxes (CBIC) has issued directions to all field offices to clear all the pending regist ...
The applicant M/s UshaBala Chits Private Limited is engaged in conducting chit auctions. It is responsible to pay the prize money by due date to the winner of auction, therefore, collection of amount from members is mandatory for paym ...
The applicant M/s Sri Satya Sai Water Supply Project Board, Office of Executive Engineer (RWS) Panchayat Raj Department, Z.P. Compound, Anantpur is constituted by the Government i.e. State of Andhra Pradesh under G.O.Ms.No.344, dated 16.09.1997 ...
The Commissioner (Appeals) allowed a refund claim of nearly Rs. 1.5 crore in July 2019. Even after nearl ...
In a setback to a Nariman Point Cooperative Housing Society (CHS), the GST-Authority for Advance Rulings, Maharashtra, has held that its activities towards its members were “taxable supply” under the GST Act. In other words, GST must be levied and ...
CBDT has provided one-time relaxation for verification of tax returns for 5 assessment years from ...
Shri M. Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) launched the e-Office application in over 500 CGST and Customs offices across India. The e-Office application was launched remotely in the presence of over 800 ...
A dispute has erupted between the government and the Hand Sanitisers manufacturers over the rate of GST applicable to it. As per GST authorities the ...
Investment in plant and machinery has been the traditional parameter on which MSMEs have been classified, enabling them access to various sops such as concessional finance, though the main benefit of excise duty relief has been lost ever since the ...
The applicant is a Charitable Trust and is running a medical store where medicines are supplied at a lower rate. It has sought an advance ruling to determine that whether medicines sold by it at a lower rate amounts to supply of goods or not under ...
E-way bill, or electronic way bill, is a document that needs to be generated by registered GST taxpayers for inter-state movement of goods if the value of the consignment is more than Rs 50,000. It is one of the prominent indicators of economic ac ...
The applicant is the owner of various goods transport vehicles and registered as goods transport agency (‘GTA’) under GST. A company named POSCO ISDC Pvt. Ltd.(‘POSCO’) which provides GTA services, sub-contracts service of transportation of goods ...
The goods and service tax regime complete three years since it was first introduced on July 1 2017. The biggest tax reform for indirect taxes in India has created a single market emulating international best practices, but hiccups for taxpayers re ...
After the NCLT, Kolkata Bench, passed an order on 19/07/2019, declaring the applicant a corporate debtor under the IBC, 2016 and appointed a liquidator. The applicant wants to know whether any sale done by the liquidator of the assets of the appli ...
Property developers were already battling a pronounced demand slump for rented space, resulting in either surrendered tenancy or abysmally low rents. And they now have another problem to tackle – paying goods and services taxes (GST) at 18% GST on ...
👉 Notification No. 49/2020 - Central Tax
To bring into effect certain provisions of the Finance Act, 2020
👉 Notification No. 50/2020 - Central Tax
Notifying rates of GST for Composition Taxable Persons under Rule 7 o ...
The applicant is an intermediary located in non-taxable territory (USA) and provides services of online exams/tests via electronic software to the nontaxable online recipients in India. It has classified these tests into three categories- Type-1, ...
India has fast-tracked the creation of a Centralised Appellate Authority of Advance Rulings, wary of divergence in rulings by regional bodies leading to confusion in the three-year-old goods and services tax regime. Discussions have picked up the ...
GST will be levied on sale of land for which primary amenities - such as drainage, waterline and electricity - have been provided by real estate developer, the Authority for Advance Ruling (AAR) has said.
The AAR has also concluded that sale ...
The Supreme Court of India stayed Delhi High Court Judgment directing GST Department to open the facility to file GST Tran-1 till 30th June 2020. It is a big setback to businesses that were expecting some relief by availing themselves of accumulat ...
The value of exempted income, like interest on PPF, savings bank account and loans given to family/friends, will be included along with taxable supplies while calculating the threshold limit for obtaining GST registration, the Authority for Advanc ...
The assessee was registered under Central Excise Act and had deposited amount in its PLA for further utilization. On introduction of GST, with effect from 1 July 2017, the deposits in PLA became non-usable. CBIC clarified that only the balance in ...
The High Court of Delhi recently directed the GST Authority to open an online portal to enable Petitioner to file revised declaration TRAN-1 electronically, or manually.
The petitioner asserts that it is entitled to transitional credit consi ...
GST officials are pushing for rise in levies, while correcting the inverted duty structure on garments, footwear and fertilisers to ensure that states and the Centre earn more revenue amid signs of higher economic activity.
Several state fin ...
The Centre conveyed that there is a need to factor in the “abnormal situation” due to the coronavirus pandemic, which it described as an “act of God”, indicating that there was no insurance for 14% growth in GST collections during these times.
...In a recent GST ruling, Karnataka Bench of Authority for Advance Rulings ruled that the parotas would be subject to a higher GST rate of 18%. AAR differed from the view of the applicant, a private food manufacturing company based in Whitefield, th ...
The 40th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, was held on June 12. The Centre has announced a rate cut for small taxpayers, adding that no late fees would be charged in case of late filing of returns for the period ...
The Central Board of Indirect Taxes and Customs (CBIC) said GST will not be levied on salaries paid to directors who are employees of the company. The CBIC issued a clarification following a ruling by the Rajasthan Authority of Advance Ruling (AAR ...
Notification 45/2020 - Central Tax, dated 09-06-2020
Transition date in GST due to merger of erstwhile UTs of Daman & Diu and Dadra & Nagar Haveli extended till 31-7-2020
The transition procedure prescribed by CBIC to ascertain ...
The government allowed the filing of nil monthly returns of goods and services tax (GST) through an SMS-based facility, in a bid to facilitate the taxpayers. Businesses with a nil GST liability in a month will be able to file their return through ...
The Authority of Advance ruling (AAR) ruled that 18% of Goods and Service Tax is applicable on leased premises for Cold Storage purpose of agriculture produces on Leasing Charges.
The applicant, M/s. Gubba Cold Storage Private Limited is dea ...
One of the issues relating to place of supply that has been subject to divergent interpretations is supply (sale) on ex-works or ex-factory basis for a buyer in a different State. Recently, Authority for Advance Rulings, Telangana has delivered a ...
The applicant is an importer of storage solutions and vertical storage solutions (machines) from Germany and distributes the imported goods to industrial customers all over India.
The applicant has sought advance ruling to determine whether ...
As customer defaults mount due to the COVID-19 crisis, Indian services companies have been dealt a twin blow: Of unpaid bills, and Goods and Services Tax (GST) liabilities on those incidents on non-payment.
Under the current GST framework, t ...
The Central Board of Direct Taxes (CBDT) has notified the new Income Tax Return (ITR) forms for FY 2019-20/ AY 2020-21, vide Income-Tax (12th Amendment) Rules, 2020, in line with the amendments made by the Finance Act, 2019.
The I-T Dept. ha ...
The Central Board of Indirect Taxes and Customs (CBIC) said that the issue of GST late fee for the period August 2017 to January 2020 will be discussed at the next GST Council meeting. The next meeting of the GST Council is likely to be held on 14 ...
The Government received various representations that have been received wherein the issue has been decided against the registered person by the adjudicating authority or refund application has been rejected by the appropriate authority and appeal ...
The government and the regulators have begun preliminary discussions on setting up a bad bank at a time when the stock of bad debt is expected to rise due to the coronavirus pandemic even as the Centre indicated that it will not raise GST to ensur ...
As per Section 16 of the CGST Act, a registered person can avail ITC on goods/services which are used or intended to be used by him in the course of furtherance of business.
In this regard, Rule 36 (4) of CGST Rules1, Input Tax Credit ...
The Authority of Advance Ruling (AAR), Karnataka ruled that no Input Tax Credit (ITC) can be claimed on the tax invoice addressed to foreign buyers, if the applicant is not the recipient of goods.
The applicant, M/s Dolphine Die Cast Pvt ...
The government could allow companies to claim the input tax credit for personal protective equipment (PPE) kits, sanitisers, masks, and other such goods distributed free for battling Covid-19.
Officials in Central Board of Indirect Taxes and ...
Companies that have suffered damage to raw material and finished products during the Covid-19 lockdown now face a double whammy of a sort — on top of the loss of the goods, they cannot claim the input tax credit.
Input tax credit under the g ...
The Supreme Court bench comprising of the Hon'ble Mr. Chief Justice S.A. Bobde, Hon'ble Mr. Justice L. Nageswara Rao and Hon'ble Mr. Justice Surya Kant, passed an order recently in effect extending th ...
Reserve Bank of India’s (RBI) Governor Shaktikanta Das in his third address cut the repo rate by 40 basis points to 4% and also extended the moratorium on all term loans by another 3 months. After the lockdown began, Das had slashed the benchmark ...
Sale of land has been expressly excluded from GST as per Schedule-III of the CGST Act. However, transactions in immovable property are generally complex involving multiple persons, and therefore, som ...
The Central Board of Indirect Taxes and Customs (CBIC) on Saturday issued a notification announcing May 18, 2020, to be the effective date for the implementation of the provisions pertaining to Transitional credit for unavailed CENVAT – Amended un ...
The Finance Minister, Smt. Nirmala Sitaraman in a press conference held on 17.05.2020 has announced series of measures in order to get back the economy in track. Now, Finance Minister has come up with Fifth trance of economic measures which are pr ...
Section 50 deals with interest on delayed payment of tax by the taxpayer state that every person who is liable to pay tax but fails to pay the same or any part thereof within the period prescribed shall, on his own, pay interest at such rate not e ...
Meaning of Bad debts
The debt may become bad when it is proved to be irrecoverable on account of the fact that the debtor is in a bad financial position or that it has become irrecoverable. So long as there i ...
The Tamil Nadu Authority of Advance Ruling (AAR) has ruled that the supply of DVDs and CDs with Licensed Software cannot be treated as e-books for the purpose of attracting a lesser rate of 5% GST. The applicant, Venbakkam Commandur Janardhanan, P ...
In a significant ruling, the Karnataka Advance Ruling Authority has said that LIC’s maturity sum will not attract GST as it is not a service, putting an end to the ambiguity over the issue among taxpayers.
The Applicant has received Maturity ...
The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench.
Anil Kumar Agrawal, ...
Case - Paresh Nathalal Chauhan Vs State of GujaratCourt - Gujarat High CourtFacts - Application is filed seeking bail under Section 439 of the Code of Criminal Pro ...
The Central Board of Indirect Taxes and Customs (CBIC), issued the clarification in respect of certain challenges faced by the registered persons in the implementation of provisions of Goods and Service Tax (GST) Laws.
The circular was issued addres ...
Rule 117 of the CGST Rules, 2017 whereby the mechanism for availing the credits has been prescribed is procedural and directory and cannot affect the substantive right of the registered tax payer to avail of the existing/accrued and vested CENVAT cre ...
1. Furnishing of GSTR – 3B By Way of EVC Mobile
Registered person registered under the provisions of the Companies Act, 2013 shall, during the period from the 21st day of April, 2020 to the 30th day of June, 2020, also be allowed to furnish the retu ...
The National Financial Reporting Authority (NFRA) has come out with a draft procedure for submission of Audit Files by the entities including audit firms and Chartered Accountants regulated by the authority, as laid down under Section 132 of the Comp ...
The Government not only moved swiftly in announcing the lockdown but it also took necessary steps to ease the tax and regulatory compliances in order to give the businesses a breather amidst such difficult times. On March 24, 2020 the Finance Ministe ...
In the year 1979, a Trust Deed executed between the appellant, a company registered under the Indian Companies Act, 1956 on one hand and three trustees on the other, an “Approved Gratuity Fund” was constituted “for the purpose of providing Gratuities ...
As per section 16 of IGST act 2017 read with rule 96A of the CGST rule, any registered person availing the option to supply goods or services for export without payment of IGST shall furnish, prior to export, a bond or a LUT in Form GST RFD-11.
Such ...
In 39th GST Council Meeting which was held on 14 March 2020, various changes took place under the GST Law and one of the major change brought was is in respect of Corporate Debtors against which Corporate Insolvency Resolution Procedure has been init ...
COVID-19 has enforced a virtual lockdown across the globe and India's growth prospects have also been estimated to be lower than 2%. To cope up with this current unprecedented economic situation and the difficulties faced by certain listed stressed c ...
Monetized deficit is the monetary support the Reserve Bank of India (RBI) extends to the Centre as part of the government's borrowing programme. In other words, the term refers to the purchase of government bonds by the central bank to finance the sp ...
The writ applicant has prayed for the issue of a writ striking down and declaring Entry No.10 of Notification No.10/2017 IGST(Rate) as being ultra-vires Section 5(3) of the IGST Act as well as Article 14 of the Constitution of India. This Court vide ...
The applicant is engaged in the business of supplying purified water in unsealed form by filling empty cans of customers. The applicant has entered into an agreement with local panchayats/municipalities for the supply of purified water to the general ...
The attention of the court has been drawn to interim order passed in the case of OWS Warehouse Services LLP which read as counsel for the petitioner raised contention that with the introduction of the GST Act, the Finance Act, 1994 and the ...
The petitioners approached the High Court for relief contending that the impugned letter issued by respondent demanding interest amount on the alleged ground of delay in submitting GSTR-3B Return for the months of February and March 2018, is not sust ...
The concept of work from home, which was earlier attributed only to the IT sector, has now found importance in almost each a every industry.
With governments around the world trying their best to encourage social distancing by enforcing lockdowns, e ...
1) Economic downturn - worst than the great depression - IMF - India GDP highest in G20 at 1.90
2) Kharif 2020 sowing up by 39%
3) 150 RBI workers in quarantine for work at RBI
4) FE Reserves continues to be robust
5) ATM operations at 91% of cap ...
The Gujarat High Court held that Godown of dealers cannot be sealed by Goods and Service Tax (GST) authorities without having reasons to believe that goods stored were liable for confiscation.
The writ applicant, Anopsinh Kiritsinh Sarvaiya owns a g ...
The Authority of Advance Ruling (AAR), Uttrakhand ruled that the transfer of under-construction projects under the ‘Business Transfer Project’ is exempted under Goods Service Tax (GST). The applicants, M/s Rajeev Bansal and Sudershan Mittal are engag ...
M/S Fom Aluminum Machines Pvt Ltd imports and trades aluminum working machinery from their parent company in Italy and markets the same in India. It is engaged in the business of Importing, Trading & Servicing of Aluminum & UPVC Working machinery.
I ...
The Finance Act, 2020 has extended the scope of Equalisation Levy to include consideration received or receivable for e-commerce supply or services made or facilitated by an e-commerce operator.
• Leavy shall come into picture on every payment made ...
M/S Karnataka Solar power Development Corporation Ltd is a joint venture company of M/S Solar Energy Corporation of India (SECI), Govt of India and Karnataka Renewable Energy Development Limited (KREDL) intended to establish 2000 MW Solar power plant ...
GST applicability on Remuneration paid to directors should be determined based on the principle of whether a director is an employee of a company, but, the GST legislation has not defined the terms ‘director’ and ‘employee’. So in this regards, a ref ...
The petitioner was engaged in the manufacturing of carbonated fruit drinks, which was classified under HSN 2202 9920 under GST and discharging GST @ 12% on all intra-State and inter-State supplies. The codes have been specified under Chapter XXII of ...
The government unveiled a raft of measures to ensure availability of cash in the system, including speeding up of refunds worth Rs 18,000 crore linked to income tax returns, customs and GST, while deciding to prioritise spending on areas like health, ...
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 ...
A new rule 96B has been introduced in a Notification No. 17/2020-Central Tax, Dated 23-03-2020 regarding recovery of refund of unutilised input tax credit of integrated tax paid on export of goods where export proceeds have not been realised.
It was ...
On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans, the deferred instalments under the moratorium will ...
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 ...
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to sev ...
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 ...
At a time when all major handset manufacturers are struggling to cope with disruptions caused by the coronavirus (COVID-19), the Goods and Services Tax (GST) Council has worsened the matters for mobile phone sector.
Notwithstanding falling demand an ...
Government of India on 13.03.2020 approved the Remission of Duties or Taxes on Exports Products (RoDTEP). This is a scheme for exporters for reimbursing them taxes and duties paid by them on exports like Value Added Tax, Coal Cess, Mandi tax, Electri ...
M/s. Automative Components Technology India Private Limited a registered dealer under GST has sought Advance Ruling on:
Whether GST will be applicable on the transfer of title in moulds from applicant to Indian buyer, and if yes, whether the Indian ...
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 ...
GST collections for February were at Rs 1.5 lakh crore, registering an increase of over 8.3% year on year, higher than the nominal GDP growth of 7.5% in 2019-20. This is welcome. The 8.3% growth comes from 12% growth in domestic transactions, but slu ...
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 ...
The Union Cabinet on Wednesday approved amendments to the Companies Act, to decriminalize various offenses. The proposed amendments were aimed at improving the ease of doing business. Cabinet has approved 72 changes to 65 sections of the Companies Ac ...
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 ...
The assessee filed its return for the relevant AY and claimed a deduction of labour charges u/s 68. The revenue observed that the assessee's bank was credited with certain sum in the relevant previous year. For such sum the assessee could not offer e ...
The new Income Tax regime as introduced in Budget 2020, available to those who forego all exemptions and deductions, is optional. The number of slabs has been increased to seven from four at present. The new regime has seven slabs, ranging from 5% to ...
Techno Electronics Limited (TEL), Corporate Debtors, was registered under the Goods and Services Tax, in the state of Uttarakhand.
A show cause notice was issued to TEL stating that TEL’s Central Goods and Services Department registration is liable ...
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 ...
A group of companies has took the government and the indirect tax department to court over denying ...
A group of companies has took the government and the indirect tax department to court over denying ...
The term ‘search’ involves an attempt to find something. Search in tax context, is an action of a ...
Every person who is liable to pay tax in accordance with the provisions and fails to pay such tax shall pay interest on default amount. Further, a taxable person who makes an undue or excess claim of input tax credit shall pay interest on such undue ...
When a consignment of goods is accompanied with an invoice or any other specified document and also an e-way bill, proceedings under section 129 of the CGST Act may not be initiated in case of minor mistakes like Error in the pin-code but the address ...
The International Monetary Fund (IMF) has stated that the goods and services tax (GST) collections in India have been below potential. The organization said that multiple rates along with exemptions and implementation challenges have affected the GST ...
M/s. Chalet Hotel Ltd, which runs the J. W. Marriott Hotel was planning to launch a business of providing food-beverages for consumption at 'The Cheaters', Mumbai. Both the hotel and the retail arcade (mall) are owned are interconnected by a private ...
CBI questioned Manish Sisodia’s OSD, Gopal Krishna Madhav and middleman Dheeraj Gupta and gathered evidence that many other officials working with the GST (Goods and Services) department are involved in corruption, after which the CBI carried out rai ...
Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax with effect from the d ...
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, ...
Non-compete agreements during acquisitions that restrict the seller from starting a new venture for some time or poaching employees and customers, have attracted the taxman’s attention. According to the tax department, a non-compete agreement is esse ...
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 ...
10-year of imprisonment for hacking into the Government’s India's Goods and Services Tax (GST) Database and its associated infrastructure dependencies installed at GST Network (GSTN), as the assets have been declared as 'Protected Systems' by the Fin ...
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 ...
Govt. plans to introduce lottery offers between Rs. 10 Lakh and Rs. 1 Crore under GST to encourage customers to take bills while making purchases.
As per Central Board of Indirect Taxes and Customs (CBIC), every bill under GST is supposed to be a pr ...
Dividend income from shares and MFs will now be taxable in the hands of the recipient at applicable income tax rates, instead of the company or MF house.
Further tax will be deducted at source i.e. TDS on such dividend incomes will be deducted at t ...
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 ...
Goods and services tax (GST) collection has crossed the Rs 1 lakh crore-mark for the third month in a row in January on the back of anti-evasion steps taken by tax officers.
This is second time since introduction of GST in July 2017 that the monthly ...
With complaints rising against the IT system of Goods & Service Tax (GST), the Finance Ministry has summoned Infosys to seek an explanation.
The Finance Ministry has called CN Raghupati, Senior Vice-President and V Rangnathan, Vice-President of Inf ...
Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate.
When the Good ...
Manufacturing companies in India may need to comply with 1,984 compliances under various central and state laws, which require a lot of time and increase the cost of doing business, the FICCI industry pressure group has told top government officials ...
The Central Board of Indirect Taxes and Customs (CBIC) has blocked goods and services tax (GST) credits worth Rs 40,000 crore of more than 2,000 companies so far because of mismatch in filings and returns.
Companies are entitled to credits on tax ...
Given the ongoing slowdown and lower than expected collection of GST and direct taxes, due to a cut in corporate tax, the Centre is likely to keep the revenue targets modest in the forthcoming Budget for FY21 and instead focus on raising more resourc ...
Chief Justice of India SA Bobde sounded a note of caution against imposing too much tax, saying “arbitrary and excessive tax results in social injustice by the government”.
Justice Bobde had a word of advice for tax officials. “The method of taxat ...
Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.
The Gujarat High Court has declared imposition of integrated goods and services tax (IGST) on ocean freight as violative of the Co ...
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 ...
Courier companies such as FedEx, DHL, and UPS are in a bind over-delivering imported goods to customers because of a goods and services tax rule that bars defaulters from issuing e-waybills. The document is mandatory for transport of goods worth over ...
A wave of orders is expected from the National Anti-profiteering Authority (NAA) in the next three months, with the Centre stepping up a goods and services tax (GST) compliance drive.
About 40 orders are expected to be issued shortly on complaint ...
Member of 15th Finance Commission and former chief economic adviser to the centre, Ashok Lahiri has slammed the goods and services tax (GST) as it could be messy and disruptive in the short run. He has also indicated that the economy needs some corre ...
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 ...
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 ...
The government has once again extended the last date for availing a waiver on late fee for delay in filing GSTR-1 from July 2017 to November 2019. The date has been extended by a week till January 17, 2020. The earlier deadline was set at January 10, ...
Some small and medium enterprises have dragged the government to court over levying cess on firms exempted from customs duty even as the revenue department scrambles to boost tax collections.
These SMEs have filed a writ petition in the Gujarat H ...
• India Inc is set to face first ever tax audit under the goods and services tax.
• The taxman has started issuingGST audit notices to taxpayers for the first year of the roll-out, i.e. GST FY17-18.
• Tax authorities have issued notices seeking ...
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula
This implied that states will need to either generate an equiva ...
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 ...
Economic slowdown due to demonetisation and introduction of GST cannot be a ground for delaying completion of housing projects by real estate companies, National Consumer Disputes Redressal Commission held while directing Noida developer Mahagun to r ...
The Central Board of Indirect Taxes and Customs (CBIC) has paid over 83500 exporters the IGST refunds worth Rs 1.12 lakh crore. Stating the refunds pending with Customs, the release added, "refunds of only Rs. 3,604 crores are pending with Customs. 1 ...
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 ...
Economists call for more simplification of GST & implementation of DTC
By TIOL News Service
NEW DELHI, DEC 22, 2019: THE Union Minister of Finance & Corporate Affairs, Mr Nirmala Sitharaman, held her 8th Pre-Budget Consultation Meeting wi ...
Following clarifications and guidelines are issued in Circular to clarify the issue ( appropriate procedure to be followed in case of non - furnishing of return under section 39/44/45 of CGST Act ,2017 .)(i) A system generated message would be sent ...
Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal.
The committees will also have representatives from central and state GST officials, GST ...
The government is of the view that GST rate structure for a range of products, starting from footwear and fertiliser to mobile phones and medical equipment and tractors and textiles, shall be reviewed.
These are products on which rates on the inpu ...
From today onwards, CBIC mandated generation and quoting of Document Identification Number (DIN) by the department officials on specified documents w.r.t. search authorisations, summons, arrest memos, inspection notices, etc., to begin with, will bec ...
Companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) may be allowed by government to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy ...
GST compensation to nine large states is expected to double to Rs 60,000-70,000 crore in 2019-20. The states are
• Gujarat
• Maharashtra
• Karnataka
• Kerala
• Tamil Nadu
• Haryana
• Punjab
• Rajasthan
• West Bengal
ICRA, in a report, said ...
The Finance Ministry is considering setting up facilitation centers and developing an app to help traders and ...
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 ...
GST Council likely to discuss prevention of Revenue Leakage
Several measures aimed at plugging revenue leakages under the goods and services tax (GST) regime are expected to figure at the upcoming GST Council meeting as the Centre and the stat ...
Congress leader and former GST Council member Krishna Byre Gowda has cautioned the Council that if it were to go ahead with any increase in GST rates on essential items, it will only worsen the situation for low-income group families with perilous im ...
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 ...
Promoters file plea in Delhi HC, challenging GST provisions related to arrest, freezing of bank a/c over suspected tax evasion. A dispute over the taxman’s power to arrest promoters of companies and freeze their bank accounts over suspected evasion o ...
This is the first time after introduction of GST that taxpayer consultation is being done on such a large scale. On 7th December 2019 tax authorities will seek views from businesses, traders and tax experts across the country on the new Goods and Ser ...
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 ...
Kerala may approach the Supreme Court over delay in the payment of compensation to states under the goods and services tax (GST) regime even after the assurance of Union Finance Minister Nirmala Sitharaman them that the amount for August and Septembe ...
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 ...
India’s Business Process Outsourcing industry is in uncertainty as refunds of taxes paid on inputs remain stalled for want of a clear directive from the government. A directive that sought to clarify what constitutes exports, and hence shouldn’t be s ...
Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal.
The committees will also have representatives from central and state GST officials, GST ...
Finance commissionChairperson seeks big changes in GST structure
Finance commission chairman N K Singh called for major changes in the GST structure, including reducing the complex compliance procedures and also doing away with frequent rate changes ...
While filing the form GSTR 9 and GSTR-9C, the registered person has got relaxations from CBIC. Some of the major simplifications are listed below:
1. The registered person has an option to fill Table 4B to Table 4E net of credit notes, debit notes, ...
CBIC issued a circular clarifying the following list of things:
1. Restriction is not imposed through the common portal hence the taxpayer can avail credit on self-assessment basis for sub-rule (4) of rule 36.
Taxpayers can avail full ITC in resp ...
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 ...
Clubs have been keen to know whether services provided to their members would be covered by the definition of supply under Section 7 of the CGST Act. Using the logic of the Calcutta Club decision, the answer should be "No". The rationale behind it is ...
In a big relief for GST taxpayers, the Union government has recently clarified the new rules related to availing input tax credit under the GST. It said that a certain category of Input Tax Credit claims such as ITC in respect of the IGST paid on imp ...
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 ...
Finance Minister Nirmala Sitharaman asked revenue intelligence officials to be "facilitators" for taxpayers and ensure they do not feel intimidated when it comes to paying taxes. "There are times when I have gone around the country in the ...
Starting November 8, all search authorization,summons, arrest memo, inspection notices and letters issued by Central Board of Indirect Taxes and Custom (CBIC) to taxpayers will have computer generated ‘Document Identification Number’ ...
Facts - Petition filed praying for issuance of a Writ of Certiorari to quash the letter issued by AC of GST and CEX directing respondents to enable the petitioner to avail and utilize the credit pertaining to Education Cess, Secondary and Higher Educ ...
Since the rolling-out of GST two and half years ago, Petroleum and Natural Gases have been the topics of debate and concern that whether these items must be kept under GST or not and under which slab of GST. Petrol and other Natural gases were kept o ...
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 ...
Agents supplying exempted agricultural produce not liable for compulsory GST Registration
Recently, it has been sought in an advance ruling that whether the applicant is liable to obtain GST registration for services ...
GST taxpayers would be getting a big relief as CBIC have extended their arms for rendering taxpayer services. A nodal officer will be appointed in CGST and Customs Commissionerate to sort out their grievances.
In the current scenario, the taxpayer ...
The news - People with orthopedic physical disability are eligible for a lower rate of GST on certain type of motor vehicles.
The rate - Lower GST @ 18% instead of 28 %.
Type of vehicles - Motor vehicles up to 4 metre in size, including those ru ...
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 ...
Spare parts of automobiles supplied to research institutions to be taxed at 5% GST
Facts Involved : The applicant company ( VE Commercial Vehicle Limited ) is engaged in business of manu ...
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 ...
Goods services procured for promotion are not eligible for ITC
Facts Involved : The applicant is engaged in business of manufacturing decorative paints. The applicant framed incentive scheme ...
Cos stressed on change in rules regarding ITC claim
Nowadays, Companies are facing stress on their working capital due to a Goods and Services Tax (GST) regulation which has resulted in hundreds of crores of rupees stuck in ITC claims.
By a regulat ...
GST rate cuts by Government depend on revenue scenario
As per Central government Revenue Secretary Mr. Ajay Pandey, GST collections, which had shown very good growth during the last two years, have only slowed down during the last two months and tha ...
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 ...
GST collection hit by fall in imports & slowdown in some sectors
The slowdown in three sectors — automobiles, cement and iron & steel — along with falling imports have taken a toll on GST collections, even as the services sector has managed to hol ...
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 ...
The Central Board of Indirect Taxes ( CBIC ) has issued Clarifications to allow Re-Filing of Refund Claim where NIL Refund Claim was filed inadvertently under Goods and Services Tax ( GST ). In a Circular issued by CBIC said that, “Whenever a r ...
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 ...
A burdensome time for states
Now small taxpayer can file return through SMS
One in five GST payer will get away without having to file monthly or quarterly returns from April 2020. Instead of filling up the form online, all that, those with 'Nil' return, will have to do, is to ...
Tax cuts not enough to lift sentiment on Auto
Sharp cuts in the estimated earnings of auto companies are expected despite the recent corporate tax cut. Downgrading Maruti Suzuki to hold after the recent run up in share price, the auto sector is stil ...
CAIT says e-commerce portals avoiding GST during festival sales
Traders body “Confederation of All India Traders” (CAIT) on Sunday alleged that e-commerce portals during the festive sales are causing huge loss of revenue to the government by levying ...
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 ...
Construction of tunnel & its allied work is not earth work
Facts Involved : The applicant is engaged in the construction of infrastructure projects. Godavari Marathwada Irrigation Development Corporation, Aurangabad asked the applicant to under ...
Requirement of Transaction Decleration Form (TDF) with E-way bill
Facts involved : Petitioner-consignor in pursuance of an order issued to it for supply of 1936 Units of Biscuits for the consignee booked the consignments through Ajay Road Lines, Gw ...
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, ...
Only selective Auto Makers likely to gain most from GST cut
Auto shares have gained 6-11% in the past month on the hopes of a possible cut in taxes during the GST Council meeting on September 20.
However, selecting the right stocks may be tricky si ...
Cos. filed cases against GST authorities on Long term Land Lease
Some companies have dragged the government and the indirect tax department to court over goods and services tax (GST) levied on long-term lease agreements.
The companies filed a wr ...
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 ...
GST relief for auto Cos may become a burden for others
Amid intense lobbying for a reduction in goods and services tax (GST), the government is expected to send a message that a tax cut is only possible if the compensation cess on luxury and sin g ...
No GST if maintenance paid to hsg soc is less than ₹7,500 every month
The GST exemption on maintenance charges paid to a housing society by a member is available only if it doesn’t exceed Rs 7,500 per month, the Authority for Advance Rulings (Tamil ...
GST rate cut relief likely for compact cars, parts makers
The clamour for lowering the goods and services tax rate for the auto industry, may prompt the GST Council to announce a rate cut for automobile components and sub-four meter cars (the cars ...
Gadkari backs lower GST on BS-6, hybrid vehicles
Transport minister Nitin Gadkari supported the auto industry’s demand for lower goods and services tax on hybrid cars and those running fitted with BS-6 engines and promised to raise it with finan ...
Chemical fertilizer ‘Single super phosphate’ exported out of India is taxable @ 18% GST
Facts Involved:-
The Sai Fertilizers (P.) Ltd ("The Applicant") is engaged in manufacturing of chemical fertiliser, namely ‘single super phosphate'(hereina ...
Rail wagon makers buck the trend, seek higher GST
Amid the clamour for cuts in goods and services tax (GST) rates to help revive demand, rail manufacturers are seeking the opposite—an increase. General Electric and Bombardier, w ...
No ITC on inward supplies for in-house hospital providing free medical facilities to employees: AAR
Facts:
Chennai Port Trust (“the Applicant”) is engaged in supply of port services and incidental supply of goods like disposal of discarded assets ...
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’ ...
Two years after its implementation, the extent to which the
Goods and Services Tax (GST) regime is an improvement upon the earlier system
of multiple excis ...
Road Ministry seek GST rate cut for Hybrid cars and CNG vehicle
The ministry of road transport and highways has written to the finance ministry, seeking a goods and service tax rate cut for vehicles running on hybrid power and compressed natural g ...
Royalty paid to obtain license for mining lease f is taxed @ 18% GST
GST - Applicant is engaged in the business of mining of soapstone and dolomite and royalty on behalf of the State government is collected by M/s Shivganga Minerals P Ltd. from appl ...
Top
FMCG and pharma companies are facing a retrospective tax burden of thousands of
crores of rupees for pus ...
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 ...
Gujarat fishmeal makers join nationwide strike against GST
Fishmeal producers of Gujarat suspended operations of their plants and joined the nationwide strike going on since the beginning of this month against imposition of 5% Goods and Services Tax ...
No arrest merely on suspicion of evasion: Gujarat HC
In an assessee-friendly verdict, the Gujarat HC has stayed the Goods and Services Tax (GST) authorities from arresting a city-based trader Vimal Goswami merely on suspicion of tax evasion. The tra ...
Consuming states such as Bihar, Odisha, UP and Madhya Pradesh many of whom may be poorer but have large populations — are are faring better in goods and services tax (GS ...
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 ...
1) What is the scheme?
-> This scheme covers disputes/liabilities relating to Excise and Service Tax enactments. Additionally, it covers more than 26 other enactments such as Sugar cess Act, Tobacco Cess Act etc.
...
Facts Involved: The United Engineering Works (“The Applicant”) is manufacturing and supplying pump sets and also engaged in installing the same as ...
Even after lapse of more than seven months after the due date,
only around 20 percent of the Goods and servi ...
GST-registered businesses that have reported decline in annual revenue by 20% or more over the previous year have received a flurry of notices over the last few weeks fr ...
Facts Involved: The Bajaj Finance Ltd. ("The applicant") ...
Now Companies are free to raise prices of products and
services as per their business cycle without fear of getting caught in the
anti-profiteering provision in ...
Facts Involved: The Bengal ...
A year after the worst floods in almost a Century, Kerala has
become the first state to impose an additional cess. Starting August 1, Kerala
will be implementing ...
The Comptroller and Auditor General (CAG) in its first report
on the implementation of Goods and Services Tax (GST) has noted that the
failures in proper impleme ...
Recently, the central government has announced that it is
looking for the options to pre-empt GST dodging by taxpayers based on their
risk profile. The motive be ...
Facts Involved: The Nation ...
The curious case of Rs 442 bananas has managed to catch
everyone's attention.
...
Facts Involved: Daewoo-TPL JV (“the Applicant”) is a joint venture between M/s. Daewoo Engineering & constr ...
The Union Budget 2019 has provided relief to GST-registered taxpayers with several new updates. One such amendment relates to the interest on the delayed payment of GST liability ...
Facts Involved: The applicant is Navi Mumbai Municipal Corporation. To provide facilities to public, the procurement of various goods and services are awarded through tendering process which includes online and offline tendering. The applicant has c ...
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 ...
Facts Involved: Daimler Finan ...
More than a dozen banks have dragged the government to court over its move to levy Service tax and GST (Goods and Services tax) on services offered to customers who maintain large deposits for services like wealth management or lockers without paying ...
Facts
Involved: M/s All Rajasthan
Corrugated Board and Box Manufacturers Association (“the Applicant”) is
conducting a conference and exhibition for upliftment and advancement of
Corrugation industry. It wants to organize and ...
The indirect tax department has started questioning some of
the leading online fantasy gaming companies such as Dream 11 and other eGaming
companies to ascertain if there is a revenue leakage on account of the
methodology followed by these platfor ...
Facts Involved: M/s Tata Marcopolo Motors Ltd. (“the
applicant”) is engaged in the business of building and mounting of body on the
chassis of different models of buses. Further, the applicant, procures various
inputs on ...
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 ...
On account of
increased transparency and clarity on the post implementation of RERA (Real
Estate Regulation Act) and GST (Goods and Services Tax), the NRIs have started
to show their interest in investing in Indian real estate sector. The Industry ...
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
...
Facts Involved: In
the case of Suresh Kumar Singhal vs
Union of India the GST Authority issued to the assessee a notice informing
that Central Excise and Service Tax Audit of his unit for the period from
20 ...
Since the enactment of GST Laws,
trade and industry has faced multiple issues relating to uploading of returns,
availing Cenvat credit under TRAN-1
form, various confusions regarding the generation of e-way bills and many other
such petty b ...
A petition filed by a group of lawyers challenging the press
release dated October 18, 2018 , issued by the central government with regard
to availing input tax credit was upheld in Gujarat High Court on 8th
July 2019. In October 2018, the central ...
In order to
provide a major relief to exporters, the Central Government will now pay the
Input tax credit (ITC) refunds of state taxes. It will reduce transaction time and costs, and
manual interference in claim processing.
As pe ...
As pe ...
In the recent budget, Retrospective exemption from service
tax has been provided in respect of following services:
1. Service by way of grant of Liquor licence
· No Service Tax shall be levied or collect ...
1. Service by way of grant of Liquor licence
· No Service Tax shall be levied or collect ...
In a step forward
towards ease of doing business, the government has proposed an amnesty scheme for old disputes relating
to Central Excise and Service Tax for a faster closure of such
disputes and litigations.
On Friday, Nirmal ...
On Friday, Nirmal ...
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 ...
Incidentally, this year the budget will coincide with the second year
anniversary of GST – which the Government in its previous term has pushed a lot.
The setting up of a parallel body in the GST council may have taken away the
sheen from the Unio ...
Before
filing claim for refund of input tax credit, please ensure that all GST returns
(GSTR-1 and GSTR-3B) are filed upto date.
To claim
for the ref ...
Of late, one
topic which has been under discussion, is the tax treatment of post-supply
discounts offered by suppliers and eligibility to claim input tax credit (ITC)
thereof.
CBIC has clarified about the tax treatment in cases of secondar ...
CBIC has clarified about the tax treatment in cases of secondar ...
Today, GST is celebrating its second Anniversary after coming
into existence on 1 July 2017. From today, several reforms would become
effective in GST system with introduction of new return system, rationalisation
of cash ledger system and a singl ...
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 ...
Automotive component industry body ACMA asked the government to ensure a
uniform GST rate of 18 percent on all auto components as part of measures to
support the sector that is going through a tough phase.
Automotive Component Man ...
Automotive Component Man ...
In view of the postponement of the last date for filing Annual Return GSTR-9 & 9C by two months upto 31st Aug 2019, the GST Audit Directorate has sent a circular to all concerned GST authorities outlining the broad strategy for conducting th ...
The GST e-way bill system is likely to be integrated
with NHAI's FASTag mechanism to help track movement of goods and check GST
evasion.
The revenue department has set up an officers committee to integrate e-way bill, FASTag and Delhi-M ...
The revenue department has set up an officers committee to integrate e-way bill, FASTag and Delhi-M ...
The government is all set to make it clear that services
provided by an office of an organization in one state to another office in
another state will face GST. A Circular to this effect will be issued soon as
per Government sources.
Th ...
Th ...
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 were in total 12 agenda items up for discussion during the meeting.
The key decisions taken ar ...
There
has been a lot of buzz around the National Anti-Profiteering Authority (NAA).
The NAA has certainly played a pivotal role in safeguarding the consumer interest and making sure that companies pass on the benefits of ...
The NAA has certainly played a pivotal role in safeguarding the consumer interest and making sure that companies pass on the benefits of ...
The
frauds related to IGST credits on imports by the exporters are on the rise for
quite some time. To deal with this menace effectively Indian customs officials
could soon get more powers. The government is contemplating amending the
Customs Act ...
India, with 22 of world’s 30 most polluted cities has
to take immediate steps to improve the quality of air in the country.
The government is not only serious about clean mobility, but is in a hurry to get there. In ...
The government is not only serious about clean mobility, but is in a hurry to get there. In ...
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 ...
We don’t need a Silver fork to eat good food. The Indian restaurant
industry went through a
technological revolution of sorts in the last few years with the emergence of the
online food ordering service. GST rate on resta ...
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 ...
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 ...
However, some of the services that were allowed in t ...
Our society’s increasingly
electrified, electronic, and data-driven society places steadily rising demand
on energy efficient appliances - that is, on electricity available 24/7.
Servers never sleep, nor does air conditioning during hot nights. In ...
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 ...
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 ...
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
Online fantasy sports gaming industry is in a dilemma about what portion of their operations should
be charged under GST.
According to news reports, an industry body, The Indian Federation of Sports Gaming (IFSG) that repre ...
According to news reports, an industry body, The Indian Federation of Sports Gaming (IFSG) that repre ...
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 ...
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 & ...
With the initial hiccups of GST, we have come a
long way wherein realtors might get GST relief on development rights and will surely
sail through difficult times. A new service
tax ruling may offer real estate developers
relief on the Goods ...
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 ...
Now, with the country trusting the government with a thumping majority, businesses are looking forward to the ...
For a real New India to arise, the
government has started depending upon the gains from Goods and Service Tax
(GST) and high recovery from bad debt which is now subject to insolvency
resolution to move up the World Bank’s ease of doing business ra ...
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”.
...
...
There
is some good news from the Hon’ble
Gujarat High Court for importers as well as final consumers. Based on a
petition filed, the court has stayed
the levy of Integrated Goods and Service Tax (IGST) on ocean freight.
...
...
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 ...
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 ...
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
Anti Profiteering framework was set up in the country to protect the consumers
from inflation and sudden price hikes post introduction of GST in 2017 and to
make sure that the companies passed on the benefit of savings from lower taxes ...
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 ...
After
the implementation of GST and e-way Bill,
trucks have been able to cover 10-15 per cent more distance in a day than what
they used to do in the pre-GST era, helping in reduce cost of logistics, said
Mahindra Logistics, which saw a demand sl ...
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 ...
With almost two years into GST implementation , the government is now focussing on anti-evasion measures to shore up revenue and increase GST compliance. In order to pull out an effective tool to curb tax evasion under the ...
The real estate sector is one of the most globally recognized sectors. In India, the real estate sector was always in a dilemma on the taxability of preferential charges, right to use car parking, etc. the essential reason being as to whether some of ...
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 ...
SECTION 22 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – REGISTRATION
As the goods and services tax (GST) regime completes almost two years, GST integrated the country into a common market by removing barriers across states and enab ...
As the goods and services tax (GST) regime completes almost two years, GST integrated the country into a common market by removing barriers across states and enab ...
Real estate industry is one of the most important
pillars of the Indian economy. Owning a
residence is a dream of every Indian citizen. We can assess its growth by
demand of affordable housing requirements, proposed development of new cities,
ini ...
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 ...
Ruling
no. Raj/AAR/2018-19/42
The Rajasthan Authority for Advance Ruling has delivered a significant ruling on 29.03.19 on the controversial issue of works contract service which is worth noting. The details are as follows ...
The Rajasthan Authority for Advance Ruling has delivered a significant ruling on 29.03.19 on the controversial issue of works contract service which is worth noting. The details are as follows ...
With
the temperatures soaring throughout the country, there is something for the
dealers registered under the Composition scheme to feel chilled out about.
Lauded as yet another relief under the GST regime, the Central Board of Indirect Taxes ...
Lauded as yet another relief under the GST regime, the Central Board of Indirect Taxes ...
The govt. has been frequently changing the rules for the utilisation of ITC under
GST regime which has caused confusion and a sense of uncertainty amongst the
tax payers. An attempt is being made to clarify the same as follows:
1. &n ...
1. &n ...
It is very surprising that the govt. had issued circular in Dec 18 to the effect the effective value for the purpose of GST shall be the value of goods inclusive of TCS to be collected under I.T. Act 1961. And now after about 2 months it has reversed ...
At what time an application for advance ruling be made?