Articles by CA Venkatprasad Pasupuleti

GST on Mining Royalty Post 9 Judge bench SC decision - Is it attained finality?

CA Venkatprasad Pasupuleti 05 October 2024 at 15:16

The State Government collects Royalty/Seigniorage charges as per the provisions of Mines and Minerals (Regulation and Development) Act, 1957 (MMDR Act for brevity hereinafter) read with rules framed by the concerned State Government from the lessee of the Mining site.

GST rate increase for Government projects (Works Contracts) - Impact & way forward

CA Venkatprasad Pasupuleti 20 July 2022 at 15:12

Construction industry plays an important role in the development of any country. It is a large sector of Economy of about Rs. 37 lakh crores (as per national accounts statistics, 2019-20). The construction industry in India consists of the Real estate as well as the infrastructure development segment.

ITC Invoice matching under GST: Mismatch case for Taxpayers

CA Venkatprasad Pasupuleti 30 August 2021 at 09:28

Input tax credit is the backbone of GST as it ensures the critical feature of taxing on value addition in the supply chain. Any action of denying ITC would lead to a cascading effect and kills the soul of GST.

Interest on Net Tax Liability under GST - Light at the end of the Tunnel?

CA Venkatprasad Pasupuleti 12 September 2020 at 10:55

The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date.

Transitional credit claims of past- Disentitled now under GST?

CA Venkatprasad Pasupuleti 22 May 2020 at 11:42

GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provisions in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit.

Precautions to be taken while responding to a notice under GST

CA Venkatprasad Pasupuleti 13 May 2020 at 10:15

On receipt of Notice, before responding to any notice or any other communication, the taxpayer must ensure whether the notice is issued the jurisdictional proper officer?

Is Denial of refund of ITC not reflected in GSTR-2A valid?

CA Venkatprasad Pasupuleti 13 May 2020 at 10:15

The Rule 36(4) prescribed that ITC shall be entitled to the extent of the invoices uploaded by the suppliers and gives another 10% of the matched ITC in addition to the matched ITC.