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Expectations from 39th GST Council Meeting

The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1..

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Detailed analysis of CBIC Notifications issued on 3rd April 2020-COVID -19

The Central Board of Indirect Taxes and Customs(CBIC) has issued notifications and circular under GST Laws to implement the relief measures announced by Hon'ble Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman on 24th of March 2020. Summary of the relaxation in compliance and other measures under GST is presented in lucid manner for easy understanding - ..

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Due date to file GST Returns amidst COVID-19 outbreak

List of GST Notifications issued by CBIC: In the view of the outbreak of COVID-19 the Finance Minister on the 24th of March 2020 had given various relaxations to the taxpayers in the form of extension of various due dates, reduced interest rates, and waiver of late fees and penalty. To give effect to various statutory rel..

Posted in articles |   1 comments |   4508 Views

Refund Of ITC On Capital Goods: A Perspective

Background Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid The first option is beneficial for the persons who are eng..

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What are the Circumstances where GST is Refundable

Is the GST once paid can be claimed back. There are circumstances where GST paid to the government can be claimed back. There is set procedure which is totally online where a registered person can file and claim back the GST. There are two important aspect of GST Refund : 1. that under which circumstances it can be claimed back as prescribed in S..

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Due dates to file GSTR-3B notified by CBIC

NOTIFICATION New Delhi, the 3rd April, 2020 No. 31/2020–Central Tax G.S.R. 231(E).—In exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the sai..

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GST implications for Companies under IBC Code, 2016

As per IBC, once an entity defaults of payment to creditors, CIRP gets triggered and management of such entity removed by the NCLT. NCLT appointed IRP or RP and all management power assigned to the IRP and RP. IRP and RP run the business and operations of the said entity as a going concern till the insolvency proceeding is over and an order passed by NCLT. As per IBC, 2016, after the ..

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GST Refund & Mechanism

It is almost more than 1000 days after implementing GST in India and claiming most user-friendly tax region in the world under which all indirect taxes expect few come under the same umbrella of GST but it is very unfortunate for the taxpayer that Government machinery is not supporting Government efforts by delaying in refund process despite rules and provision, notifications, Circular des..

Posted in articles |   386 Views

GST implications on security services

The Topic is Divided into the Following Headings: 1. What is Security Services 2. Charge Under GST 3. Time of Supply 4. Exemptions If any 1. What is Security Services There is no Such Definition provided by CGST Act, 2017. The only place in GST where the little description of Security services is given in..

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Summary of changes in CGST Rules 2017

As per Notification No. 16/2020 - Central Tax dt. 23rd March, 2020 These rules may be called CGST (Third Amendment) Rules, 2020. they shall come into force on the date of their publication in the Official Gazette. Changes in CGST Rules ,2017 as below- 1. Authentication of Aadhaar number for grant of registration In Rule 8, aft..

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Clarification on GST Refund related issues

CBIC has issued clarification via a circular&nbsp;w.r.t. refund-related issues based on several representations received by the GST practitioners and taxpayers. Accordingly, master circular on Refunds No. 125/44/2019-GST dated 18.11.2019 stand modified to that extent. Here are some important clarification that CBIC has given in respect to GST Refund thereon vide <a href="https://www.c..

Posted in articles |   1917 Views

GSTN issues advisory on tracking GST Refund Application Status

Tracking GST Refund Application Status on the GST Portal and PFMS portal 1. The functionality to track the status of refund application has been available on the GST portal. By utilising this functionality, the taxpayers can know the stage at which the refund application is pendi..

Posted in news |   1383 Views

Income tax and GST amendments during COVID-19 outbreak in India

During the Outbreak of COVID-19 Virus all around the World The Indian Government have taken immediate measures to Stable the Economy and reduce the panic in Honest Tax Payers by applying some serious steps in Statutory Compliances under Income Tax and Goods and Service Tax. On Press meet held on 24-March 2020 the Finance Minister had pres..

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Amendment in rule 96(10) of CGST Rules- A relief to exporters

Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid. The 2nd option is more viable &amp; beneficial since the former option comes wit..

Posted in articles |   6 comments |   475 Views

Impact of GST on advances/security deposits

One of most important decisions taken by Central Government is the implementation of Goods and Services Act, 2017 all over India. Implementation of GST has been done to remove anomalies in previous VAT/Services Tax and other taxes. In previous tax regime, end users were enforced to pay tax on taxes. The Cascading Affect of taxes has been removed through implementation of GST. Now all over India..

Posted in articles |   621 Views

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