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The journey of ITC From July-2017 to Jan-2021…and onwards
The journey of ITC From July-2017 to Jan-2021…and onwards Analyzing ITC Restricting provisions i.e Rule 36(4), Section 16(2), Section 16(2)(aa) proposed and Implications on GSTR 3B & GSTR 9 from July 2017 to Sept 2019…………..NO RESTRICTION ON ITC ( well almost) Years of Concern till
Payment of Tax By Fixed Sum Method Under QRMP Scheme
Payment of Tax By Fixed Sum Method Under QRMP Scheme W.e.f. 1st January 2021, the following two options, are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for the first 02 months of a
Compilation of selected GST Concept Notes and Articles on burning topics published in 2020
GST on Contracts of Guarantee – Uncertainty Prevails Introduction With the introduction of the GST regime, different wings of the Department have become active in scrutinizing transactions involving various issues relating to the interpretation of GST provisions. One such transaction which has come up for
Recent Amendments in GST covering E-Invoicing, Rule 86B and QRMP scheme
Recent Amendments in GST covering E-Invoicing, Rule 86B and QRMP scheme E-invoicing under GST Legal Provisions N. N. 68/2019-CT Rule 48(4) The invoice shall be prepared by such class of registered persons as may be notified by the Government, on the recommendations of the Council,
Decoding of Finance Bill 2021
Decoding of Finance Bill 2021 Amendment in section 7 1. Scope of Supply w.e.f. 01.07.2017 7) (1) For the purposes of this Act, the expression “supply” includes–– (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license,
Budget 2021 – GST Things You Must Know!
Budget 2021 – GST Things You Must Know! Section 7. Scope of supply (To be amended w.e.f. 1.07.2017) For the purposes of this Act, the expression “supply” includes — (a) all forms of supply of goods or services or both such as sale, transfer, barter,
Indirect Tax Amendments by Finance Bill 2021
Indirect Tax Amendments by Finance Bill 2021 Amendments carried out through the Finance Bill, 2021 come into effect on the date of its enactment, unless otherwise specified. I. Amendments In The CGST Act, 2017: Scope of Supply u/s 7(1) enlarged by way of Retrospective amendments
Budget 2021 On GST
Budget 2021 On GST मेने बजट 2021 में जो भी चेंज हुए है, उनको simple हिंदी में अपने View के साथ रखा है, अगर आपका view अलग है तो आप मुझे बता सकते है 1) S16 जो की ITC की eligibility बताता है, उसमें एक
Sectionwise Analysis – GST Amendments (Finance Bill 2021)
Sectionwise Analysis – GST Amendments (Finance Bill 2021) 1. Transaction between a person (other than an individual) to its members for consideration to be treated as a supply Source Clause 99 of the Finance Bill, 2021. Effective Date With effect from the 1st day of
Summary of Important GST Changes By Budget – Finance Bill, 2021
Summary of Important GST Changes By Budget – Finance Bill, 2021 Introduction: Hon’ble Finance Minister Smt. Nirmala Sitharaman Ji has placed her third consecutive budget after taking charge of the Finance Ministry. This Budget will be the first of this new decade 2021-2030. This time,
Amendment relating to GSTR 9C
Amendment relating to GSTR 9C Pursuant to Clause 102 of Finance Bill 2021, Section 44 of the CGST Act, 2017 has been amended. Sub-section 2 of Section 44 of the CGST Act, 2017 has been omitted and hence there will be no requirement to file
Amendments to GST Acts through Finance Bill 2021
Amendments to GST Acts through Finance Bill 2021 Central Goods and Services Tax Amendment of section 7. In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 7, in sub-section (1), after clause