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Sharing of Data between Income Tax and GST Authorities
Background The CBDT has the power under section 138 of the Income-tax Act, 1961 to provide information received or obtained by income tax authorities to any officer, authority or body performing any functions under any law relating to the imposition of tax, duty or cess.
Supply of Used Business Assets under GST
This writeup deals with all the aspects related to supply of old and used business assets under GST. Being a business person there are various assets that are required for furtherance of business and after a span of time, they are sold as a second
E-Invoice Schema Format – Mandatory Fields
E-Invoice Schema Format – Mandatory Fields On 30th July 2020, the Central Board of Indirect Taxes and Customs (CBIC) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It will be implemented from 01st October 2020, only for entities whose business
Critical Analysis of GST Constitutional Journey
Critical Analysis of GST Constitutional Journey We all know that the Constitution amendment bill later on passed by parliament and become 101 st constitutional amendment law bring the GST into life. Here I have analyzed its complete journey and constitutional background. Constitution of India supreme
Composition Scheme (Section-10 of CGST Act, 2017)
Composition Scheme (Section-10 of CGST Act, 2017) Every tax system requires compliances with statutory provisions in a time-bound manner such as periodic tax payments, filing of returns, maintenance of prescribed records, etc. which many a time pose a challenge to small business. Provisions to protect
[update from 1/10/2020] 12/2017 CTR Updated-Exemptions in GST
Introduction- Exemptions in GST Many items are exempted from GST. Section 11 of the CGST Act provides the right to prescribe the list of exempted items in GST. The following two notifications are issued to list the Exemptions in GST. 2/2017-CTR for exempted Goods 12/2017
GSTN portal to show the details of bill of entry
GSTN portal to show the details of bill of entry A major upgrade has been made in the GSTN portal. The importer’s file bill of entry at the time of payment of tax.GSTN portal to show the details of bill of entry. You can check
GSTR-4
GSTR-4 Form GSTR-4 (Annual Return) is a yearly return to be filed by taxpayers opting for composition scheme on an annual basis. Unlike a normal taxpayer who needs to furnish three monthly returns, a dealer opting for the composition scheme is required to furnish only
Notification No. 63/2020 – Central Tax
Notification No. 63/2020 – Central Tax [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 63/2020 – Central Tax New
Interest on Net Tax Liability – Prospective or Retrospective?
Interest on Net Tax Liability – Prospective or Retrospective? Interest provisions and Brief History ➢ Interest is on failure to pay the tax within the prescribed period ➢ Section 49 – payment may be through cash/credit ledger ➢ Megha Engineering (Telegana High Court) Allowed to
(with examples) GST interest to be levied on the net
GST interest to be levied on the net After a long journey of confusion. It is clarified that the charge of GST interest is on net liability. Notification no. 63/2020 issued in this regard. But in that notification, the date to notify the proviso to
CA Shafaly GirdharwalTax Authorities can’t give interpretations to legislative provisions on the basis of their own perception of trade practices: SC
Tax Authorities can’t give interpretations to legislative provisions on the basis of their own perception of trade practices: SC The Supreme court held as illegal the circulars issued by the Rajasthan Commercial Tax department, which stated that goods imported from other states will be regarded