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Practical FAQ’s under GST: ICAI
Practical FAQ’s under GST Chapter 1 Supply and Levy Supply Q1. Whether the development of land under the Joint Development Agreement (JDA) constitutes a supply under GST? Ans. Development of Land: Land development is the act of altering the landscape in many ways from the
MCA Notifies Commencement Date of Various Sections of CAA, 2020
Notification S.O…(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 21st day of December 2020 as the date on which the following provisions of the said
Finance Act 2020 provisions effective from 01-01-2021
Finance Act 2020 provisions effective from 01-01-2021 1. Composition Taxable person barred from following transactions in services in wake of composition scheme applicable to services also to a limited extent i.e. he is barred from a) Making supply of services not leviable to tax b)
Remedies Against Abuse of Power By Income Tax Authorities
Remedies Against Abuse of Power By Income Tax Authorities Discretion Meaning • All statutory authorities have been vested with discretion in order to carry out the functions assigned to them under the Act. This discretion has to be exercised reasonably and for the purpose for
Major Changes in GST Rules!
Major Changes in GST Rules! How many times the Rules amended? 2017 → 14 times 2018 → 14 times 2019 → 9 times 2020 → 14 times Total → 51 times! What’s new – Changes made through Not. No. 94/2020-CT! Input Tax Credit Returns Re-conciliation Registration Legal provisions Changes!
E-invoicing
What is E-invoicing? Electronic invoicing / e-invoicing is a form of electronic billing! Why E-invoicing? E-invoicing is increasingly mandated by Governments across the world, particularly due to GST/VAT evasion Real-time invoice reporting discourages subsequent fraudulent changes/ adjustment Real-time reading of invoice/ data by Government Machines
Bombay HC in the case of GGS Infrastructure Private Limited
Case Covered: GGS Infrastructure Private Limited Versus Commissioner of CGST & Central Excise Facts of the Case: By filing this petition under Article 226 of the Constitution of India, the petitioner has sought the following reliefs:- (I) To set aside and quash the order in
Handbook on Liability to Pay in Certain Cases under GST: ICAI
Handbook on Liability to Pay in Certain Cases under GST 1. Introduction India has adopted a dual GST model which means that both Central and State Governments will levy tax under GST. Where any default is made in the payment of any of these taxes,
GST ComplianceUnbridled powers for physical verification for gst registration
1. Before 23-03-2020, physical verification of place of business could be done only post-registration. It means physical verification of the place of business was not a pre-condition for registration. 2. W.e.f. 23-03-2020, failure of aadhar authentication before the grant of registration was declared ground for
Analysis of amendments notified vide notification no. 94/2020
Amendments notified vide notification no. 94/2020 1. Payment of tax, 2. Credit Availment, 3. Restriction on Filing of GSTR 1 4. Way Bill And 5. Suspension of Registration New Rule 86B for Payment of Output Tax Through Cash Ledger Rule 86B has been inserted vide
Handbook on Finalisation of Accounts with GST Perspective: ICAI
Handbook on Finalisation of Accounts with GST Perspective: ICAI Chapter 1 Introduction 1.0 Finalisation of Accounts The term ‘Finalisation of Accounts’ refers to the process of planning and control of activities relating to the preparation of the Financial Statements of a business entity. There must
Rule 86B of CGST Rules-caution before you proceed
Rule 86B of CGST Rules- Yes, it is the latest hurdle in taking the ITC in GST now. It is inserted via CGST fourteenth amendment rules 2020. Let us understand it in detail. Rule 86A is already there to block the ITC. Now, this new