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What is aggregate turnover in GST?
What is an aggregate turnover in GST? Aggregate turnover is the criterion for many compliances. It is the limit we check for various thresholds in GST. It is defined in Section 2(6) of CGST Act. “(6) “aggregate turnover” means the aggregate value of all taxable supplies
CA Shafaly GirdharwalFifth meeting of GST Council dissolved without outcome
No output in Fifth meeting of GST council There is no go though in the fifth meeting of GST council today. Collusion between the center and state is no coming to an end. Main point of contention was the jurisdiction over the service tax assesses.
CA Shafaly GirdharwalAvailability of Input tax credit in special cases
Section of the revised draft of Model GST law provide for the availability of ITC in special cases. We can sum up all of them in the following table. Download PDF here Following is the brief table on availability of ITC in special Cases. Special
CA Shafaly GirdharwalMain Issues with revised Model GST Law
In my last my take I wrote GST is good economics but demonetization was perhaps not. Today, I repeat the same thing. If GST is deferred the “differential advantage” that the Union Government wanted to possess, is simply gone. States also must realize this. Today’
Input tax credit availability in revised GST Law
GST was introduced in India as a resource for free flow of credit in India. Input tax credit availability in revised Model GST draft law is somehow more restricted then the earlier draft. In this article we will discuss the availability of ITC and what
CA Shafaly GirdharwalJob work in revised Model GST Law
Section 20 of chapter V and section 55 of chapter XIII of revised model GST draft covers the provisions of job work. The term itself is defined in section 2(61) of revised Model GST draft law. Section 2(61) defines a job work as “job work”
CA Shafaly GirdharwalInput tax credit on goods sent for job work
Section 20 of revised Model Law provide for the input tax credit in respect of goods sent for job work. Salient features of the scheme of input tax credit on goods sent for job work are as follows.Provisions for removal of inputs and capitals goods
CA Shafaly GirdharwalRestriction on Input Tax Credit in GST draft
Revised draft of Model GST Law has been on public domain now. There are some changes in the provisions of ITC. New restrictions are there on input tax credit in GST revised draft. The main reason for emergence of GST was free flow of Input
CA Shafaly GirdharwalE-commerce operators in new Modle GST law
Revised draft of revised Model GST law is released by cbec some days back. On first time reading we found that e-commerce operators are going to have a sigh of relief after changes in law. E-commerce operators were segregated in two parts in earlier law.
CA Shafaly GirdharwalBENAMI TRANSACTIONS (PROHIBITION) Amendment Act, 2016
•In its efforts to trace the black money in India government has introduced the Benami Transactions (Prohibition) Amendment Act, 2016. It will help to catch the benami transactions in properties which are mostly used to hide the black money. The Benami Transactions (Prohibition) Amendment Act, 2016
Insolvency and Bankruptcy Code, 2016 (IBC)
Section 252 of the Insolvency and Bankruptcy Code, 2016 (IBC), which came in to force w.e.f. 01.11.2016, provide that The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule. Eighth Schedule of IBC provides for
Tax and penalty on Cash Deposit due to Demonetization
The Union Finance Minister Arun Jaitley yesterday introduced the Taxation Laws (Second Amendment) Bill, 2016 with a view to tax unaccounted black money deposited in bank accounts pursuant to demonetisation. The government has introduced Chapter IXA: ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) consisting of