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In some cases, a registered person comes under an obligation to pay tax on a reverse charge basis. Table 4G in GSTR 9 encompasses details of such inward supplies which makes a registered person liable to pay tax on a reverse charge basis. Important Points of Table 4G: Some Cases when Tax is Paid on […]
The Authority for Advance Rulings (AAR), West Bengal has recently declared that input tax credit (ITC) will not be admissible against the GST paid on the purchase of motor vehicles for supplying rent-a-cab service, under the section 17(5)(b)(i) of the GST Act. In a recent hearing, an applicant claimed that she provide rent-a-cab service according […]
Consideration of All India Traders (CAIT) has urged curtailment in the tax rate from the current tax bracket to the relevant lower tax bracket for non-luxurious items. The CAIT has appealed the GOI to reduce the GST rates on different products like auto parts, aluminium utensils etc which does not come under the squad of […]
All the registered taxpayers paying tax under the provisions of section 10 of CGST Act 2017 or availing benefits of Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 have been categorized under the ‘special category of persons’ by the CBDT. A special procedure has been laid out by the CBDT via Notification no. 21/2019 […]
The ruling government is all set to propose the union budget for fiscal 2019-20 on July 5, under the supervision of newly elected Finance Minister Nirmala Sitharaman. With this upcoming budget, the real state personnel are intending for the re-introduction of Input Tax Credit (ITC) for under-construction properties so that the liquidity situation in the […]
GST Council 35th Meet: The members approve new GST filing system. The Finance Ministry has recently showcased a roadmap for the enactment of the new GST return mechanism. A transaction mechanism has also been unveiled along with it. The trial period for implementation of the new GST return mechanism will start from July and will […]
Again a troublesome period for traders and entrepreneurs under the GST regime. The time for filing an annual return is gathering pace and till now entrepreneurs have not got an apparent picture of the Form-09. Even the tax advocates and the chartered accountants are facing difficulties in understanding the minutes of the Form. The Form […]
Measures for defending the MSME sector from suffering more due to high GST rate – The Consumer Price Index (CPI) is in the midst of the preparation process of a memorandum on the GST for the MSME sector, which is under crisis due to high tax rates. In the scenario when various industrialists and sectors […]
The highest tax rate slab of 28% has become a matter of agita for the whole nation. Now the items under this rate slab will be dug deeper in order to metastasize them out of this GST bracket to snip the cut back in demands. The F.Y. 2019 proved to be the floundering one with […]
