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In the Bombay High Court a writ appeal has implied asking the arrest procurements beneath the goods and services tax (GST) laws. GST Input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read more , has […]
The Central Board of Indirect taxes and Customs (CBIC) has recently released a notification regarding the retrospective amendment in Section 140 of the CGST Act 2017. This amendment shall come into action retrospectively from 1st July 2017. With it, the ministry finds its way to buy itself in to clear all the pending input tax […]
Capital Good – Defined Under CGST Act 2017 As mentioned under section 2(19) of the Central Goods and Service Act 2017, Capital Goods under GST are termed as goods whose value is capitalized (recorded as an asset) in the Books of Accounts which can either be claimed by the assessee as the Input Tax Credit […]
According to the Goods and Services Tax (GST) Act, 2017, all the assessees filing the GST returns Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment with interest. Read More All the assessments are suggested that they should issue the GST […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
For now, the state goods and services tax (GST) will persist in Jammu and Kashmir, as per the Jammu and Kashmir reorganisation legislation. However, after some time the UT GST Act and state GST Act will become operative for Ladakh and J&K, respectively. Accordingly, some important amendments would have to be introduced for adding Ladakh […]
Goods Transport Agency (GTA): The transportation services of goods by road under Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.18), are free from GST Services (Heading 9965): (a) By road except for the services of: (b) By internal waterways. Latest Update Thus, it is to be considered as the transportation of goods by road, unless […]
It has been observed that many of the businesses are using Central Goods and Services Tax Act (CGST) in a wrong manner by providing fake/ wrong receipts to the customers.
As per the new amendments made to CGST Act in the Lok Sabha, the centre has excluded the provision of credit available for the Cess paid when transiting from GST considering previous indirect tax regime.
