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IGST levied on ocean freight transportation held unconstitutional

IGST levied on ocean freight transportation held unconstitutional

GST BFSI
April 3, 2020 1039 0

In 2017, the Ministry of Finance had imposed service tax on a reverse charge basis on ocean freight incurred by an importer. This tax was payable even if the importer did not directly pay the ocean freight charges to the shipping ...


Exporters to follow Standard Operating Procedure (SOP) issued by CBIC

Exporters to follow Standard Operating Procedure (SOP) issued by CBIC

GST BFSI
April 3, 2020 936 0

The Central Board of Indirect Taxes and Customs (CBIC), vide Circular No.131/1/2020 GST dated January 23, 2020, has issued Standard Operating Procedure (SOP) for exporters to follow. Here is a brief summary of the Circular belo...


Provisions of Insolvency and Bankruptcy Code override GST provisions

Provisions of Insolvency and Bankruptcy Code override GST provisions

GST BFSI
April 1, 2020 860 0

The Insolvency and Bankruptcy Code 2016 (IBC) was introduced to promote the ease of doing business in India, to address the issue of liquidity in cases relating to insolvency/bankruptcy in India. It consolidates all existing insol...


Impact of Goods & Services Tax on Gifts and Free Samples

Impact of Goods & Services Tax on Gifts and Free Samples

GST BFSI
March 31, 2020 263 0

The GST law has introduced the concept of ‘supply’ as a taxable event and done away with the erstwhile taxable events of manufacture, sale, service. The taxability and availability of Input Tax Credit (ITC) on gifts have always be...


Interest on delayed GST payment whether payable on gross or net tax liability?

Interest on delayed GST payment whether payable on gross or net tax liability?

GST BFSI
March 30, 2020 1118 0

Traditionally, under the erstwhile Indirect Tax Laws viz. Service Tax, VAT, etc. interest is payable on the amount of tax due after adjustment of the Input Tax Credit (ITC), which remains unpaid by the due date. However, under ...


India Extends Tax Compliance Deadlines to Offset COVID-19 Impact

India Extends Tax Compliance Deadlines to Offset COVID-19 Impact

BFSI GST COVID-19
March 27, 2020 530 0

The rapidly escalating novel Coronavirus has claimed over 15,000 victims and infected close to 400,000 people across 132 countries. India saw its first positive case in the first week of March, and in less than four weeks, this ...


GST authorities to accept GSTR-9 and 9C returns without late fees

GST authorities to accept GSTR-9 and 9C returns without late fees

GST BFSI
March 27, 2020 321 0

The Tax Bar Association approached the Rajasthan High Court [D.B. Civil Writ Petition No. 1805/2020] contending that the Forms GSTR-9 and 9C of various taxpayers, for Financial Year 2017-2018, could not be uploaded by the due date...


Highlights of the 39th GST Council Meeting

Highlights of the 39th GST Council Meeting

GST BFSI
March 25, 2020 468 0

The 39th GST Council meeting held on Saturday, March 14, 2020, at New Delhi and chaired by the Union Finance Minister Nirmala Sitharaman took decisions on several crucial issues under GST, including deferment of e-invoice and new ...


It’s A Golden Age For Tax And Accounting Professionals That Keep Up With Technology

It’s A Golden Age For Tax And Accounting Professionals That Keep Up With Technology

GST BFSI
March 13, 2020 396 0

But to survive competition and reap the benefits, these professionals will need to embrace technology as their best tool, whether they are serving large or small business clients The Goods and Services Tax (GST) has been a game...


Why streamlined workflow and tax automation are critical in GST and E-way bill era

Why streamlined workflow and tax automation are critical in GST and E-way bill era

GST BFSI
March 13, 2020 723 0

Supply chains cannot be swift if there are disruptions caused by manual GST compliance. The introduction of the Goods and Services Tax (GST) has been an important step in the field of indirect tax reforms in India — and one tha...


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