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Full ITC on goods and services not available if consideration is netted off against receivables

Full ITC on goods and services not available if consideration is netted off against receivables

GST BFSI
April 7, 2020 1122 0

Under the GST law, different units of the same entity functioning in different States are treated as ‘distinct persons,’ and as per Schedule I of the CGST Act, the supply of goods or services or both between such distinct persons,...


AAR has jurisdiction to determine Place of Supply

AAR has jurisdiction to determine Place of Supply

GST BFSI
April 6, 2020 506 0

As per Section 97(2) of the CGST Act, an advance ruling can be sought in respect of: a. Classification of any goods or services or both; b. Applicability of a notification issued under provisions of the GST Act(s); c. Determi...


IGST levied on ocean freight transportation held unconstitutional

IGST levied on ocean freight transportation held unconstitutional

GST BFSI
April 3, 2020 1041 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 938 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 866 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 264 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 1125 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 325 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 472 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 ...


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