Home >> Communities >>Current Issues >> GST

GST

GST


  

A Complete Guide on Tax Payments under GST

The birth of GST in India has completely wiped out the complications of different taxes at different stages and has played a pivotal role in the removal of cases like tax-evasion, bribery and other forms of corruption. Implementing its unique slogan ‘One Nation – One Tax – One Market’ it has successfully covered a long distance in this way too. Consequently, it has had a tremendous impact on the whole Indian Economy. GST is completely a techno-based, transparent and systematic tax structure that helped the Govt. boost its Revenue at par. In the GST administration, there are various provisions to deal effectively against cases, such as intentional or intentional late filing/non-filing of tax payments, tax-evasion activities, suppressing of facts/details, choosing a wrong format, etc. Here i...

Scope of Supply in the regime of Goods and Services Tax – Test of Profit Motive

In the previous indirect tax regime, there was nothing like this new concept of Supply. The stage at which indirect taxes were levied varied under different tax heads and laws. Excise duty, Service tax, VAT were some of the taxes in the previous indirect-tax regime. However, the emergence of GST has subsumed almost 17 types of similar taxes. And consequently, some new terms, such as, ‘Scope of Supply’ have come up. Under the GST structure, the term ‘Supply’ is considered a taxable event for charging tax. One becomes liable to pay tax at the ‘time of supply of goods or services’. Henceforth, to decide GST’s applicability, determining whether or not a transaction falls under the meaning of supply, is very crucial. Following points would bring out a detailed and clear clarification of this ne...

10 Major Challenges of Filling GSTR-9

In the GST Regime, filing an annual return by registered taxpayers and composition dealers is mandatory. And this annual return is known as ‘GSTR-9’. On the basis of different kinds of taxpayers, there are, in total, four different types of annual returns, i.e. GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C. However, in this blog, we will discuss mainly the 10 major challenges of filing GSTR-9. Primarily, it is good to know, before stepping ahead, that following persons are not required to file GSTR 9 (as they are subject to file different Annual Returns) – Composition Dealers (as they are subjected to file GSTR-9A) Casual Taxable Persons ISDs Non-resident taxable persons TDS Collectors The most specific difficulties in Filing of Annual GST Return are – difficulty in filing Details of 6A of Table N...

How GST is a Boon for Indian Economy?

Every coin has two facets and so the same applies to the concept of implementation of the GST in India. Of course, this is the biggest Tax reformation in India after independence and thus it will have a tremendous and direct futuristic impact on the economic front. However, few negotiable short-term negative issues too are associated with it, but for the sake of an accelerated economy, a revolutionary step like GST had become really mandatory. To know how GST is a boon for the Indian Economy, let us look into some significant facts & figures pertaining to Effects and Benefits of GST on Indian economy. Primary Objective behind GST Holding the crystal clear slogan “One Nation, One Tax, One Market” it aims- To eliminate Indirect Tax issues To remove Cascading Tax effects To increase the n...

All that you need to know about GSTR-11

GSTR-11 is a return that needs to be filed by people having UIN (Unique Identification Number). This return provides the details of the inward supplies. According to a GST provision, ‘Inward Supply’ means the acceptance of goods or services or both by purchase, acquisition or any other means with or without consideration. What is UIN? The UIN or the Unique Identity Number (UIN) is a special classification that has been made under GST for foreign diplomatic missions and embassies. These people or entities are not liable to pay tax under Indian jurisdiction. The UIN was created for the sole purpose of refunding any tax that has been collected from these people/bodies. However, to make sure that GST is refunded and paid back to them, GSTR-11 have to be filed by them. Read More at: http://bit....

An update on recent Advance Ruling on GST

A recent ruling of the Maharashtra Advance Ruling Authority has held that back office support services do not qualify as “export of services” as they are in the nature of “intermediary services”.    It is concerning and We as NASSCOM seek to engage with the GST Council and CBIC to highlight the impact of this ruling including some of the key aspects that have been ignored in the ruling:   Need for clarification on the interpretation of intermediary and the concept of exclusion of “main service” from intermediary services; Absence of Tripartite arrangement which is essential for intermediary services; Several judicial precedents under the erstwhile service tax regime which have affirmed the view that services provided on “own account” do not qualify as  “intermediary” The clarification issu...

Commerce Federation in Andhra Pradesh holds awareness programme on GSTR-9

Commerce Federation in Andhra Pradesh holds awareness programme on GSTR-9 Do Follow Link for More Details: http://bit.ly/2K40phv

E-commerce companies start collecting 1% tax at source from October 1st

E-commerce companies start collecting 1% tax at source from October 1st The Finance Ministry has issued a notification stating that e-commerce companies should collect an amount at the rate of one per cent as tax collected at source (TCS) on the supplies made by them. The e-commerce companies should pay half of the amount collected to the Centre while the other half should be paid to the State where supply takes place.  The government had proposed TCS for e-commerce companies after the implementation of the Goods and Services Tax (GST). Thereafter, the Goods and Services Tax Council announced its decision that TCS will be deducted from the 1st of October. Any e-commerce business that is supplying goods on behalf of any producer is liable to collect TCS.  Tax collected at source (TCS) means...

Company can claim ITC on maintenance of Guest House, Transit House and Training Hostels. By AAR

The Authority for Advance Ruling ( AAR ), Odisha has granted a ruling on entitlement to take credit of tax paid on various goods and services used for maintenance of township, guest house, hospital, horticulture maintained by a Company, in its ordinary course of business. The applicants provide townships and colonies near its factories and offices for its employees. It also operates guest houses for a temporary stay of employees and guests. It runs hospitals for its employees. They receive various services of repair and maintenance in the townships, guest houses, hospitals and horticulture which are received as part of its business operations. Such suppliers are also charging GST in their invoices. The applicants submitted that the management, maintenance, and repair service obtained from ...

Government amends Rule 96(10) of CGST Rules

Rule 96 (10) of the CGST Rules has been amended vide Notification 53/ 2018 – Central Tax dated October 9, 2018.  To recap, Notification No. 3/2018-Central Tax dated 23.01.2018 amended Rule 96 and inserted sub-rule (10) to state that the persons claiming the rebate option should not have received supplies on which the supplier has availed certain the export benefits.  Further, Rule 96(10) of the CGST Rules was further amended vide Notification No.39/2018- CT dated September 4, 2018 with retrospective effect from October 23, 2017 and a new sub-rule was inserted which provided that the person claiming refund of IGST paid on export should not have availed the benefit of Notification No.78/2017 and 79/2017- Customs.  An extract of the same is provided below:   “(10) The persons claiming refund ...

  • 1
  • 2
  • 8