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Precautions for GST Audit while finalizing balance sheet

Precautions for GST Audit while finalizing balance sheet

GST BFSI
April 22, 2020 969 0

Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. After 2017, the financial year is divided into two indirect taxes provisions namely, pre-GST (Excise,...


GSTN issues clarifications on e-invoicing under GST

GSTN issues clarifications on e-invoicing under GST

GST BFSI
April 16, 2020 1307 0

In January 2020, the GST Network has come up with Frequently Asked Questions (FAQs) on e-invoicing under the GST system, reaffirming the government’s intent to implement ‘e-invoicing’ under the GST. Here are some key aspects of...


Official Notification on GST Due Date Extended for Taxpayers Relief

Official Notification on GST Due Date Extended for Taxpayers Relief

BFSI GST COVID-19
April 10, 2020 6668 0

In this pandemic and challenging time, everyone including taxpayers is facing a lot of trouble. To make things easy for them, the Government has extended dates for GST filings. On 07th April 2020, latest notification under GST has...


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 1103 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 491 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 1038 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 935 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 857 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 260 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 1114 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 ...


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