BACKGROUND OF LEVY Leviability of GST under Reverse Charge Mechanism (RCM) on ocean freight is one of the issues which has been seriously debated on in the GST regime since beginning. The controversy relating to taxation of ocean freight under RCM finds its roots from…
Amended Transitional Arrangements for ITC notified u/s 140 of CGST Act CBIC HAS NOTIFIED PROVISONS U/S TRANSITIONAL ARRANGEMENTS FOR ITC Transitional credit for un-availed CENVAT-Amended provisions effective from 18.05.2020 Central Board of Indirect Taxes and Customs, Ministry of Finance, (Department of Revenue) vide Notification No. 43/2020…
Various Amendments by Finance Act, 2020 relating to time limits for transitional Credit provisions are applicable with effect from 18th May 2020. Related Posts: Another Chance to File TRAN-1 by 30th June, 2020: Says Delhi HC Full Text of the notification "G.S.R. ….(E).— In exercise…
Post covid-19 effect on retail and SME funding 1. cash flow of most of the industries and people are highly affected. 2.Moratorium given by RBI is a necessary major many more major may come like one-time restructuring 3. Economic activity would not be normal once…
INTRODUCTION In the erstwhile laws, there were provided certain events basis which the leviability of tax was attracted, generally called the ‘taxable event’. If we talk about the Central Excise laws, such taxable event was manufacturing of goods, in case of service tax laws, such…
Facts: In transition phase, several issues cropped up which had a significant impact on tax paid, the output liability, and the ITC of the Petitioner and led to occurrence of several inadvertent errors. To illustrate a few, invoices were accidently missed while filing Form GSTR-3B;…
UIN holders can claim refund under section 55 of the GST Act. The facility of cash ledger and liability register was not provided to UIN holders earlier, as they were only claiming refunds. As there is no check on invoices reported in Form GSTR-11, for…
The persons registered as ISD can distribute ITC among its Units by filing Form GSTR-6, every month. Previously, ISD were not able to adjust negative ITC to its units, under a major head through ITC available under another major head. For example, if in a…