The Centre had earlier released Rs 12,857 crore to Punjab on account of compensation for July 2017-March 2019 and with the clearance of arrears, the total amount paid stands at Rs 14,094 crore. The Centre has released Rs 1,237 crore to Punjab as GST compensation…
Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws- Vide Circular Number 137/07/2020-GST Dated 13th April, 2020 Issue Clarification An advance is received by a supplier for a Service contract which subsequently got cancelled. The supplier…
Standard Operating Procedure (SOP) to be followed by exporters Exporters to follow SOP, Central Board of Indirect Taxes and Customs (CBIC) has issued a detailed circular on 23rd January, 2020 which reads as follows As you are aware, several cases of monetisation of credit…
Various document to be issued under GST Regime S.no Document When required to be issued 1. Tax Invoice At the time of removal of goods or delivery of goods At time of receipt of goods or services or both from unregistered supplier Before…
Section 11 of CGST Act, 2o17 Contains provisions which empowers government to grant exemptions from tax. Section 11(4) of the Delhi SGST Act, 2017 has been reproduced below for reference, similar provisions exists in GST Acts of all states. 11(4) "Any notification issued by…
Special Procedures notified vide Notification No. 11/2020 – Central Tax Dated March 21st, 2020 and clarified vide Cirular No.134/04/2020-GST – Dated March 23rd, 2020 Class of persons who shall follow the special procedure Those registered persons(hereinafter referred to as the erstwhile registered person), who…
Recent developments under GST vide circular No. 135/05/2020 for matters relating to Refunds has been summarized below Click below to download full circular Circular No.135/05/2020 – GST Dated 31st March, 2020 Clarification Substance Bunching of refund claims across Financial Years On perusal of the provisions…
Companies will have to pay GST on the remuneration they dole out to directors, the Authority for Advance Ruling (AAR) has said. In an application filed before the Rajasthan bench of the AAR, Clay Craft India Pvt Ltd had sought clarification on whether salaries…