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Tag Archives: Goods and Services Tax

GST on Charitable and Religious Trusts and Institutions

GST on Charitable and Religious Trusts and Institutions   The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities […]

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Debit Notes in GST

Debit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is less than the actual value of […]

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Credit Notes in GST

Credit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is more than the actual value of […]

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GST Impact on ITES Sector – Sectoral FAQs released by CBEC

FAQs on IT/ITES Sector released by CBEC Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property […]

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GST Impact on Exports – Sectoral FAQs released by CBEC

GST Impact on Exports – Sectoral FAQs released by CBEC   Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: interState supply and covered under the IGST Act. ‘zero rated supply’ i.e. the goods or services exported shall be relieved […]

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GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC

GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC Question 1: Whether formulations cleared have to be assessed to GST under transfer price mechanism or on the basis of MRP printed on them? Answer: The assessment of drugs and formulations under GST would be on the basis of transaction value at […]

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Some Important points of Composition scheme of GST

I am summarizing some important points / action points for taking option for composition scheme under GST. What is the due date for taking option of composition scheme under GST? S.N. Nature of Registration Due date for submitting the option 1 Persons who are migrated from VAT/ Service Tax/ Excise The migrated dealers can take […]

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Effect of wrong payment of tax (CGST / SGST or IGST) – A catch 77 situation

Effect of wrong payment of tax (CGST / SGST or IGST) – A catch 77 situation I am trying to summarize what can happen when a supply is considered as Intra State supply by the supplier but later on held as Inter State supply by the department.       Event Date Remarks Date of […]

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Draft Credit Transfer Mechanism under GST Regime

  Importer of Goods totally left out Those who are importing goods have been totally left out under these provisions. There are many goods which are imported into India on which CVD and SAD have been paid. Credit of such duty should be also available. But the draft CTD rules doesn’t talk about this aspect. […]

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Audits, Assessment, Penalties & Prosecution under GST Act 2017

Audits, Assessments, Penalties & Prosecution under GST Act 2017 Amit Mundhra, FCA The Author is a member of Institute of Chartered Accountants of India. He can be reached at amit.mundhra@gmail.com

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