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Blog posts August 2017

REAL ESTATE AND GST

August 30, 2017

Real estate and Indian economy

Real estate plays a significant role and is an essential contributor in Indian economic development. Real estate and building business is the second largest employer after agriculture. It is one of the fastest growing sectors of the Indian economy. This sector is di…

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INPUT TAX CREDIT RELATED TO EDUCATION CESS, KRISHI KALYAN CESS AND EXCESS VAT PAYMENT

August 28, 2017

One of our valuable clients has raised the following queries related to excess VAT payment, ITC on education cess, etc  which have been answered as below:-

Q.1. If  a supplier show the supplies under B2C in his GSTR-1  in this case will we get the input tax credit?

A.1. A supplier who is re…

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New rules and circular on IEC code

August 28, 2017

As per the latest circular on IEC, as enclosed, the importer/exporters need NOT apply for separate IEC code for import/Export in India. As per the latest trade circular by the DGFT, the PAN shall be construed as new IEC code for the purpose of import and export and the DGFT department shall also is…

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ITC IN CASE OF CAPITAL GOODS UNDER GST

August 25, 2017

Introduction:

Input tax credit is the most important feature of the GST era.

Sec (19) of CGST Act states “capital goods” means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or…

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REVERSE CHARGE UNDER GST

August 23, 2017

Introduction

With the introduction of GST, came a new and maiden concept “Reverse Charge”. The concept of “Reverse Charge” was not available in any of the earlier laws. Under the GST rules, where in, a registered person receives any goods or services or both, which is taxable, from an unregistere…

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PLACE OF SUPPLY IN RELATION TO IMMOVABLE PROPERTY

August 23, 2017

THE  LAW

Sec 12(3) states :

The place of supply of services, ––

  1. directly in relation to an immovable property, including services provided by architects, interior decorators, surveyors, engineers and other related experts or estate agents, any service provided by way of grant of rig…

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FOREIGN INWARD REMITTANCE CERTIFICATE (FIRC) THROUGH PAYPAL

August 23, 2017

Exports are priority of any country, Goods and services are to be exported, taxes are not to be exported. WTO stipulates free and fair global trade. Giving export incentives will be against principle of fair trade and hence export incentives are not allowed under WTO. However, goods and services can…

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CONCEPT OF CONTINUOUS SUPPLY

August 23, 2017

Continuous supply of goods – The Law

“Continuous supply of goods” means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the reci…

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CONCEPT OF VOUCHERS UNDER GST

August 23, 2017

Introduction on various types of “payment instruments”:

The electronic world/Virtual world is slowly developing and evolving into new mode of payment instruments facilitating people for purchase of various goods and services. These so called “payments instruments” of future are:

a) Pa…

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BLOCKED CREDITS UNDER GST - Sec 17(5)

August 23, 2017

One of the most talked about feature of the Goods and Services Tax Law is seamless input tax credit.

Section 16 of the CGST/SGST Act reads as under:

“Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be en…

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EXPORT OF GOODS UNDER GST

August 23, 2017

EXPORT OF GOODS UNDER GST

Sec 2(5) of the IGST Act, defines “export of goods” with its grammatical variations and cognate expressions, means taking goods out of India to a place outside India.

Place of supply in case of export of goods:

In case of export of goods, place of supply shall …

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Introduction of Form 15CA & 15CB

August 17, 2017
  • Finance Bill 2008 introduced the process of e-filing of information pertaining to payment to non-resident via certificate and undertaking.

 

  • Earlier, the person making a remittance to NR was required to furnish certificate in a specified format circulated by RBI.

 

  • Basic p…

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CONCEPT OF INTERMEDIARY UNDER GST

August 17, 2017

CONCEPT OF INTERMEDIARY UNDER GST

In terms of provisions of Section 2(13) of the IGST Act, 2017, “Intermediary” means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both or securities, between two or more pers…

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GSTR - 3B

August 14, 2017

The GST Council has relaxed filing rules for the first two months post implementation. GSTR 3B is a simpler return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns – GSTR 1, 2 and 3.GSTR 3B is a consolidated return which is required to…

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New Amendment u/s 143 (1)(a) of Income Tax Act: More clarity required for claiming Refund

August 12, 2017

With the recent amendment under Section 143 (1)(a) of the Income Tax Act, the Department has limited the scope of taxpayers in showing less income than the Form 16 which is issued. The recent escalation of the taxpayers taking credit of House Rent Allowances, Medical Allowances, Leave Travel Allowan…

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IMPACT OF GST ON GOLD INDUSTRY

August 12, 2017

On the historic midnight of 30th June, when India’s labyrinth of taxes was replaced by GST, all sectors – wholesellers, retailers and consumers, et al, have been more or less affected by this fiscal reform.

Gold industry was not left behind. Even as consumers will face a slightly higher tax r…

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SALE OF OLD JEWELLERY UNDER GST

August 11, 2017

The old jewellery given by a Customer does not constitute supply under GST law. As per section 7 of the CGST Act, one of the essential elements of supply is furtherance of business of the person making the supply. In the instant case, sale of personal jewellery by a customer does not constitute furt…

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CONCEPT OF COMPOSITE SUPPLY AND MIXED SUPPLY UNDER GST

August 11, 2017

COMPOSITE SUPPLY

Sec 2(30) of CGST Act, 2017 defines “composite supply” means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each oth…

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CONCEPT OF E-WAY BILL UNDER GST

August 8, 2017

GST e-way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above fifty thousand rupees. The bill can be generated from the GSTN portal.

There are various rules and regulations issued by the CBEC for the handling of e-way bill. Central …

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19 blog posts