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Blog posts : "GST"

Scientific Consultancy Services to a Central Govt. company

September 17, 2017

Scientific Consultancy Services to a Central Govt. company

 

Our valuable client had raised the following query on scientific consultancy services provided to a Central Govt. company.

Question - I am doing scientific consultancy in Delhi, my registration is in Kolkata but I am working for …

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TRANSITIONAL PROVISION UNDER GST – SEC 140(2)

September 15, 2017

Credit of unavailed CENVAT credit in respect of capital goods

THE LAW:

140(2)- Credit of unavailed CENVAT credit in respect of capital goods, not carried forward in a return, shall be allowed.

Section 140(2) states, a registered person, other than a person opting to pay tax under section 1…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(1)

September 15, 2017

Carry forward of tax credit claimed in the tax returns

THE LAW:

140(1)-Amount of CENVAT credit carried forward in the return allowed as input tax credit.

Section 140(1) states, a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his ele…

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GST RETURN FILING DATES REVISED

September 12, 2017

Sl No

Details / Return

Tax Period

Revised due date

  1.  

GSTR-1

July, 2017

10-OCT-17

For registered persons with aggregate turnover of more than Rs…

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MAJOR RECOMMENDATIONS MADE IN THE 21ST GST COUNCIL MEETING 9TH SEPTEMBER 2017

September 12, 2017

The following recommendations were made by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017.

GST Returns

  1. Revised schedule of filing GST return is as under:

 

Sl No

Details / Return

Tax Period

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REDEVLOPMENT OF REAL ESTATE PROJECTS AND GST IMPLICATIONS

September 7, 2017

REDEVELOPMENT OF PROJECTS UNDER GST

The Goods and Services Tax (GST), the ultimate tax reform since independence, aims to eliminate the complex and ambiguous tax structure plaguing the country currently. GST is expected to be a sentiment booster for the real estate industry and will seek to reviv…

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BOND AND LETTER OF UNDERTAKING IN CASE OF EXPORTS

September 5, 2017

Under GST regime, export of goods and services has been treated as a “zero rated supply”. This implies that no tax would be payable on such supplies and the exporter will be able to claim the corresponding input tax credits.

Indian Government has specified the following procedures for export …

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TIME OF SUPPLY UNDER GST

September 5, 2017
Supply has been understood to hold the key to the incidence of GST, but it is the ‘time of supply’ that dictates the occasion when this incidence will come to rest. Time of supply of goods/services under GST refers to the point of taxation i.e the date and time on which , the liability to pay tax ar…

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GSTR-3B can be rectified while filing GSTR-1 & GSTR-2

September 3, 2017

This Friday, i.e. 1st September, 2017 CBEC has issued a circular and clarified that the errors made by tax payers in GSTR-3B can be rectified while filing regular returns in GSTR-1 & GSTR-2 respectively.

Previously, there was no provision to revise GSTR-3B even in case there was an inadvertent mi…

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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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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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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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