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Blog posts : "GST"

CHARGEBILITY OF GST IN CASE OF PROVISION OF INTERIOR DECORATION SERVICES WITH RESPECT TO AN IMMOVABLE PROPERTY

October 6, 2017

Our valuable client is an interior decorator having registered office in Kolkata. He has been assigned with the interior work of a company located in Bihar. He has raised the following questions:

  1. Will he charge IGST or SGST/CGST?
  2. Will he have to take separate registration in Bihar?

Our …

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CLARIFICATION ON ISSUES RELATING TO FURNISHING OF BOND/LETTER OF UNDERTAKING FOR EXPORTS

October 6, 2017

In a move to simplify the procedure of exports for small exporters, Ministry of Finance, Central Board of Excise and Customs, GST Policy Wing has issued a circular dated 4th October, 2017 vide Circular No. 8/8/2017-GST, clarifying issues relating to Bond/LUT in case of export of goods and services w…

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IMPACT OF GST IN CASE OF HIGH SEAS SALE TRANSACTIONS

September 30, 2017

Definition:

Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance.

The above definition implies that “h…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(5)

September 24, 2017

Credit of eligible duties and taxes in respect of inputs or input services during transit

THE LAW:

140(5) - Credit of eligible duties and taxes in respect of inputs or input services during transit

A registered person shall be entitled to take, in his electronic credit ledger, credit of e…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(4)

September 23, 2017

Credit of eligible duties and taxes in respect of inputs held in stock allowed incertain situations

THE LAW:

140(4) - Credit of eligible duties and taxes in respect of inputs held in stock allowed in certain situations.

A registered person, who was engaged in the manufacture of taxable as w…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(3)

September 23, 2017

Credit of eligible duties in respect of inputs held in stock allowed in certain Situations

THE LAW:

140(3) - Credit of eligible duties in respect of inputs held in stock allowed in certain situations.

A registered person, who was not liable to be registered under the existing law, or who w…

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LABOUR SUPPLY UNDER GST

September 22, 2017

There can be two instances for supply of labour under GST

  1. Supply of both material and labour - The supplier is engaged in supply of labour ( hired labour from outside) alongwith supply of own materials such as cement, steel, sand and other materials, then such service would be classified as a …

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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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20 blog posts