158 ViewsGST is payable by a registered person supplying the goods or services or both. However, there is a provision under GST which makes the receiver of goods or services or both responsible to pay GST on behalf of the supplier of goods or services or both. This concept is called as ‘reverse charge mechanism’ […]
IGST paid wrongly under CGST will be refunded but the taxpayer has to pay tax under correct head
139 ViewsThe Hon’ble High Court of Jharkhand has ruled on 18.12.2019 in the case of SHREE NANAK FERRO ALLOYS PVT. LTD that the tax paid incorrectly under CGST head will be refunded but the taxpayer has to pay tax under correct head IGST. The petitioner, M/s. Shree Nanak Ferro Alloys Pvt. Ltd., had filed GSTR-1 […]
Difference between advance money and deposit amount
152 ViewsThere is a difference between advance money and deposit amount. The advance is received toward goods or services to be supplied in future. The supplier of goods or services use the advance money for the purpose of supply of goods or service. On the other hand deposit money is received only as a security. […]
Input Tax Credit (ITC) cannot be denied due to technical glitches
147 ViewsThe Goods and Service Tax has come into effect from 01.07.2017. It has subsumed large number of Central and State levies into a single tax. Various taxes like Central Excise Duty, Additional Duties, Special Duties, Service Tax, Cesses, Surcharge and State VAT, CST, Purchase Tax etc. have been merged into single tax i.e. GST. […]
Refund cannot be denied merely based on the Circular
166 ViewsThe Hon’ble Madras High Court in the case of M/S. PRECOT MERIDIAN LIMITED VERSUS THE COMMISSIONER OF CUSTOMS, THE ASSISTANT COMMISSIONER OF CUSTOMS has ruled on 19.11.2019 that the petitioner is entitled for refund and it cannot be ignored by citing the circular. Accordingly, the respondents are directed to refund the amount of IGST […]
Refund of tax under GST
138 ViewsSection 54 of CGST Act, 2017 provides for refund of tax. Time-period to claim refund: Any person claiming refund of any tax and interest which he has paid may make an application before the expiry of two years from the relevant date. “Relevant date” is defined as under: (a) in the case of goods […]
GST: Valuation in case of supply to a distinct person
141 ViewsThe appellant M/s. Specsmakers Opticians Pvt Ltd a registered taxpayer under Tamil Nadu Goods & Services Tax Act 2017 / Central Goods & Services Tax Act 2017 has filed an Appeal with Appellate Authority for Advance Ruling, Tamil Nadu against the advance ruling passed on 24.06.2019 by Authority for Advance Ruling, Tamil Nadu. The […]
Availability of Input Tax Credit (ITC) in special circumstances
171 ViewsSection 18 of the CGST Act, 2017 provides for the availability of Input Tax Credit (ITC) in special circumstances. A taxpayer referring this section should also refer section 16 and 17 to ascertain the eligibility of input tax credit which he would be claiming under this section. In other words, the input tax credit […]