184 ViewsA revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, changes are being implemented incrementally in a gradual manner, to leverage the familiarity of taxpayer […]
DETAILED ANALYSIS ON DEMAND, RECOVERY, SCN PROCEDURES UNDER GST
745 ViewsBy, M.S.VIJAYAKUMAR, ASSISTANT COMMISSIONER GST (RETD.) Introduction Goods and Services Tax (GST) is a system where one person determines the tax and pay the tax by self-assessment. When the tax is paid by doing self-assessment, there is likely to be a chance that the tax may be short paid without any malice intention or there may […]
Provisions Relating to Summons in GST Laws
212 ViewsBy, Abhishek Raja Ram, CA in Practice, Abhishek Raja and Associates Section 70 of Central Goods and Services Act 2017 – Power to summon persons to give evidence and produce documents. (1) The proper officer under this Act shall have power to summon any person whose attendance he considers necessary either to give evidence […]
NGOs & Taxability
178 ViewsBy, CA. S S Quadri, B. COM (H), FCA, DIRM (ICA), ISA (ICA), MDBA, LLB, S S Quadri & Co., Chartered Accountants This write up is to know about NGOs in brief and its taxability in different aspects. NGO Stands for Non-Governmental Organisations. NGO is also known as NPO ie Non-Profit Organisations. In general […]
MSME Supplier and Input Tax Credit under GST – A Conundrum
363 ViewsBy, Mr. Sudeep Manek, Chartered Accountant working in MNC & Mr. Yogesh Gaba, Practising Chartered Accountant Confusion, when embraced, is the starting point for discovery, direction, and decision – Richie Norton Note: This article was first published by Taxmann in the link – Click here OTU thanks the author and Taxmann for giving consent […]
DEFERRED PAYMENT OF CUSTOMS DUTY – A TRADE FACILITY MEASURES
386 ViewsBy, Ramesh Chandra Jena, B.A. (Hons.), M.A. (Eco.), D.M.M., LL.B, ADVOCATE & TAX CONSULTANT The deferred payment of Customs duty means delinking duty payment and Customs clearance. It is based on the principle ‘Clear first-pay later’. The aim is to have a seamless wharf to warehouse transit in order to facilitate just-in-time manufacturing as […]
Summons at the drop of a hat
224 ViewsBy Vijay Kumar, Editor-in-Chief of Tax India Online (TIOL) Note : This article was first published in Tax India Online (TIOL) which is One Stop Destination for Taxmann and Taxpayer. OTU Team thanks the author and editor of TIOL to grant us the needful permission to publish their article here for the benefit of readers, […]
Can the post-supply reduction in price impact the ITC claim?
250 ViewsBy, SHRI SHAILESH P. SHETH, ADVOCATE , M/S. SPS LEGAL Input Tax Credit’ (‘ITC’) is the ‘soul’ of the ‘Goods and Services Tax Act’ (‘GST’), an Indirect Tax policy. The mechanism of ITC plays a significant role in mitigating the adverse impact of ‘Tax on tax’ by enabling the taxpayers to pay the tax only on […]
IMPLICATION OF GST ON FMCG SECCTOR IN INDIA
208 ViewsBy, M.S.VIJAYAKUMAR, ASSISTANT COMMISSIONER GST (RETD.) INTRODUCTION Fast moving consumer goods (FMCG) is the 4th largest sector in the Indian economy. There are three main segments in the sector – food and beverages, healthcare and household and personal care which accounts for almost half of the sector. FMCG Companies are looking to invest in energy efficient […]
SCN alleging Inadmissibility of CESS as Transitional Credit set aside issued on the basis of Explanation 3 of Section 140 of CGST Act, 2017 inserted vide Section 28 of CGST Amendment Act, 2018
174 ViewsBy, Mr.Rachit Agarwal, CA Kolkata, Email- [email protected] 2021 (11) TMI 157 – Bombay High Court in Godrej & Boyce Mfg. Co. Ltd. Versus Union of India and Ors. Allegation against the Petitioner “ availed inadmissible transitional credit amounting to ₹ 3,83,43,693/- [Ed Cess: ₹ 1,46,47,191/-, S.H. Ed Cess: ₹ 71,77,464/- & PLA: ₹ 1,65,19,038/-] […]
