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This website contains information about recent changes mainly in GST laws. It also contains Articles on various topic in GST. Please visit the website and read.
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Hi Reader,
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Please find tax updates in Newsletter 42 dated 11.06.2022 as below:
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Index
6. GST Notes by CMA Anil Sharma
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GST AAR
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Dried and polished turmeric supplied by a farmer is an agricultural produce and will not attract GST, Maharashtra’s Appellate Authority for Advance Ruling (MAAAR) has said. This ruling is significant as turmeric attracts GST at the rate of 5 per cent. Also, Maharashtra’s Authority for Advance Ruling (MAAR) earlier ruled that dried and polished turmeric was not covered under the …
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In an advance ruling under GST, the Maharashtra AAR has ruled that the amount received under lease rental services for residential purposes will be outside the ambit of GST. The ruling was made after M/S Kasturi and Sons Ltd approached the AAR that the Jurisdictional officer had ruled that giving properties on rent to LIC would not be residential in …
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There has been lot of confusion and ambiguities on the applicability of GST on Monthly Maintenance Charges. Whether entire amount would be liable for GST? If not, what components would be taxable, what would be exempt, whether collections above 7,500/- to be considered or entire amount to be considered. Advance Ruling Authorities of Maharashtra as well as Telangana have come out …
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GST Law
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The Central Goods and Service Tax, 2017 updated as on 01.01.2022 as published by Central Board of Indirect Taxes and Customs - CBIC is reproduced below for your easy reference and reading. Your suggestion / feedback is welcome at [email protected] THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (OF 2017) AS AMENDED BY THE - THE CENTRAL GOODS AND SERVICES …
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Income Tax in Media
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The Central Board of Direct Taxes (CBDT) will release a list of frequently asked questions (FAQ) on cryptocurrency tax before July 1. During an event hosted by the Income Tax Department as part of the Ministry of Finance’s ‘Iconic Week Celebrations,’ CBDT chairperson Sangeeta Singh said, “We are working on the FAQs for clarity on cryptos, and we will release …
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This facility is available to a PAN holder having net banking account with any of authorised banks. View of Form 26AS is available only if the PAN is mapped to that particular account. The facility is available free of cost. Login to your bank’s internet banking website and click on the option provided to view Form 26AS. Step – 1 …
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The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to the malfunction of the search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of …
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Below discussed case laws are part of article - Show Cause Notice Under GST- a complete analysis SCN can be quashed by HC in certain cases Cases where the Constitutional vires of the very enactment under which the proceedings are initiated is under challenge;Cases where the proceedings have been initiated or concluded in total violation of the principles of natural …
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What is Notice? A Notice is used in the sense of “observe” or “warning”, to bring someone to the attention of. On the other hand, the word “Notification” is used in the sense of “announcement”. Whenever our Clients get notice, we have to refer the Notifications. Notices under GST are communications made by the GST Authorities. A notice so issued, …
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Introduction: In the past 2 years there has been a spike in the number of GST notices. This is on account of completion of audit within time lines, data analytics being performed by the department, the recent slew of fake invoicing/fake ITC claim cases, and many more. Likely to increase due to the poor quality of AAR, Tribunals still to …
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Author: CA Akshay Hiregange
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Introduction The Finance Bill 2022 is yet to be passed by both the houses of the Parliament and receive Presidential assent to become the ‘Finance Act, 2022’. Although, for the changes in the CGST Act, additionally, notifications would be required to make them effective. Amendments to notifications under CGST or IGST would be applicable once the Bill becomes an Act. …
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Author: CA Akshay Hiregange
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Scrutiny means thorough checking of documents, verification of records of business transaction, cross examination of turnover of the taxpayers vis-à-vis payment of tax. Returns means summary of information or statement in prescribed format in nutshell, pertaining to a particular tax period. Section 37 to Section 45 of the CGST Act, 2017 specified the provision of GST returns and Section 61 …
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The Punjab and Haryana High Court bench of Justices Tejinder Singh Dhindsa and Pankaj Jain has held that there should be reason to believe that the input tax credit available in the Electronic Credit Ledger was obtained fraudulently or that the assesses are ineligible. The relevant officer must record the reasons, and a speaking order must be issued. The petitioner/assessee …
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The Telangana Authority of Advance Ruling (AAR) consisting of B. Raghu Kiran and S.V. Kasi Visweswara Rao has observed that GST is payable on medical health insurance premiums for employees. The applicant, M/s. Hyderabad Metropolitan Water Supply and Sewerage Board, has paid medical insurance premiums to provide health insurance to the employees, pensioners and their family members. The vehicle insurance …
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The Telangana Authority of Advance Ruling (AAR) consisting of B. Raghu Kiran and S.V. Kasi Visweswara Rao has ruled that GST is not payable on monthly collection not exceeding Rs. 7500 per member of the Resident Welfare Association (RWA). The applicant, M/s. Jayabheri Orange County Owners Association, is a Resident Welfare Association (RWA) collecting monthly maintenance charges, a certain annual …
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The Visakhapatnam Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the export entitlements and the duty drawback of the promotion scheme are an income assessable under the head “profits or gains from business or profession” as per clauses (iiib) and (iiid) of section 28 of the Income Tax Act, 1961. The two-member bench of Duvvuru Rl Reddy …
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It is not uncommon for co-operative housing societies (CHS) in Mumbai to seek transfer fees on sale of a flat, exceeding the stipulated Rs 25,000. While some societies outright seek a higher transfer fee, others ‘welcome’ an additional payment, which is set aside for future use, such as for carrying out major repairs later. The issue of applicability of goods …
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The Hyderabad Bench of ITAT has ruled that the tuition fee collected in advance is not taxable in the year of receipt and that the tuition fee is taxable only when a corresponding service is rendered by the educational institution. The Bench, consisting of K. Narasimha Chary (Judicial Member) and Rama Kanta Panda (Accountant Member), held that examination fee collected from students on behalf …
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The Delhi High Court, consisting of Justice Manmohan and Justice Manmeet Preetam Singh Arora, has quashed the reassessment order issued without considering the reply filed by the assessee. The petitioner/assessee stated that the reassessment proceedings initiated by the department were void ab initio. The proceedings were initiated in the name of “Damian Estate Developers Private Limited”, which was a non-existent …
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Facts and Issue of the case This appeal preferred by the assessee emanates from order of the ld. Commissioner of Income Tax (Appeals)- 7, Pune, dated 08-01-2019 for A.Y. 2014-15 as per the grounds of appeal on record. The assessee is engaged in the wholesale trading of food grains as a proprietary concern under the name and style “Swaminath Nilkanth …
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GST Notes by CMA Anil Sharma
1) CGST Act in Slides form: Respected Shri CMA Anil Sharma, Shri CMA Gurdev Singh Saini and Respected Smt. CMA Bhawna Sharma presenting CGST Act / IGST Act in simple language in PPTs to make dealers, professionals, academicians, students etc. understand the basics of GST laws. Each Chapter in CGST Act, 2017 is explained in the form of Slides as given below for easy understanding of the Act:
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