Query: If an individual buys a car for personal use and after a year sells it to a car dealer. Whether this transaction will be a supply in terms of Model GST Law ? Answer: No, this transaction is not be a supply because supply is not made by the individual in the course or furtherance of… Read More »
Understanding the Child and Dependent Care Tax Credit The IRS urges people not to overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year. Taxpayers can use the IRS Interactive Tax Assistant tool, Am I… Read More »
Common Errors in IDT- To be corrected prior to GST Published on Mar 12, 2017 Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply & Valuation Rules… Read More »
Revised Model GST Law ( Nov 2016) Section 197 Revised Model GST Law ( Nov 2016) Transitional provisions for availing Cenvat credit in certain cases Where any Cenvat credit availed for the input services provided under the earlier law has been reversed due to non-payment of the consideration within a period of three months, such… Read More »
Revised Model GST Law ( Nov 2016) Section 196 Revised Model GST Law ( Nov 2016) Deduction of tax source Where a supplier has made any sale of goods in respect of which tax was required to be deducted at source under the earlier law and has also issued an invoice for the same before… Read More »
Revised Model GST Law ( Nov 2016) Section 195 Revised Model GST Law ( Nov 2016) Goods sent on approval basis returned on or after the appointed Day Where any goods sent on approval basis, not earlier than six months before the appointed day, are rejected or not approved by the buyer and returned to the… Read More »
Revised Model GST Law ( Nov 2016) Section 194 Revised Model GST Law ( Nov 2016) Treatment of branch transfers Notwithstanding anything to the contrary contained in this Act, any amount of input tax credit reversed prior to the appointed day shall not be admissible as credit of input tax under this Act. (Only in… Read More »
Revised Model GST Law ( Nov 2016) Section 193 Revised Model GST Law ( Nov 2016) Tax paid on capital goods lying with agents to be allowed as credit Where any capital goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to… Read More »
Revised Model GST Law ( Nov 2016) Section 192 Revised Model GST Law ( Nov 2016) Tax paid on goods lying with agents to be allowed as credit Where any goods belonging to the principal are lying at the premises of the agent on the appointed day, the agent shall be entitled to take credit… Read More »
Revised Model GST Law ( Nov 2016) Section 191 Revised Model GST Law ( Nov 2016) Provision for transfer of unutilized Cenvat Credit by taxable person having centralized registration under the earlier law Where a taxable person having centralized registration under the earlier law has obtained a registration under this Act, such person shall be allowed… Read More »