Cybercrime audit on banks to check loopholes To address the issue of cyber resilience, RBI vide circular dated December 9, 2016 had instructed all authorised entities / banks issuing PPIs in the country to: (i) Carry out a special audit by the empanelled auditors of Indian Computer Emergency Response Team (CERT-In) on a priority basis… Read More »
Whether input tax credit can be availed on input services and capital goods when there is application for new registration or voluntary registration under section 18 When there is application for new registration or voluntary registration under Section 23(1) or Section 23(3) GST , Input tax credit cannot be availed on the input services and… Read More »
Whether input tax credit available on taxable goods, which are given free as gift etc. for sales promotion? As per Section 17(4) [Apportionment of credit and blocked credits] of Revised Model GST Law – input tax credit shall not be available in respect of the following: ….. (g) goods lost, stolen, destroyed, written off or… Read More »
What is the time limit within which the recipient of service is liable to pay the value of supply with taxes to the supplier of service to avail input tax credit? The time limit is three months from the date of issue of invoice by the supplier of service within which the recipient is liable… Read More »
GST Credit Extract of Section 16(2) –Eligibility and conditions for taking input tax credit of Revised Model GST Law No registered taxable person shall be entitled to the credit of any input tax in respect of any supply of goods and/or services to him unless,- (a) he is in possession of a tax invoice or debit… Read More »
Price is not the sole consideration. As per Section 15 [ Value of taxable supply] of Revised Model GST Law i.e transaction value will be taken as value of Taxable Supply only when i) supplier and the recipient of the supply are not related and ii) price is the sole consideration for the supply. There may… Read More »
Time of supply of services in case of import of services under GST There is no separate provision in Revised Model GST Law for ascertaining the time of supply in case of import of services As per Section 3(1)(b) -[ Meaning and scope of supply] of the Revised Model GST Law Supply includes— (b) importation of services, for… Read More »
Time of supply in case of works contract under GST As per SCHEDULE II [ MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES] of Revised Model GST Law , 5 The following shall be treated as “supply of service” (f) works contract including transfer of property in goods (whether as goods or in some other form) involved… Read More »
GST on Advance Payment Received Provisions in GST relating to Taxation of Advance Payments for Goods or Services In terms of section 12 (Time of Supply of Goods) & Section 13 (Time of Supply of Services) of the Revised Model GST Law, , time of supply of goods or services shall be earliest of date of… Read More »
Clarification by Central Board of Direct Taxes on rollback provision in the revised India-Korea Double Taxation Avoidance Agreement The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA… Read More »