Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 23. Exempt Supply becoming Taxable Supply Section 18(1) of CGST Act provides that a person who has applied for registration under this Act within 30 days from the date on which he becomes liable to registration and has been granted such registration… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 22. Denial of Credit on Goods Confiscated or detained Clause i of Section 17(5) of CGST Act provides that input tax credit shall not be available in respect of the any tax paid in terms of section 74, Section 129 or… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 21. Disallowance of Credit in respect of works contract services Clause c Section 17(5) of CGST Act provides that works contract services when supplied for construction of immovable property, other than plant and machinery, except where it is an input service for… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 20. Ensuring free flow of credit There is no requirement to create such a degree of suspicion about business and personal expenses. If the business needs justify the expense, then subject to the safeguard in section 17(1), credit should not be… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 19. Treatment of Credit for assessees making fully exempt supplies Section 17(2) of the CGST Act, 2017 provides that where the goods or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies under CGST… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 18. Blocking of Input Tax Credit for certain set of Services Section 15(5)(b) of CGST Act, 2017 provides that no input tax credit is available on supply of goods or services or both: — i) food and beverages, outdoor catering, beauty… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 17. Inclusion of Interest, penalty etc. in Value of Supply Section 15(2)(d) of CGST Act provides that the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply. Issue In most of… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 16. Manner of determination of amount liable to be paid by the supplier Section 15(2)(b) of the CGST Acts provides that the value of supply shall include any amount that the supplier is liable to pay in relation to such supply but… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 15. Deferment of levy till Time of Supply Section 12(1) & Section 13(1) of CGST Act provide that liability to pay CGST/ SGST shall arise at the time of supply……. Issue The language employed appears to indicate that the levy is deferred… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 14. Availability of Composition Scheme to various assessees Section 10 of the CGST Act, 2017 provides for Composition Scheme availability to registered persons whose aggregate turnover in the preceding financial year did not exceed Rs. 75 lakh. Issue The benefit of composition… Read More »