Daily Archives: August 15, 2017

Allow Carry forward of Transitional Credit under GST if Invoice if older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 49. Carry forward of credit – Sec 140 (3)(iv) Section 140(3)(iv) allows a specified registered person, to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods… Read More »

Category: GST

Allow Transitional Credit under GST if supplier of services not availed abatement : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 45. Eligibility of Transitional Credit subject to the condition that supplier of services is not eligible for any abatement Section 140(3) (v) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Clause 140 (3) shall, amongst… Read More »

Category: GST

Relax transitional ITC time limit under GST if Invoice older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 44. Invoice not to be older than 12 months for availing credit Clause (iv) of Section 140(3) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Section 140(3) shall, amongst others, be subject to the condition… Read More »

Category: GST

GST refund if Rate on Input Services higher than tax liability : Issues and Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 38. Refund in case of accumulated Credit where input tax credit amount is higher than tax liability. Section 54(3)(ii) of CGST Act provides that no refund of unutilised input tax credit shall be allowed in cases other than where the credit has accumulated… Read More »

Category: GST

Relax time to furnish GST return by Electronic Commerce Operator on notice : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   36. Extension of time limit to furnish information by the Electronic Commerce Operator Section 52(12) of the CGST Act provides that any authority not below the rank of Deputy Commissioner may serve a notice, either before or during the course of… Read More »

Category: GST

Missing Provision : Issue of certificate for GST collected by E commerce Operator : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 35. Electronic Commerce The provisions relating to tax collection at source and thereby depositing the same with Government, by electronic commerce operator are provided in the Section 52 of the CGST Act. However, provision regarding ‘issuance of certificate for payment of taxes… Read More »

Category: GST

Do not deny GST ITC if paid on RCM basis & not disclosed by Supplier : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 33. Matching, reversal and reclaim of input tax credit Section 42(1) of the CGST Act provides that the details of every inward supply furnished by a registered taxable person (hereinafter referred to in this section as the ‘recipient’) for a tax period… Read More »

Category: GST

Define Books of Accounts for GST : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 30. Definition of Books of Accounts for the purpose of GST Section 35 of the CGST Act provides that every registered taxable person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true… Read More »

Category: GST

Amend GST provision for Tax Liability of casual taxable person & non-resident taxable person

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 28. Special provisions relating to casual taxable person and non-resident taxable person Section 27(2) of the CGST Act provides that: A casual taxable person or a non-resident taxable person shall, at the time of submission of application for registration under sub-section (1)… Read More »

Category: GST

Aggregate Turnover in GST not to include income earned without business motive : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 25. Registration for Assessees with Aggregate Turnover Over Rs. 20 Lakhs Section 22 on the CGST Act, 2017 provides that every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States,… Read More »

Category: GST

Section 75 Gujarat GST Act 2017 : General provisions relating to determination of tax

By | August 15, 2017

Section 75 Gujarat GST Act 2017 ( Section 75 Gujarat GST Act 2017 explains General provisions relating to determination of tax  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) General provisions relating to determination of tax 75. (1) Where the service of notice or issuance of order is stayed by an order of a court or Appellate Tribunal, the… Read More »