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 »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 48. Input tax credit in respect of inputs sent for job work As per section 143 (3) & (4) of the CGST Act, if the goods sent to job worker are not received within stipulated time then, it shall be deemed that… Read More »
Be Alert to Scammers Who Pose as the IRS Tax Scams Phishing-Malware IRS ID Theft FAQ – Going After the Bad Guys Scammers pretending to be from the IRS continue to target taxpayers. These scams take many different forms. Among the most common are phone calls and fake emails. Thieves use the IRS name, logo… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 47. Non-admissibility of input tax credit on revision of return furnished under earlier law Section 142(9) of CGST Act, 2017 provides that if a return furnished under the earlier law is revised and if, pursuant to such revision, any amount is found… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 46. Lapse of Refund claims filed and rejected under earlier law Section 142(3) of CGST Act, 2017 provides that every claim for refund filed by any person before, on or after the appointed day, for refund of any amount of CENVAT credit,… Read More »
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 »
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 »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 43. Credit of eligible duties and taxes in respect of inputs held in stock to a works contract service provider Section 140(3) of the CGST Act, 2017 provides that a registered person, who was not liable to be registered under the existing… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 42. Credit of unavailed CENVAT Credit in respect of Capital Goods Section 140(2) of CGST Act, 2017 provides that a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 41. Time limit for issuance of order for tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any will full misstatement or suppression of facts Section 73(9) of the… Read More »