Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 40. Adjustment of additional tax paid – Section 60(3) It is not clearly stated in the act is as to when additional tax is paid then how will the registered person(s) adjust it against input/output liability as the case may be. Even… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 39. Provisional Assessment – Security or Surety to be furnished with the Bond Section 60(2) of the CGST Act, 2017 provides that payment of tax on provisional basis may be allowed, if the taxable person executes a bond in such form as… Read More »
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 »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 37. Certificate of tax collection in case of e-commerce operators Section 52 of the CGST Act provides that every electronic commerce operator, not being an agent, shall collect an amount calculated at the rate of one percent of the net value of… Read More »
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 »
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 »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 34. No interest recovery on the credit reversal on date of completion of building Section 50 of the CGST Act provides that every person liable to pay tax in accordance with the provisions of the Act or rules made thereunder, who fails… Read More »
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 »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 32. Furnishing of return by a registered taxable person under Section 10 Section 39(2) of the CGST Act provides that every taxable person paying tax under the provisions of section 9 shall, for each quarter or part thereof, furnish, in such form… Read More »
Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 31. Furnishing details of outward and inward supplies by the casual taxable person Section 37(1) of the CGST Act provides that every registered taxable person, other than an input service distributor, a non-resident taxable person and a person paying tax under the… Read More »