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 »
GST on GTA /GST on Goods Transport Agency In depth Analysis of GST on GTA services as per GST act of India w.e.f 01.07.2017 GST Service classification heading for Goods Transport Services is 9965. The groups in this heading are Land transport services of goods (99651), water transport services of goods (99652) Air and space… Read More »
Expressing serious resentment over the levying of the Goods and Services Tax (GST) on ongoing government projects, Telangana Chief Minister K Chandrashekar Rao said his government would wage a legal battle against the ‘unilateral decisions’. The Chief Minister registered a serious protest against the decisions taken at the GST Council meeting on Saturday. The Council… Read More »
Eight Tips to Protect Taxpayers from Identity Theft Identity Theft : FAQ Phishing-Malware Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people… Read More »