What happens if a person collects tax from another person but does not deposit the same with Government? Ans. It is mandatory to pay amount, collected from other person representing tax under this act, to the government. For any such amount not so paid, proper officer may issue SCN (show Cause Notice) for recovery of… Read More »
In case of refund under exports, whether BRC (Bank Realisation certificate ) is necessary for granting refund? Ans. In case of refund on account of export of goods, the refund rules do not prescribe BRC as a necessary document for filing of refund claim. However, for export of services details of BRC or Foreign Inward… Read More »
Can refund be withheld by the GST department? Yes, the proper officer can withhold refund of accumulated ITC under Section 54(3) in the following circumstances: i. If the person has failed to furnish any return till he files such return; ii. If the registered taxable person is required to pay any tax, interest or penalty… Read More »
Will ITC on Capital Goods lapsed or to be reversed on change of business i.e. from business of manufacturing and selling of taxable article (on own self) to business of doing Jobwork of same taxable artice (for other)? If ITC is availabe, will it be set off against GST liability even after period of 5… Read More »
HIGH COURT OF MADRAS K.K. Ramesh v. Union of India M. SATHYANARAYANAN AND MRS. R. HEMALATHA, JJ. W.P. (MD) NO. 16112 OF 2017 JANUARY 3, 2018 K.K. Ramesh for the Petitioner. Ms. S. Logeshwari for the Respondent. ORDER M. Sathyanarayanan, J. – By consent, the Writ Petition itself is taken up for final disposal. 2. The petitioner seems to have been aggrieved by… Read More »
GST News 16.01.2018 by CA Satbir Singh Related Topic on GST Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars GST Judgments GST Judgments GST Press Release GST Press Release GST… Read More »
The Indirect Taxes Committee of ICAI committed has come up with the December issue of e-newsletter on GST in order to serve all the stakeholders with the latest developments under GST. This well sourced newsletter contains latest GST updates & news, relevant articles on important issues under GST, ICAI’s initiatives and much more. E-newsletter can be downloaded… Read More »
What would be the action by the proper officer upon conclusion of the audit under GST? Audit by Department The proper officer shall, on conclusion of audit, within 30 days inform the taxable person about his findings, reasons for findings and the taxable person’s rights and obligations in respect of such findings. [ Section 65(6)… Read More »
Who can conduct audit of taxpayers under GST? Ans. There are three types of audit prescribed in the GST Act(s) as explained below: (a )Audit by Chartered Accountant or a Cost Accountant: Every registered person whose turnover exceeds Rs. Two crore, shall get his accounts audited by a chartered accountant or a cost accountant. (Section… Read More »
An assessee doing business from 2 years. He closed his business in dec-17. Is he eligible to claim refund of ITC Balance in Electronic Credit Ledger? Section 54 (3) of CGST Act : Provided that no refund of unutilised input tax credit shall be allowed in cases other than— (i) zero-rated supplies made without payment of tax;… Read More »