Note on ‘Financial Year’ in GSTR-9 and GSTR-9C I. Introduction Annual Return in FORM GSTR-9 and Reconciliation Statement in FORM GSTR-9C requires a registered person to disclose the Financial Year for which the said Forms are being filed. The concept of Financial Year although integral to Goods and Services Tax has not been defined under… Read More »
GST AAR Maharastra In re Lion Club of Poona Kothrud Advance Ruling NO. GST-ARA-33/2018-19/B-100 Question :- Since the amount collected by individual Lions clubs and Lions District is for convenience of Lion members and pooled together only for paying Meeting expenses & communication expenses and the same is deposited in single bank account. As there is… Read More »
Ministry of Finance Direct Tax Collections for F.Y. 2018-19 up to November, 2018 Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year Posted On: 10 DEC 2018 The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are… Read More »
Ministry of Finance Streamlining of National Pension System (NPS) Posted On: 10 DEC 2018 Decision The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS). · Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10%… Read More »
Determination and apportionment of input tax credit in respect of capital goods (Critical analysis of Rule 43 of Central Goods and Services Tax Rules, 2017 Input tax credit (‘the ITC’) is the backbone of GST. On a perusal of section 73 and and74 will reveal that wrong availment of ITC is being treated as violation,… Read More »
Date : Dec 10, 2018 Statement by Governor On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and… Read More »
How to Pay GST Demand in DRC 03 ? GST News 324 GST DRC 3 : Intimation of payment made voluntarily or made against show cause notice (SCN) or statement Intimation of GST Voluntary payment Form DRC 03 by Taxpayers : Explained by GSTN How to make Payment of Form GST FORM DRC 03 ?… Read More »
GST on Building before completion : Study Material Order No 4/2019 Central Tax : ITC apportion formula in case of sale of Building before completion GST on Sale of Buildings before completion w.e.f 01.04.2019 34th GST Council Meeting Decisions on 19.03.2019 for GST on Builders from 01.04.2019 Effective tax rate on complex, building, flat etc. :… Read More »
AAR Karnataka In re Sri. Harish Dharnia Vs Dr. Ravi Prasad M.P. Advance Ruling No. KAR ADRG 32/2018 Date of Ruling : 03/12/2018 (a) Which date should be considered as the date of completion of the property – the date of receipt of necessary approvals from BBMP / Karnataka Pollution Control Board / Karnataka Electricity… Read More »
GST Provisional Assessment Provisional Assessment in GST : analysis Introduction A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. The… Read More »