Understanding Input Tax Credit under Ex-Works Contracts This is a great summary of the CBIC circular on ITC claims for Ex-Works contracts. Here are the key takeaways in bullet points: Problem: Disputes arose between taxpayers and tax authorities regarding when to claim ITC on goods delivered under EXW contracts, especially in the automobile sector. Taxpayers… Read More »
HSN code for consultancy services The HSN code for consultancy services generally falls under 9983. However, the specific code depends on the type of consultancy you provide. Here’s a breakdown: 998311: This is the most common code for consultancy services. It covers management consulting and management services, including financial, strategic, human resources, marketing, operations, and supply… Read More »
What is HSN Code for Gold The HSN code for gold depends on its form. Here’s a breakdown: HSN Code 7108: This code applies to gold (including gold plated with platinum) in the following forms: 7108 11 00: Gold powder 7108 12 00: Other unwrought forms of gold (e.g., gold bars, gold nuggets) 7108 13… Read More »
HSN code mandatory in GST Return for Non GST goods This is a bit of a tricky situation! Here’s why: HSN Codes and GST: HSN (Harmonized System of Nomenclature) codes are primarily used for classifying goods to determine their GST rate. Non-GST Goods: Non-GST goods, by definition, fall outside the scope of GST. This means… Read More »
CIRCULAR NO. 241/35/2024-GST [F. NO. CBIC-20001/14/2024-GST], DATED 31-12-2024 This circular clarifies the availability of Input Tax Credit (ITC) under the GST framework, particularly for situations involving Ex-Works (EXW) contracts, common in the automobile sector. Here’s a breakdown: Issue: Automobile dealers operating under EXW contracts with Original Equipment Manufacturers (OEMs) face challenges in claiming ITC. While dealers consider the… Read More »
Finality of Settlement Under Vivad se Vishwas Act: Designated Authority Cannot Reopen Concluded Cases Finality of Certificate: Once a final certificate (Form No. 5) is issued under Section 5(1) of the Direct Tax Vivad Se Vishwas Act, 2020, and the taxpayer deposits the determined amount, all disputes regarding the ‘tax arrear’ are concluded. No Reopening… Read More »
Can we amend HSN CODE in GSTR 1 Yes, you can amend the HSN code in GSTR-1 nefore Filing of GSTR 1 or after Filing of GSTR 1. Here’s how: 1. Access the GST Portal: Go to the GST portal and log in with your credentials. 2. Navigate to GSTR-1: Go to the ‘Returns Dashboard’… Read More »
Can I Change HSN code in E Way bill No, you cannot directly change the HSN code in an already generated e-Way Bill. E-Way Bill is Final: Once an e-Way Bill is generated, it is generally considered final. Cancellation and Re-generation: If you’ve made an error in the HSN code, you’ll typically need to: Cancel… Read More »