Ready Made Garment Trading Company offer 25% discounts for procurements made by employees. Cost of Ready Made Garment is Rs 100 . GST is to be levied on Rs 75 or on Rs 100 ? Value of supply of goods or services or both between distinct or related persons, other than through an agent Rule… Read More »
Is there any GST on Transfer of Laptop at concessional rate to employee for his personal use? The employer will have to pay taxes on the value of such assets irrespective of whether the credit is availed on such assets or not since this transaction will get covered under Sl No 2 of Schedule I… Read More »
What are the basic requirements to be observed during Search operations under GST? Ans. The following principles should be observed during Search: No search of premises should be carried out without a valid search warrant issued by the proper officer. There should invariably be a lady officer accompanying the search team to residence. The officers… Read More »
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 »
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 »
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 »
So many Societies in Mumbai (Maharashtra), where the Members of the Society has taken possession of the flat and have not obtain Completion Certificate from BMC. Whether the sale of residential flat by member post 30-6-17 will be liable for GST? Refer SCHEDULE II of CGST Act 2017 ACTIVITIES TO BE TREATED AS SUPPLY OF… Read More »
If director of public company resides in Delhi and the company is registered in Uttar Pradesh (UP) . The board meeting of the company took place in Delhi. Then as per Sec. 12(2)(a) of IGST Act, the company will pay CGST & SGST under Reverse Charge . 2) If meeting is in UP ,… Read More »
Whether interest has to calculated every day wise or any part of month will be treated as full month. Section 50 of CGST Act 2017 : Interest on delayed payment of tax . (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but… Read More »
If an “ not for profit” entity registered under section 12AA of Income Tax Act 1961 supply goods , is it liable for GST ? There is NIL GST on following :- Services by an entity registered under section 12AA of the Income-tax Act, 1961 (43 of 1961) by way of charitable activities. [ Entry… Read More »