Goods and Services Tax

The recent decision[1] of Supreme Court which has upheld the decision of Telangana & Andhra Pradesh High Court in the matter of PV Ramana Reddy & Others v. Union of India & Others[2], wherein the High Court has held that arrest under goods & services tax laws (GST laws) is

Background 1. Years of pending litigation in various IDE1 has become a huge burden to the Central Government, assessee and tax positions involved therein. As per the Economic Survey Report of 2019, the cases pending with CESTAT2, High Courts and Supreme Court as on 31.03.2017 are 1,00,4253. Apart from the

1. Rate Change – Goods 1.1 Rate Changes for Specified Goods: NN 1/2017-CT(R) dated 28.06.2017 is amended to provide for the following rate changes: i. The rate of tax on Marine Fuel 0.5% is reduced from 18% to 5% with effect from 01st October 2019. ii. The rate of tax

  In our last article, we have analyzed the legal provisions relating to interest payable under Goods & Services Tax (for brevity ‘GST’) laws towards delay in remittance of tax. Taking into consideration, the well established legal principle that interest is compensatory in nature and is required to be payable

Background:1. The Central Government has issued various notifications dated 30th March 19 to bring out the changes to the tax rates applicable for real estate sector. In this note, we have made an attempt to understand the impact of such notifications and the way forward for the promoters. Without any

Introduction: Traditionally, it was a well-accustomed practice under the Indirect Tax laws viz. Excise, Service Tax and VAT laws that interest is payable on the amount of tax due after adjustment of the input tax credit, that remains unpaid by the due date. Coming to GST laws, the said practice

The thin line of difference between the intermediary and marketing support services is fading as time progresses in the goods & services taxes era. In this write up, we analyse the line of difference between the intermediary and marketing support services (MSS) and conclude the safe way to proceed further

INTRODUCTION: With the requirement to get the records audited annually under GST Laws, the auditor is required to come up with reconciliation of turnover, input tax credit availed, taxes paid between Financial Statements and GST Records maintained. The said reconciliation statement is required to be prepared in the format as

Common Credits – GST Contributed by CA Sri Harsha and CA Manindar It is not a rocket science to understand why the credit of taxes paid on inputs, input services and capital goods were given to the tax payer and allow him to set off against his output tax liabilities.

Introduction: Under the erstwhile regime, levy of VAT on sale of goods is applicable only when such sale has been undertaken in the course of business. On the contrary, levy of excise duty or service tax are not connected with the existence of business. Under GST laws, the phrase ‘business’