ISD Vs CROSS CHARGE
An Analysis of Circular No. 199 dated 17/07/2023 Preface Cross charge and Input Service Distributor (ISD) compliances has been complex and contentious issues under the Goods and Services Tax (GST) …
KEY PROPOSALS OF 50th GST COUNCIL MEETING HELD ON 11.07.2023
GTA OPTING FCM NOT REQUIRED TO FILE DECLARATION COUNCIL RECOMMENDATION As a trade friendly measure, it has been decided that GTAs will not be required to file declaration for paying …
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LAST CHANCE REVOCATION OF CANCELLATION OF REGISTRATION
INITIATING CANCELLATION AND REVOCATION Cancellation can be initiated by the department at his own motion under Sec 29 of the Act and Rule 21 of CGST Rules. Revocation of cancellation …
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RETROSPECTIVE CANCELLATION CANNOT BE A GROUND FOR ITC DENIAL
M/s. Gargo Traders Vs JC, Commercial Taxes, by The High Court of Calcutta UNDERLYING ISSUE The petitioner made purchase in November 2018 when suppliers registration was active subsequently authority has …
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SERVICE TAX ON CORPORATE GUARANTEE
SC Judgement in the matter of M/s Edelweiss Financial Services FACTS OF THE CASE M/s Edelweiss Financial Services Limited issued a corporate guarantee without any consideration. The Revenue claimed that …
TAX ON GOODS SUPPLIED UNDER WARRANTY
Recent SC Judgement In Case of M/S TATA MOTORS UNDERLYING TRANSACTION Tata Motors sells vehicles and spare parts to Marudhara Motors with CST charged against “C” form. Marudhara Motors has …
Decoding IDT Proposal of Union Budget 2023
PREFACE In many ways, India stands on a strong wicket from an economic point of view. Even though economic growth is yet to return to pre-pandemic levels, business sentiment remains …
Notification No. 26/2022 & 27/2022-CT Dated 26.12.2022
Amendment in GST Rule, 2017 pursuant to recommendation of 48th GST Council Meeting, Vide noti No. 26/2022 & 27/2022 dated 26/12/2022
Startups Funding – Government Funding Aid
India has about 40 million Micro Small and Medium Enterprises (MSMEs), including registered and unregistered ones. MSMEs fall under the categories of both the organized and the unorganized sectors. These MSMEs contribute …
UNION BUDGET 2021- KEY AMENDMENTS PROPOSED UNDER GST
Scope of Supply A new sub-section (aa) in Section 7 is proposed to be inserted retrospectively with effect from July 1, 2017 to levy tax on supply of services/goods by …
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