Category: TAX

The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: 1-  In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved: GSTR-1 for the tax period July,2017 may be filed upto 10th October , 2017 . … Continue reading Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017:

Query : _______ The warehouse is located and registered in U.P. and the goods stored in such warehouse belong to a taxable person who is registered in Delhi , what will be the liability of the supplier of service for storage or warehousing of goods in GST ?   Reply: _____   (i) Rate of … Continue reading Storage or Warehousing Services :

Works contract is one concept which shall be anxiously dealt with in the GST regime . in sharp contrast to its taxability in the existing VAT regime where the taxation was on the transfer of property in goods in the works contract , and the works contract services were separately taxed as services in the … Continue reading Clarification regarding Taxation on Works Contract In GST Regime :

According to the provisions embodied in Rule-43 the admissible amount of ITC in respect of Capital Goods from the total amount of input tax i.e. T in respect of such Capital Goods , shall be determined by considering following facts embodied in various clauses of sub-rule(1) of the aforesaid rule :-   (a) The amount … Continue reading Clarification of Admissibility of ITC on Capital Goods In GST Regime (Rule-43):

The revenue receipts of GST for the month of July,17 have been quite encouraging . As against Government's expectations of revenue receipts of 91,000 Crores for the month of July,17 , the actual receipts for this month from GST have been Rs. 92,283 Crores . This is Rs. 1,283 Crores more than what was expected … Continue reading GST Doing Better Than Expected :

Query : How input tax credit ( ITC) shall be claimed in the cases of reverse charge ? Reply : It is quite evident that following transactions may be executed in the normal cases of supplies : A registered person executes taxable supplies to registered person. A registered person executes supplies to unregistered person . … Continue reading ITC In Cases Of Reverse Charge :

Query :   Whether hotels and restaurants who supply food etc to the people will get ITC in GST regime particularly in the light of the provisions embodied in Sub-section (5) of Section 17 of the CGST / SGST Act , 2017 ?   Reply :   • It is pertinent to go through the … Continue reading GST Clarifications :

१- जी.एस.टी ( गुड्स एण्ड सर्विसिज टैक्स या बस्तु एवं सेवाकर ) का पूरे देश में ( जम्मू एवं कश्मीर को छोड़कर ) दिनांक १ जुलाई , २०१७ से लागू होना स्वतंत्रता के बाद देश में अप्रत्यक्ष करों में होने वाला सबसे महत्वपूर्ण सुधार है , जो एक राष्ट्र एक कर की व्यवस्था को प्रतिपादित … Continue reading जी.एस.टी. से सम्बंधित सामान्य तथ्य :

1- The introduction of Goods And Services tax ( GST ) in India ( except Jammu & Kashmir) on Ist July, 2017 marks the biggest reform in the indirect taxes after independence and envisages One Nation One Tax concept . It is pertinent to note that GST has been adopted even by the State of … Continue reading Salient Features of GST :

  Before discussing rule-42 of the CGST Rules , 2017 ( Exactly the same rule is envisaged in SGST Rules , 2017 ) it is pertinent to note that the Total input tax credit (referred to as T ) may be  attributable to the inputs intended to be used for following supplies during any tax … Continue reading Clarification Of Manner Of Determination of ITC In GST Regime ( Rule-42 )