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  • Article on Taxability of Electricity Under GST


    The power sector in a general and practical scenario is a mesh of contracts for engineering, procurement, construction (EPC) to generate electricity, boost energy efficiency and shore up renewable power. And moreover, power generation has grown rapidly in recent years. There has been a considerable shift from fossil fuel-based energy generation to clean and renewable sources of power generation, which is evident by the

  • All About Overview of GST on Government works contract


    Government allocates every year a major portion in its budget towards development of Roadways and other Infrastructure projects. Construction of Roads, bridges, dams, are the main constituents in Infrastructure development. As infrastructure is highly responsible for propelling growth of other sectors and India’s overall development, Government of India is giving huge impetus for development of Infrastructure and construction

  • Understanding of GST on Real Estate: Under-Construction & Completed Property

    GST in India:
    The GST journey began in India in the year 2000 when a committee was established to draft law. It took almost 17 years from then to implement GST in the country. The GST bill was passed in the Lok Sabha and Rajya Sabha in the year 2017. On 1st July 2017, the GST

  • Handbook on Delivery Challan under GST

    Meaning of Delivery Challan Under GST
    Delivery challan is also known as a delivery slip or a dispatch challan. It is an important document created for the transportation of goods from one place to another which may or may not result in sales. Delivery challan under GST is sent along with the goods and it contains important details of the transported goods i.e. the quantity, buyer, and delivery address. This document is

  • Article on GST Registration Threshold Limits Increased

    1. Overview of earlier limits, new limits and the date of applicability

    Aggregate Turnover Registration Required Applicability
    Earlier Limits – For the sale of Goods/Providing
  • Article on Input Tax Credit (ITC) on Employee Expenses

    Every registered taxpayer under GST who continues any business at wherever in India/State can avail Input tax credit (ITC). Moreover, the ITC amount allowable to him will be credited to his e-credit ledger. The ITC is permissible to the degree utilized in the course of business to the amount of supply. The credit is accessible subject to the restrictions listed in Sub Section 5 of 17 of the GST Act.

    An entity incurs

  • Article on LTCG under Grandfathering Provisions

    As the new financial year has kicked off, the income tax (I-T) department's new rules, announced by Union Finance Minister Arun Jaitley on February 1 at the time of announcement of Budget, have come into force. One of the major put-offs for regular stock market investors turned out to be the re-introduction of long term capital gains (LTCG) on the equity investments

  • All About GST Policies on Income from Rent

    Impact of GST on Rental Income
    With the implementation of GST or Goods and Services Tax, collecting taxes from various sectors has become extremely convenient and structured. One such sector that has been the source of income for many over the years is rent. In this article, we

  • Handbook on GST on Rent of Shop, Offices, Flats, Land etc.

    Applicability of GST on Rent
    The basic definition of outward supply includes rental income in the ambit of supply. Renting of immovable property is specifically considered as a supply of services in the GST regime. As per the GST Act, the following types of rents are covered

  • All About GST Migration Process

    i. Provisional ID received from State/Central Authorities;

    ii. Password received from the State/Central Authorities;

    iii. Valid Email Address;

    Article on No GST on Advance received for Supply of Goods

    The term SUPPLY is the cornerstone of the GST Law. Tax is chargeable under GST only if there is Supply of Goods or Services. However the liability to pay GST arises only when the taxable event i.e. SUPPLY occurs, which is determined by Time of Supply as per Sections 12 to 14 of the GST Act. Section 12 deals with Time of Supply of Goods and Section 13 deals with Time of Supply of Services.

    As per Section 12 of the GST Act, The time of

  • Availability of GSTR-9 in GST Portal

    Due Date of GST Annual Return, GSTR 9 for FY 2018-19 is 31st December, 2020. Now, the GST Portal has made available GSTR-9 for FY 2019-20 as well. The GSTN website informed about GSTR-9 of FY 2019-20. The information is as follows –

    Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of

  • All About GST on Charitable and Religious Trusts

    What are the criteria for a charitable trust to be exempted from GST?

    There are certain criteria for a charitable trust or an NGO to be exempted from the Goods and Services Tax. The charitable trust or NGO must be registered under Section 12AA of the Income Tax Act, and the

  • Note- GST on Ocean Freight under reverse charge mechanism

    Taxability of ocean freight has been subject matter of dispute in India for some time now. As per GST laws in India, importers are required to pay five percent of IGST on ocean freight services under reverse charge mechanism. Apart from this, the importer also pays customs duty on the cost, insurance, and freight (CIF) value of the product being imported via the
  • Handbook on Taxation of Deemed Exports Under GST

    1. Meaning of Deemed Exports under GST
    Export of goods, in common parlance, means taking goods outside India. Such supplies are treated as zero-rated supplies under GST. However, the Central Government may notify certain categories of supplies of goods, which would be treated as

  • Article on Transition to GST

    Input Tax Credit
    Provisions have been made for the smooth transition of Input Tax Credit available under VAT, Excise Duty or Service Tax to GST. A registered dealer opting for composition scheme will not be eligible to carry forward ITC available in the previous regime.

    Here are some of the cases where ITC transition provisions will be applicable:

    1. Closing balance of credit on Inputs:
    The closing balance of ITC as

  • All About GST on Compensation for Quarantine Centres

    To contain the spread of Coronavirus, the Central and state governments took mandatory possession of various hotels, inns, etc. across the country. They were converted into quarantine centres. As per the government’s directions, diagnosed patients and people with foreign travel history were kept at these quarantine centres.

    The article covers the following topics:

    Analysis of income and expenses of quarantine centres...

  • All About GST on Notice Pay Recovery

    1. What is Notice Pay Recovery?
    Whenever an employee joins or leaves an organisation, he/she is bound by the terms of employment. An employee is usually required to serve the agreed notice period before he/she resigns. But, most of the employee agreements have a clause stating that if an employee wants to leave the company without serving the agreed notice period, then he is required to pay an amount equal to the unserved notice period.

  • Article on High Sea Sales – GST Applicability

    Meaning:-Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance. This supply is covered within definition of inter-state supply.

    Provisions of Section 3(12) of Customs Tariff Act, 1975 in as much as in respect of imported goods provides that all