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  • All About E-Filing applications/Appeal before a Bench of ITAT

    1. Nature and structure of ITAT
    The ITAT is a quasi-judicial body set up by the Central Government to deal with appellate matters under the Income Tax Act, 1961. The ITAT functions under the Ministry of Law and Justice. There are different benches of the ITAT for different

  • Dividend Distribution Tax- An Analysis

    Who is required to pay Dividend Distribution Tax(DDT) and at what rate
    Any domestic company which is declaring/distributing dividend is required to pay DDT at the rate of 15% on the gross amount of dividend as mandated under Section 115O. Therefore the effective rate of DDT is

  • Transition to GST- A Detailed Analysis


    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

  • All About Cross charges: GST

    The department audit round has begun, and it will not be long before it will be in full swing. The first year(s) of the audit would be crucial in the sense that it would reflect revenue’s approach towards a number of controversial tax positions. One such critical tax position being, ‘taxability under S. No. 2 of Schedule I’ to the Central Goods and Services Tax Act,

  • All About Purchase of Goods brought under tax purview with 194Q

    The Finance Act 2021 has introduced Section 194Q providing for TDS on purchase of goods with effect from July 1, 2021. Section 194Q is similar to Section 206C(1H) which was introduced by Finance Act 2020, to collect tax at source on transactions between a buyer and a seller.

    Article on GST on Service Providers, Bloggers, Youtubers & Freelancers

    GST is applicable in India from 1st July 2017 and it is also applicable to Bloggers, Youtubers, Service Providers and all other types of Freelancers and the rate of GST in such cases is 18%. There is no confusion regarding this and it is fairly clear that GST @ 18% is applicable on all Service Providers, Bloggers, Youtubers and other

  • ITC on expenses relating to Construction and Plant & Machinery - Deciphering the issue

    Companies are required to incur many expenses for creation of new assets in terms of immovable property as well as Plant and Machinery to sustain and augment their businesses. GST law was brought in with a promise of seamless credit across all business expenses be it capital or revenue in nature. However, Section 17 of the CGST and SGST Act (Hereinafter referred to as the Act) prescribes certain restrictions on claiming of credits.

  • All About CGST, SGST on Intermediary Services to Foreign Clients Constitutionally Valid

    The Gujarat High Court has upheld the constitutional validity of section 13(8) (b) of the IGST Act. The section covers the place of supply for intermediary services under GST. The case being referred to is Material Recycling Association of India versus UoI, where the petitioner challenged the validity of this provision for Articles 14, 19, 265 and 286 of the Indian

  • PM Modi Ji announces 99% Goods To Be Taxed Below 18% GST

    The broad notion on GST from the economic perspective can be that of a very optimistic and consumer-centric tax regime. This can be clearly noticed from the rising tax base and conducive impact on the traders having GST registration, during the current fiscal year.

    In a bid to further simplify the Goods and Services Tax, the honourable Prime Minister of India Sh. Narendra Modi has announced that the

  • FSSAI Issues Guidelines for Food Recall- A Guide Book


    Food on sale for human consumption must be wholesome, unadulterated, uncontaminated and properly labeled. Any violation of these provisions can lead to regulatory action against the concerned FBO under the Act, or Rules and Regulations made

  • Details on Invoice Registration Portal (IRP) under GST

    IRP, known as the Invoice Registration Portal is instrumental in validating the genuineness of the invoices used in the GST ecosystem. It generates and assigns IRN to every GST invoice.

    The infrastructure to support the new e-invoicing system will be available for voluntary use from 1 January 2020. The Invoice Registration Portal (IRP) will play a key role in running the show.

    What is Invoice Registration Portal

  • Due dates of GSTR-3B for the period October 2020 to March 2021

    G.S.R. 636(E).— In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B

  • All About GST on Interest Income from Inter Corporate Loans

    IN the recent past, many instances of financial fraud pertaining to banks have come into light. The quandary of non-performing assets has also severely impacted the operations of banking and financial institutions in India. It is expected that the lending to corporates would be choked as a fallout of the recent fraud involving public sector banks. It is also likely that the banks will squeeze lending operations and focus on scattering their

  • Note on Refund of GST in case of Inverted Duty Structure

    1. Inverted Tax Structure in the pre-GST regime
    In the pre-GST regime, a situation of Inverted duty structure arose in cases where import duty on raw materials that were used in the production of finished goods was higher than the import duty on finished goods.

    An example which shows a case of Inverted Duty Structure :

    Duty on the import of tyres (Finished Good) = 10%

    Duty on the imports of natural rubber (Raw

  • All About New GST Returns – Overview, Forms, Invoices, ITC, Amendments, Offline Tool

    1. What is the New GST Return System?
    In the 31st GST Council Meet, it was decided that a New Return System under GST would be introduced for taxpayers. This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this

  • ITC reporting in GSTR-9: GSTR-2A reconciliation, Challenges & clarifications- A Complete Discussion

    The taxpayers must carefully verify the correctness of the information being reported in the GSTR-9. Moreover, the GSTR-9 annual returns once filed cannot be revised for the details reported therein. On the other hand, the auditors have the responsibility to give a true and correct opinion/certification on whether the criteria laid down under the GST law have been

  • Article on Goods Transport Agency under GST

    Highlights of Article

    All Transport services by road are exempt from GST except services from GTA and Courier agency.

    Anyone who provides consignment note for goods delivery will be

  • Handbook on Supply Under GST

    Under GST, Supply is considered a taxable event for charging tax. The liability to pay tax arises at the ‘time of supply of goods or services’. Thus, determining whether or not a transaction falls under the meaning of supply, is important to decide GST’s applicability.

    Concept Before GST
    Under the erstwhile indirect tax regime, there was no concept of Supply. The stage at which indirect taxes were levied varied under different

  • Article on Special Economic Zone (SEZ) Under GST

    Understanding Special Economic Zone

    A special economic zone (SEZ) is a dedicated zone wherein businesses enjoy simpler tax and legal compliance. SEZs are located within a country's national borders, however, they are treated as a foreign territory from taxability

  • All About GST on Supply of Aluminum Windows or Doors and installation

    Query: Whether Orders for Supply of Aluminium Windows or Doors and installation thereof amounts to Supply of Goods or Supply of Services? The Supply of Aluminium Windows under HSN Code No. 7610 attracts 28% GST whereas the Works Contract Services attracts 18% GST:

    The orders