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

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

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

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,

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

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.

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

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

Introduction

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

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

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

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

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

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

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

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

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

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

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