In our earlier update, we discussed about the importance of panchnama in the investigation proceedings. In the present update, we will discuss another important document, i.e. statement taken during the course of investigation proceedings and the situations wherein the said statement cannot be … [Read more...]
GST and JOHNNY- UPDATE No.40
This papa: - In erstwhile Excise regime, export under bond or LUT, there was requirement to maintain the balances. The amount is debited as soon as export goods are cleared from factory and afterwards credit is granted as and when the proof of export is submitted in Annexure 19. A proper account was … [Read more...]
GST UPDATE ON LANDMARK DECISION GRANTING EXEMPTION TO ANCILLARY SUPPLIES IN RELATION TO SUPPLY OF ELECTRICITY
Recently Gujarat High Court ([TS-858-HC-2018(GUJ)-NT-Torrent Power Ltd]) has held that when a company is engaged in the business of supply and distribution of electric power which is principal supply, the ancillary and related supply such as application fee for release of connection, meter testing … [Read more...]
GST Update on whether dual investigation proceedings can be initiated by different authorities against the assessee?
This update intends to discuss about the issues in cross empowerment of both the Central and the State tax authorities for enforcement of intelligence based action against the taxpayer. It has been clarified vide Letter D.O.F. No. CBEC/20/43/01/2017-GST (P.T.) dated 5th October 2018 that officers of … [Read more...]
GST Update On Applicability of GST On Remuneration Paid To Directors
The litigation as regards liability of the company to pay tax under reverse charge mechanism on payments made to its directors is not new and is continuing from the erstwhile service tax regime. The legacy has been travelled into the GST regime and various pronouncements rendered by Authority for … [Read more...]
Update on Refund Amendments made in recent notifications issued?Part 2
We are analysing the provisions of Notification no. 16/2020 - CT dt. 23.03.2020. One update is already forwarded to you. This is the second part on the same notification. Certain important amendments have been made in connection with refunds, in the CGST Rules, 2017, which are explained in this … [Read more...]
GST Update on Notification Issued for GST Rate on Real Estate Sector w.e.f. 01.04.2019 Part-1
The much awaited notifications with respect to GST Council’s decision as regards prescribing new GST rates for real estate sector being 1% without ITC for affordable residential housing and 5% without ITC for non-affordable residential housing have been released by the Government yesterday. The … [Read more...]
GST Update on Binding Nature of Advance Ruling Part -1
The concept of advance ruling was introduced in the GST regime to bring more clarity in the interpretation of law as the assessee was permitted to seek advance ruling not only with respect to proposed transactions but also with respect to already undertaken activities of the assessee. However, since … [Read more...]
Relevant date under GST in case of export
The time limit of filing the refund claim is to be checked from the "relevant date". This term is defined in explanation 2 to section 54. This update is about the interpretation of term "relevant date" & its significance in determining the time limit for filing the refund claim. Section 54(1) … [Read more...]
Admissibility of Input Tax Credit on the services related to motor vehicles
Section 17(5) of the CGST Act, 2017 prescribes the list of blocked credits and this lists allows the ITC on few goods and services on conditional basis. The relevant part of section 17(5) reads as follows:- "(5) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) … [Read more...]
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