Audit under GST

Chapter XVI – Audit The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. Not much is proposed in the revised draft law. One change that has been proposed … [Read more...]

Transitional Provisions-Part-XII

Transitional provisions for availing Cenvat credit in certain cases This provision has been added to as to provide for treatment of such cenvat which was reversed before the appointed day due to non-payment of consideration within a period of 3 months. This provision states that in such … [Read more...]

Transitional Provisions-Part-XI

Taxability of supply of services in certain cases This is a newly added section to provide for taxation for such instances of service provision where the point of taxation was occurring before the appointed day. It states that in cases where the point of taxation lies before the appointed day … [Read more...]

Transitional Provisions-Part-X

SECTION 182 CLAIM OF CENVAT CREDIT TO BE DISPOSED OF UNDER THE EARLIER LAW It is provided in sub-section (1) that every proceeding of appeal, revision, review or reference relating to a claim for CENVAT credit initiated whether before, on or after the appointed day, under the earlier law shall be … [Read more...]

Transitional Provisions-Part-IX

Pending refund claims to be disposed of under earlier law. This section provides for the treatment of such refund claims which have been filed before the appointed day in respect of any tax, amount of cenvat credit, duty, tax or interest paid before the appointed day. It provides that all such … [Read more...]

Transitional Provisions-Part-VIII

Section 175 - Inputs removed for job work and returned on or after the appointed day This section intends to enable the receipt of goods sent on job work before the appointed day but received back after the appointed day. Like the previous sections the time limit has been kept at 6 months from the … [Read more...]

Transitional Provisions-Part-VII

Sec 173 - Exempted goods returned to the place of business on or after the appointed day The section enables a taxable person to receive exempted goods (under the old law) which were removed/sold earlier and then received back within 6 months of the appointed date. This section has been kept … [Read more...]

Transitional Provisions-Part-VI

Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme  The section 172 (146 in old draft) dictates the provision and conditions, on fulfillment of which a registered taxable person becomes eligible to avail the cenvat of … [Read more...]