“Arise, awake, and stop not till the goal is reached” said by Swami Vivekanada seems to be the motto of the Indian government which is relentlessly working on bringing India at Global footing as far as the taxation laws are concerned. Year by year India is adopting the international best practices … [Read more...]
Whether CAs can pay GST on receipt basis?
In the Service Tax era, CAs and other professionals (individuals and partnership firms including LLPs) were enjoying a benefit of paying Service Tax on receipt basis. That means Service tax liability need to be discharged on the basis of collection from customers/clients (actual receipt amount). The … [Read more...]
Furnishing details of outward supplies under GST
Section 32: Furnishing details of outward supplies The proviso reads as follows: (1) Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, … [Read more...]
Interest on Refund of Pre-Deposit Under GST
This section pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order … [Read more...]
Revisional Powers of Chief Commissioner or Commissioner under GST
SECTION 99 Revisional Powers of Chief Commissioner or Commissioner:- A new concept of revisionary power of Chief Commissioner or Commissioner has been proposed in the GST Law as compared to the provisions prevalent in present indirect taxation. The Chief Commissioner or the Commissioner have been … [Read more...]
Appeals under GST- Part I
SECTION 101 APPEALS TO APPELLATE TRIBUNAL:- The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the … [Read more...]
Definition of Principal place of business, Proper Officer and Services under GST
2(77) Principal place of business: the new definition reads as follows: Principal place of business means the place of business specified as the principal place of business in the certificate of registration; The old definition read as follows: “principal place of business” means the place of … [Read more...]
Definition of Outward Supply under GST
Section 2(73) Outward Supply: the new definition reads as follows: “Outward Supply” in relation to a person, shall mean supply of goods or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other means made or agreed to be made by such person in the … [Read more...]
Place of Effective Management (POEM)
There has been change in section 6(3) regarding the determination of residential status of Company. As per the new provisions the residential status of companies which are not incorporated under the corporate laws of India, would be determined by the concept of “Place of Effective … [Read more...]
Definitions of Accounts, Custom frontiers of India and non-taxable online recipient under GST
Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised IGST law and comparing the same with old model GST law to know the changes made in revised law:- Section 2(1) Accounts: the newly added definition reads as follows: “Account means … [Read more...]
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