Ever since the concept of taxation evolved, the tax authorities have viewed the real estate sector as “the goose that lays golden eggs". The nature of real estate is such that it can neither be covered under movable assets (Goods) nor services. The ever evolving, multi-faceted layers of transactions … [Read more...]
GST UPDATE ON LEVY OF GST ON SALE OF DEVELOPED PLOTS
The levy of GST on development charges is a matter of dispute as sale of land per se is out of the ambit of GST law. When the sale of land is not liable to GST, then how can the development of land be chargeable to GST but the logic does not come to the rescue of the assessees. In the present … [Read more...]
GST and JOHNNY- UPDATE No.88
This papa: -As we know that the department has also started verifying the e-way bills issued in a particular period with the invoices issued in that period. To keep a check on the e-way bills, there is no such facility to download the consolidated report of e-way bills issued in a respective period … [Read more...]
GST Update on Circular contradicting relaxation provided during pandemic
It was represented by trade and industry that in order to cater to their working capital requirements during this pandemic situation prevailing in the Country, the operation of Rule 36(4) of CGST Rules, 2017 restricting the availment of input tax credit upto 10% of the eligible input tax credit … [Read more...]
GST UPDATE REGARDING APPLICABILITY OF GST ON LONG TERM LEASE
The issue regarding GST applicability on lease transactions has been an issue of disagreement by the taxpayer as the law does not seeks to distinguish between the long term lease such as that of 99 years which actually has the character of “sale”. The definition of supply under section 7 of the CGST … [Read more...]
GST Update on whether DVDs containing case laws can be considered as “e-books”
In this update we shall discuss a recent advance ruling pronounced by Tamil Nadu AAR in the case of VENBAKKAM COMMANDUR JANARDHAN, proprietor of M/s Law Weekly Journal on the issue whether the sale of DVD’s/CD’s containing the printed content in electronic form with a software to search and read in … [Read more...]
Whether cash underlying in electronic cash ledger amounts to payment of tax without fulfilling any offsetting requirement?
Since July 2017, implementation of GST in India is successful due to GSTN. But still there are many issues and scope of improvement in functioning and technical performance of GSTN. Taxpayers face numerous problems while filing returns, statements, replying to SCNs etc on online portal. Time and … [Read more...]
GST Update on divergent rulings on printing to be considered as supply of goods or services
Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. The present update seeks to discuss about the divergent advance rulings pronounced by different AARs in the case of same assessee, M/s Macro Digital Imaging Pvt Ltd. where the applicant is … [Read more...]
GST and JOHNNY- UPDATE No.80
This papa: - Exporters are facing acute crunch of working capital as they continue to experience refund issues in the post-GST regime with the government inserting rules retrospectively and taking a rigid stance on how certain policies should be implemented. One of the problems faced recently in … [Read more...]
GST UPDATE ON VALIDITY OF THE CONSTITUTION OF AAR & AAAR
The Authority for Advance Ruling under GST is constituted in terms of provisions contained in section 96 of the CGST Act, 2017 read with Rule 103 of the CGST Rules, 2017 wherein the government appoints officers not below the rank of Joint Commissioner as member of the Authority for Advance Ruling … [Read more...]
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