Blogs

GST has recently completed 7 years of implementation since its inception on 1^st July 2017. Amongst many hits and misses, one of the major issues concerning almost every taxpayer is input tax credit matching with GSTR-2A and GSTR-2B.

With the due dates approaching for completion of adjudication proceedings, for FY 2019-20 and FY 2020-21, we have been witnessing rise in issue of show cause notices. The majority of notices being issued alleging excess availment of input tax credit...

Introduction

The 53^rd GST council has recommended clarity w.r.t valuation of corporate guarantee by following 52^nd GST council where clarity was issued on personal guarantee given by a director and Corporate Guarantee including GST liability. This has been a long pending issue. It is relevant to note the very recent hon’ble Supreme Court’s decision on Edelweiss Financial Services Ltd under Service Tax regime which went in the favour of the assessee. However, the major difference...

There have been various disputes w.r.t credit eligibility on a ‘Plant’ being in the nature of an immovable property. In GST regime the issue remains, with various interpretations arising out of Section 17(5)(c) & (d) of CGST Act 2017 along with relevant explanations in the law.

We have seen disputes raised in the form of credit restriction on expenses relating to construction of commercial building under section 17(5) in M/s.Safari Retreats case which is now pending with the...