Blogs
Fundamental Reforms in GST Law Amendments- Budget 2021?
The retrospective amendments and their impact on the certainty of tax laws is one major factor for attracting investments to India. This was highlighted in the Vodafone Issue where Rs.22 thousand crores demand by the Income tax department was held to be inequitable unfair as per the DTAT as held by the International court. This has again happened now in the recent Cairn’s issue where the international courts have not favoured retrospective practice and awarded Rs.740 crores.
The...
Read moreRule 36(4) – Impact & Validity
Input Tax Credit (ITC) matching – GSTN- not ready- A thorny issue for the department and the assessees. It has been 3 years and 3 months since the inception of GST, one would expect the early teething problems were overcome, and the new radical indirect tax regime would be up and running! Although, due to various factors, including the recent pandemic, we are seeing continuous amendments, delays in implementation and lack of a dependable infrastructure. Rule 36(4), i.e. the ITC matching...
GST Case Law Updates – November 2020
1. Interest for delayed payment – Tolerance of an Act Vs. Addition to Consideration
The Maharashtra Appellate Authority For Advance Ruling in Bajaj Finance Ltd 2020-TIOL-64-AAAR-GST has ruled the additional/penal interest recovered by the appellant from customers against delayed payment of monthly instalments of the loan extended to the customers would be exempt from GST.
Issue: Schedule II of the CGST Act, 2017 provides “agreeing to the obligation to refrain from an act, or...
Read moreGST Case law Update – October 2020
- Supply of goods and supply of service made form different registration of the same taxpayer is neither a works contract nor composite supply?
Maharashtra Appellate Authority for Advance Ruling in the case of Vertiv Energy Pvt Ltd 2020-TIOL-50-AAAR-GST has ruled when the goods are supplied from one registration and the installation of such goods has been made from different registration would not be a composite supply.
Facts:
- Single contract for supply and installation of...
GST Case Law Updates - September 2020
- Is the recipient eligible to claim a refund? Whether the refund of the unutilized ITC in the e-credit ledger be claimed?
In the case of M/s Britannia Industries Ltd Vs Union of India - 2020-TIOL-1495-HC-AHM-GST the assessee is an SEZ unit being an exporter has procured the goods and services with payment of GST to vendors through Input Service Distributor. Claimed the refund of the accumulated credit as a recipient. The refund was held to be eligible.
Things to ponder:
- Can...
Due dates under GST linked with September
Generally, any taxation law has many due dates relating to the various compliances. Under GST it has been seen that the month of September is a very important month as many of these due dates, though not falling in such month, are linked to this month i.e. the due dates are defined in different ways as below:
- Due date of furnishing the return for the month or quarter of September
- Actual date of furnishing the return for the month of September
- By the month September.
From the...
Read more