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GST compliance for real estate has always been a nightmare considering the frequent changes in the rates, tax structure, GST returns to be filed, so an and so forth. Assessee to be tax compliant has to look for ways and means to make the tax compliances easier. An attempt was made to simplify the GST compliance relating to real estate and to reduce the GST cost to the ultimate customer by way of introducing a new scheme of rate. But the new scheme also does not look simple. 

GST...

Introduction:

The shipping industry is a vital part of global freight transportation which caters global trade supply-chain. More than 90% of the world trade is through oceans as it is the most affordable and efficient mode of transporting goods, where a large volume of goods can be carried on vessels for long distances at a fraction of a cost when compared to other modes of transport like rail, roads, air, etc.  Before, going to analyze the applicability of GST on inward ocean freight...

With a time limit being set in the law for availing credit (u/s 16(4) of the CGST Act, 2017) it is important to reconcile the tax credits as per books and that as claimed in Form GSTR-3B. During this reconciliation it would be fruitful to also review those tax payments of which credit has not been availed and tag them into those:

1. Actually ineligible (no further action required in this regard),
2. Which are doubtful due to which not availed (profession advice can be sought to decide the...

Introduction:

One of the major expenditures incurred in some of the industries is business promotion. This being a typical and a critical expenditure for many industries (i.e. even a small trader in such industry would have to incur such expense), innovation is the stress whereby business promotion schemes could take form of free goods being given or reward points being given or free trips being offered, etc. In the recent ruling given by the Karnataka Authority for Advance Ruling (AAR)...

The GST Council approved the standard of e-invoice in its 37th meeting held on 20th Sept 2019 and the same along with schema has been published on the GST portal. Further, there were workshops (scheduled in 7 Indian cities in the 1st phase) that were conducted by the GSTN wherein the CEO Prakash Kumar was also present to explain and address the concerns of the trade, industry, professionals and the software vendors whose involvement would be prime in complying with the new provisions of...

This article would help persons who have large number of foreign clients, persons who attend foreign business events held outside India, or have holding company outside India including procurement of services from outside India.

Service sector plays an important role in technology diffusion especially in areas such as financial services, software, information technology, computing and information process or management consultancy. In GST regime read with article 269A of Indian...

GST has introduced quite a few concepts which were new or unheard by Indian taxpayers. Few such concepts are levy of tax on stock transfer of goods, taxation of gifts distributed to employees etc. In terms of Section 7 read with schedule I to CGST Act 2017, there are specified activities which would be subject to GST even though there is no consideration in return for such activities / supplies. One such activity is supply of goods/ services to related persons which includes employees and to...

Introduction:

Since implementation of GST, there were confusion regarding rate of GST applicable on supply of motor vehicles. In this article, the GST implications on supply of old/used vehicles including following aspects have been discussed:

1. General classification
2. GST rate changes (including abatement) and value
3. Special valuation
4. Illustrations
5. FAQs
6. Upcoming/ related GST updates

General Classification of Motor Vehicle

One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land. The States apply VAT to the goods portion and the Centre taxes the services portion, with no explicit tax on the transaction value of land. The State also collects stamp duty and registration charges for the registration of property. Each...

Background

Input tax credit is sole of any indirect tax law. It is property of the assessee which accrues to him on fulfilment of conditions specified in the law for availment of ITC. It has been held in case of Eicher Motors by Honourable Supreme Court that the ITC is nothing, but tax paid to the Government and hence the same is legitimate right of the assessee.

However, the statute inbuilds some checks on the right to make sure that it is not abused. One of such checks is ensuring...