Blogs
CV 1 – GST Learning Series
Now that we are stuck at home in addition to bonding with family, exercising, we can empower ourselves a bit. We have started an internal learning by partners, experts and qualified in our office.
In this series will share what was the insight on each topic in brief gained by me in the form of bullet points. Am sure it would be useful. First Session was on Drafting of Opinions, replies and appeals- presented by Advocate. Naveen Kumar KS.
1. Importance: Someones liberty maybe...
Read moreImportant Year End - Action Points in GST – 2020
Entire world is impacted by the coronavirus issue in one way or other. India is not an exception. From mid of March, many of the entities are closed partly or completely. The financial year 2019-20 has to end on 31st March 2020. However, due to present situation, there are talks to extend the end of financial year to 30th April 2020 as against 31st March 2020. This change could be given effect for the purpose of GST compliance as well. There could be few other relaxations in GST as well...
Read moreEmployer obligatory services eligible for GST ITC
Effective from 1st February 2019, most of the changes proposed by CGST (Amendment) Act 2018 were given effect in CGST Act 2017. Important changes were providing of provision for payment of GST under reverse charge mechanism only on the specified class of supplies by a specified class of registered persons, non-requirement of treating certain activities of Schedule III as exempt supplies for reversal of credit. Certain changes were also made in the input tax credit restrictions provided in...
Read moreContinuous supply of goods – Reduction in other compliance
GST law has introduced a lot of new concepts in Indian indirect tax system such as levy of tax on inter-State stock transfers to branches, cross charge mechanism, taxation of gifts distributed to employees etc. One of such new concepts is a continuous supply of goods and its taxation. Most of us agree that the introduction of GST has resulted in increased (rather than reducing) compliance for the registered persons (SME) and the professionals (SMP). Few of the reasons are complicated...
Impact – Wrong type of tax paid and wrong claim of ITC
The GST audit season for 18-19 has started and recently the due date also proposed to get extended till 30th June 2020 for filing the reconciliation statement in form GSTR-9C and annual return in form GSTR-9 and GSTR-9A for the FY 2018-19. GST being a new law, there were (are) lot of confusion in the understanding of the law which could have led to non-compliance, errors in payments, claim of ITC etc. Few of them could have get clarified. Now, during the audit or annual return process,...
Reply to 16(4) Notice
Date: ________
To
The Jurisdictional Officer,
______ Division,
______ Commissionerate
Dear Sir,
Sub: Reply to the notice received for reversal of Input Tax Credit
Ref: Your letter dated __________ bearing DIN ___________________
1. We are in receipt of the above-referred letter dated _______ directing us to reverse the input tax credit availed for the month of March 2019 stating that such input tax credit is irregular under Section 16(4) of CGST Act, 2017...
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