Blogs

One of the Mantra’s to avoid litigation in GST is charging GST on the higher side (higher rate or valuation or not taking disputed exemptions etc.,) and pass it to the recipient. It becomes easier when the recipient can take the ITC. While the aforesaid Mantra works wonderfully when sufficient care was taken at the time of issuing the original invoice. However, there is an extended facility by way of ‘Debit notes’.

What is “Debit note” under GST:

Section 34(3) & (4) of the...

There are 3 categories of Inward supply of which an Assessee can claim ITC (Input Tax Credit) namely – Inputs, Input services and Capital Goods.

Here, we shall be discussing about various aspects of Capital Goods under GST Law and the eligibility of an Assessee to claim ITC on Capital Goods and the scenarios where reversal of such TC is required or its subsequent Refund from Electronic Credit Ledger.

• First of all, we need to understand that - what does the term ‘Capital...

Principle of natural justice is a ground of agrument taken in a law, to ensure fairness, reasonableness, equality and equity. Audi Alteram Partem (or audiatur et altera pars) is a Latin phrase meaning "listen to the other side", or "let the other side be heard as well". It is the principle that no person should be judged without a fair hearing in which each party is given the opportunity to respond to the evidence against them.

Under this doctrine, both the parties have the right to...

Introduction

We would like to communicate that this article is not to criticize but to bring out lot of thorny issues in GST administration which requires immediate redressal. The Constitution Bench of the Supreme Court has held that access to Justice is a Fundamental Right guaranteed to citizens by Article 14 and Article 21 of the Constitution of India.

The 3 independent pillars of Indian Democracy along with the GST Council were to safeguard the tax payer as well as the revenue: 1^st...

With increased changes and amendments being made in the GST law, it becomes a bit difficult to keep track of each such change and implement the same in a right way within the statutory mandated timeframe. Although GST law provides for various compliances that needs to be carried out on a regular basis i.e. Monthly, Quarterly, Half-yearly etc. However, there are certain compliances that are mainly required to be carried out on a yearly basis. Since, the yearly compliances are not a matter of...

Classification of goods is key concept in indirect taxation. It impacts rate of tax/duty, exemptions, preferential duties, import restrictions, etc. Classification of goods.  needs to be done without prejudice, taking various factors into consideration, such as, description of the goods, raw materials used, end use, understanding of the product in the market, etc. One of the key classification issues faced by taxpayers is classification of parts used in the manufacturing industry. In the...

1) Students hostel whether to be treated as a residential dwelling for the purpose of claiming exemption:

‘Residential dwelling’ when used as ‘residence’ is exempt from tax net, however what constitutes ‘residence’ is a subject matter of dispute in as much as whether the usage be looked at from the lessee’s point of view or based on its ‘end’ use. Now, lessee when lets it out to students for hostel purpose is a commercial usage but a student when ultimately uses it...

Synopsis

• Background
• Extract of relevant provisions and analysis for 180 days reversal
• Whether reversal prescribed under section 16(4) 2^nd proviso r/w rule 37 to be done in GSTR-3B?
• Manner of calculating ITC reversal
• Non applicability of 180 days ITC reversal provisions
• Discussion in GST council meeting and validity of the provision of ITC reversal in case of non-payment of invoice value and tax within 180 days
• Similar provision existed under erstwhile law- in Cenvat...

What is e-invoicing?

e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)

Notified persons: A registered person, other than an SEZ unit*, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger...

We are at the flag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions) i.e. on 31^st December 2020.

Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on Para 4 of GSTR-9 instructions for FY 2017-20.

This article enumerates utilization of ITC against GST liability for payment through DRC-03 during GSTR-9 filing which would be beneficial to many...