Blogs

After the introduction of GSTR-2B and auto population of figures in GSTR-3B, there has been greater accountability on the taxpayer to ensure that ITC has been claimed only for those invoices which are furnished by suppliers in their GSTR-1 are claimed as ITC. However, there were additional associated challenges faced by the trade, such as time gap in claiming ITC (goods in transit, goods in quality control, delays in accounting etc.) resulting in spike or reduction in claim of ITC compared...

Introduction

Recently, there have been multiple amendments and notifications under GST. This leads to difficulty in confirming whether an entity is in compliance with the GST law or not. Some of the recent changes are:

• E-invoicing being introduced in a phased manner from October 2020.
• Finance Act 2021, having major modifications but not yet notified
• Pandemic lockdown related notifications
• Rule 36(4) – 5?-hoc credit reduction and validity

Considering industry hardship...

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...

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...

This article has been published in the Chambers' Journal Aug '20 edition.

The credit available under GST is seemingly much wider than what was available under the earlier laws for the mere reason that under GST, credit will be available if it is used for business. However, no tax law can exist without restricting any credit and GST is no exception, which blocks certain credits even if used for business.

It is thus important to understand the extent of the credits blocked under...

The Government’s slogan for the implementation of GST has always been ‘One Nation One Tax’, though none of the stakeholders have ever been able to relate GST to this slogan for the reason that GST has continued (as in the earlier regime of indirect taxes) to levy

1. A Centre’s Tax i.e. IGST
2. State Taxes i.e. each State having its own SGST like TNGST, MGST, etc.
3. Central Taxes i.e. each State having its own CGST (depicted by the fact that the CGST of one State is not available...

Introduction

Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to expand the business, revive a declining business, increase a company’s value or to gain a competitive advantage, attain the benefit of synergy etc. Post this Covid-19 pandemic as well, we may notice major corporate restructuring because of the covid-19 effect. One of the forms of corporate restructuring is the transfer of...