Blogs

The advice to clients in GST needs study and analysis of the judicial decisions in the earlier laws like Central Excise, Service Tax and Local VAT. The decision in Customs [ old and current] would also be relevant to understand some of the concepts. Some insights were provided by CA Rajesh Kumar TR which are shared hereunder:

1. Judicial precedents lay down the principle or rule to be followed by lower forums. Judicial discipline requires the hierarchy of courts to be followed.

2. In...

Understanding the background of revenue officers could provide some insights in dealing adequately with the tax officers. We have Adv. BSV Murthy [ Retd. CESTAT Member] who shared as understood by me as under:

1.      The mindset of officers to be understood. We got a colonial legacy from the British. Officers considered themselves rulers. Some still have this way of being.

2.      Revenue Bias: Job is to safeguard tax; they fear the CVC, CAG, CBI (allegation of graft- for...

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...

Background

Unlike in FY 2017-18 where the assesses were provided with extension of time limit for rectifying the errors or omissions and availment of input tax credit through removal of difficulties (ROD) order no. 02/2018, the time limits for FY 2018-19 have yet been extended. However, considering significant delay in FY 2017-18 GST compliances, in order to provide an opportunity to the assesses it would be expected to extend the time limit for ITC claim (probably upto 31st December...

Introduction and background

In August 2018, the State of Kerala faced a devastating flood due to high rainfall which was the worst flood in nearly a century. There was huge loss to the assets, revenue of the State. As a result, the State of Kerala proposed for levy of additional cess in GST which was approved by the GST council in its 32^nd Council meeting held on 10^th January 2019. The council approved the proposal of State of Kerala to mobilise the revenue through levy of additional cess...

On the introduction of GST, the credit of taxes under the existing law, predominantly Central Excise, Service Tax and Value Added Tax, was allowed to be carry forwarded vide the transitional provision either as Central Goods and Service Tax (CGST) or State Goods and Service Tax (SGST) as the case may be accordingly taxpayers did carry forwarded the credit by filing transactional credit by filing Form TRAN -01. The common observation of the department during the transitional credit...

Implementation of Goods and Services Tax (GST) was one of the long awaited fiscal reform and due to various reasons it was only hanging around and could not circumvent the obstacles for substantially long period of time so much so that people started saying that the reform may not see a light of the day. However, all that is history now and we are lucky to witness the eventual implementation of this tax reform and today we stand at a timeline of 200 days post GST implementation. At this...

BACKGROUND:  

Much expected and game changing indirect tax law was introduced in the form of GST with effect from 1st July 2017. This financial is unique from Indirect Taxes perspective as the erstwhile indirect taxes such as service tax, central excise and VAT were prevalent for the first quarter i.e. April 2017 to June 2017 and later GST is in place for the remaining three quarters. Therefore, as we come close to the end of the financial year 2017-18, it is important to revisit and...

Game changing GST law has brought-in lot of practical difficulties for a tax payer. Many of these difficulties are being addressed by the government which is a positive sign. One major issue which is being faced by the tax payer now is on compliance with anti-profiteering provisions. It is also a fact that implementation of anti-profiteering provisions was never been easy in any of the countries wherein GST system was introduced in the past. Even in our country it may not be a smooth sailing...

The success of GST would largely depend on how the resistance to change which is inbuilt in humans is dissipated. The ethical needs and ground realities of each of the stakeholders needs to be considered when sharing the information on GST. The knowledge level and possible concerns of that sector should be met in the awareness/ training.1   

The stakeholders in GST regime are obviously the tax compliant assessees, errant (not compliant assessees - registered or not), GST officers at...