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GST was undoubtedly the biggest indirect tax reform in India on paper.  The vision was of transformation of the mindset, best international principles, simplified, easy to comply law with least amount of intervention. It should have given an additional push to the trad/ industry.

However, the hurried implementation, poor drafting, 1000s of changes by way of notifications/ circulars, untested technology, no change management of worth have whittled down its advantages significantly....

Introduction

Most of times we as Tax payer concentrates only on tax payments, discharging our liabilities and regular tax compliances considering the way the bureaucrats are implementing the Tax laws with the threating measures. It is equally or more important for us to enjoy or the avail or utilize the benefits provided in the Tax Law. One of such massive benefit in the Customs law is Authorized Economic Operator Status. AEO Status holders enjoy with lot of fiscal, operational defined...

Introduction:

Motor vehicles are an inextricable part of modern life commutation. The industry has grown clouds & skies over last century and is today one of the largest sectors in the economic scheme of things. While it’s no less than a magic to experience a motor vehicle as a single unit, but in reality this manufacturing marvel is nothing but an amalgam of lakhs of parts, spares, components & accessories that are aesthetically engineered & interconnected in a manner to function in...

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...