The Union expected better tax revenues with the introduction of GST. The States though were divided on this, with some of them expecting better revenues whereas the others expecting a fall due to the consumption-based accrual of revenue. However, with the introduction of GST, the revenues were not very encouraging and many reasons could be attributed to this, both controllable and inevitable reasons. The inevitable reasons could be the economic condition, pandemic situation, etc. The...

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...

Introduction

Taking another step towards the goal of increasing “Ease of doing business” in India and providing relief to small taxpayers; the GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers to be implemented w.e.f. 1^st January, 2021. QRMP or Quarterly Return Monthly Payment Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on...

The degree of Chartered Accountancy does not come easy, the course involves a unique blend of practical experience with in-depth & application based subject knowledge. In order to truly qualify as a “Chartered Accountant”, one needs to obtain a hands on practical experience backed with an in-depth subject knowledge. This brings us to a very important question on how to manage both articleship and exams? Although, there can be various tips and techniques that one can follow, however in...

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...

We at our firm have had as apart of our mission, one to develop committed professional leaders. We have done that for decades now – more than 100 + have gone out as leaders in their own right. In this process of improving others, we ourselves came to know where we were lacking and are improving to the extent, we were comfortable. We worked on our “weaknesses” (areas of possible improvement) and especially built on our strengths. 

We are proud and grateful to the boys/ girls going...

The retrospective amendments and their impact on the certainty of tax laws is one major factor for attracting investments to India. This was highlighted in the Vodafone Issue where Rs.22 thousand crores demand by the Income tax department was held to be inequitable unfair as per the DTAT as held by the International court. This has again happened now in the recent Cairn’s issue where the international courts have not favoured retrospective practice and awarded Rs.740 crores.  

The...

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...