Blogs

Practicality of Reimbursement deduction in GST

The tug of war of the Revenue to include every cost incurred by the supplier in the value of goods and services and the efforts of tax payers seeking out deduction from the taxable values has been there in sales tax, central excise, service tax and now in GST. In this article we examine what exactly was the dispute in service tax (which were eventually decided in favour of the service provider) and whether the similar position can be taken in...

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...

Education Cess was being levied on Central Excise and Service Tax from 10.09.2014. Education Cess paid on the purchase was available as credit against payment of education cess on payment on the output removal. Credit of cess was not able to use for the payment of duty. Later when the rate of excise duty was increased from 12% to 12.5%, cess was rescinded. There by the accumulated credit was not able to be used. Similar was in case of Krishi Kalyan Cess credit in case of service tax. Now...

Notification No 5/2018 – Central Tax, dated 23^rd Jan’18

 Reduction in the quantum of late fee payable w.r.t. the return in FORM GSTR-5

Sec 47 specifies the late filing fees of Rs. Rs.100 per day from the due date of filing up to the date of actual filing and maximum late fee that shall be levied is Rs. 5,000 per return, for the persons who are required to furnish returns u/s.37, 38 or 39 (i.e.GSTR-1/2/3/3B/4/5..etc) but fails to furnish within due date.

The present...