Blogs

Due date extended further, for filing return in Form GSTR-5A.    

The FORM GSTR-5A is the return to be filed by the person providing online information and data base access or retrieval services from a place outside India to a person in India other than a registered person.  The due date for such return as per rule 64 of the CGST Rules, 2017 is 20th of the succeeding month.   

The due date in this respect was already extended twice to 20th Nov ’17 and 15th Dec ’17 vide...

Amendment in the CGST Rule, 2017.    

The following amendments were made in the GST forms:  

1. Table 6 in Form GSTR-1 relating to ‘Exports and deemed exports’ amended to include CGST and SGST taxes. These taxes would be charged in case of deemed exports. These columns were not part of the said table earlier as deemed exports were not notified and exports would always be liable to IGST only.  
2. Table 7 in Form RFD-01 is amended to include the phrase “Supplier of...

Transitional provisions in GST law provides the tax treatment for transitional transactions and issues arising thereof. One of the key transitional issues is whether input tax credit can be availed in respect of stocks lying with the business on the appointed day (i.e. 01.07.2017). This issue does not bother much to the manufacturers since they were availing the input tax credit of Central Excise and local VAT in their returns filed and were also utlizing the same against the output tax...

In GST regime, the number of exemptions / concessions have been brought down. A lot of effort has been put in drafting GST law and lot of litigated aspects are put to rest. However, there are still aspects like compensatory damages, employee notice period recovery which needs clarity as to taxation. In many private organisations, employees would be legally bound to serve for specified period which could vary from 1 month to 3 months depending on designation or role of a particular employee...

Transitional provisions have been prescribed in the GST law which provides tax treatment for transitional matters like spill over transactions, transitional credits etc. It allows existing taxpayers to transfer the input tax credit available as closing balance in the existing tax returns to the GST returns. Therefore, assesses were able to transfer the closing balance of credit in respect of Central Excise duty, Service Tax, Local VAT etc. as the opening credit balance in the GST returns....