Blogs

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....

Inter-State e-way Bill to be made compulsory from 01.02.2018:  

Presently Central Government has put the e way bill system on hold to provide some relief to the trade and industry in GST compliance at the initial stage. Further, even the GSTN system was yet to be upgraded to support the proposed nationwide e-way bill system in a smooth manner. As per the press released issued by the Government, it was represented by the trade and transporters that this is causing undue hardship in...

Introduction of GST has definitely changed the way in which business is being done due to change in indirect tax structure and law. Levy of tax has been changed from the act of sale or manufacture to act of supply. GST is levied on supply of goods or services for consideration. There are few activities which would be treated as supply even in absence of consideration. For example, stock transfer of goods to branches in other states are treated as supply to levy GST. There are doubts among...