IS GST APPLICABLE ON UP-FRONT PAYMENT FOR LONG TERM LEASE OF IMMOVABLE PROPERTY?
This issue has been settled by law, that Up-Front Payment for Long Term Lease (for e.g. 30, 60 or 99 Years) of an Immovable Property viz. Land, Building etc is...
GST – Scope of Principal-agent relationship in the context of Schedule I of the CGST Act
In terms of Schedule I of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”), the supply of goods by an agent on...
Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31, 2018
The Central Board of Indirect Taxes and Customs (“CBIC”) has issued a Notification No. 43/2018, 44/2018, 45/2018, 46/2018, 47/2018 and 48/2018 – Central Tax Dated September 10, 2018. The...
WHY PAN CARD IS REQUIRED
Section 139A of the Income Tax Act, 1961, prescribes the conditions when a person is required to apply for a PAN Card. Section 139A is noted below for...
GST : RE-OPENING THE MIGRATION WINDOW
The GST Council in its 28th Meeting on 21-07-2018, has recommended to re-open the migration window for taxpayers, who have received provisional IDs but could not complete the migration...
GST Rate Slab on Hotel Rooms – On Actual Tariff (Transaction Value) instead of Declared Room Tariff
In a major relief to the Hotels and Hospitality Industry, GST Council in its 28th Meeting held on 21st July, 2018, has announced that the GST Rate Slab on...
AMENDMENTS IN COMPANY LAW COMPLIANCE BY MCA
The Ministry of Corporate Affairs has issued several notifications for better compliance, monitoring and ease of doing business. The gist of notification are noted below for ready reference below:- Gist of...
TDS & TCS Provisions under GST suspended till 30-09-2018
CBIC has issued a Press Release dated 29-06-2018 by which the provision of Section 51 & 52 related to TDS & TCS under Central Goods and Services Tax Act,...
Exemption from Reverse Charge Mechanism (RCM) u/s 9(4) extended till 30-09-2018
The Central Government has extended the exemption from Reverse Charge Mechanism provisions u/s 9 (4) till 30-09-2018, vide Notification No. 12/2018 – Central Tax (Rate) dated 29-06-2018. Copy of...
Is a Works Contractor required to be registered under GST, in each state where he is rendering his Services?
A detailed analysis of the registration requirement of Works Contractor is done below:- 1. What is Works Contract? Works contract has been defined under Section 2 (119) of...