Policy Decisions made during 31st Meeting of the GST Council dated 22-12-2018

Chartered Accountants / By

The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of single authority for disbursement of the refund amount sanctioned by …

Policy Decisions made during 31st Meeting of the GST Council dated 22-12-2018 Read More »

GST CLARIFICATION – AVAILMENT OF INPUT TAX CREDIT UNDER GST

Chartered Accountants / By

The government has issued following clarification in respect of the AVAILMENT of the Input Tax Credit under GST:-   Last date to avail input tax credit in respect of invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018 There appears to be misgiving about the last date …

GST CLARIFICATION – AVAILMENT OF INPUT TAX CREDIT UNDER GST Read More »

EXEMPTION TO EDUCATION INSTITUTIONS UNDER GST ON SERVICES PROVIDED TO ITS STUDENTS, STAFF & FACULTY

Chartered Accountants / By

FAQ 1 – Which Education Institution can claim Exemption under GST? Reply – An education institution defined under Para 2 (y) of the Notification No. 12/2017 – Central Tax (Rate) as noted below is eligible to claim exemption under GST:- (y) “educational institution” means an institution providing services by way of,- (i) pre-school education and education …

EXEMPTION TO EDUCATION INSTITUTIONS UNDER GST ON SERVICES PROVIDED TO ITS STUDENTS, STAFF & FACULTY Read More »

IS GST APPLICABLE ON UP-FRONT PAYMENT FOR LONG TERM LEASE OF IMMOVABLE PROPERTY?

Chartered Accountants / By

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 liable for payment of GST. — REFERENCES:- 1. Para 5 of Schedule III, read along with Section 7 of the Central Goods and Service Tax Act, …

IS GST APPLICABLE ON UP-FRONT PAYMENT FOR LONG TERM LEASE OF IMMOVABLE PROPERTY? Read More »

GST – Scope of Principal-agent relationship in the context of Schedule I of the CGST Act

Chartered Accountants / By

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 behalf of the principal without consideration has been deemed to be a supply. In this connection, various representations have been received regarding the scope and ambit …

GST – Scope of Principal-agent relationship in the context of Schedule I of the CGST Act Read More »

Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31, 2018

Chartered Accountants / By

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 gist of the relevant notifications are explained as hereunder:-   1. For the Taxpayer having *Aggregate Turnover of up to Rs. 1.5 Crore Rupees* in the …

Last date for filing GSTR-1 for July 2017 to Sep 2018 extended till Oct 31, 2018 Read More »

GST : RE-OPENING THE MIGRATION WINDOW

Chartered Accountants / By

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 process. The taxpayers have been advised to approach the jurisdictional Central Tax/State Tax nodal officers with the necessary details on or before August 31, 2018.

GST Rate Slab on Hotel Rooms – On Actual Tariff (Transaction Value) instead of Declared Room Tariff

Chartered Accountants / By

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 Accommodation Service will apply based on Transaction Value instead of Declared Tariff.   This change can be understood by following example:- Hotel Room with a Declared …

GST Rate Slab on Hotel Rooms – On Actual Tariff (Transaction Value) instead of Declared Room Tariff Read More »

Scroll to Top