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 »
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 …
Deadline to re-activate Directors DIN after filling DIR-3 KYC with reduced Fees Of Rs. 500/- has been granted till 05-10-2018. From 6th October, 2018, the Fees will be Rs. 5000/- for filling DIR-3 KYC and reactivating the Director DIN.
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 »
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 »
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 »
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 Ready Reference:- 139A. (1) Every person,— (i) if his total income or the total income of any other person in respect of which he is assessable …
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.
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 …
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 the proposed amendments by MCA:- Charge Satisfaction – Extra-time to Companies: Now, the Companies are brimming with relief as the MCA has extended the time period of …