Since the introduction of GST effective from July 2017 fraudulent invoices or fake invoicing has regularly made the headlines. It is estimated that there have been numerous occasions in the past two years of implementation of GST that evasion of tax in the form of fraudulent ITC in lakhs of crores of rupees has happened. …
As you are aware that the Hon’ble Union Finance Minister Smt. Nirmala Sithraman presented the Union Budget 2020 on 1st February 2020. Please find the attached Highlights of The Finance Bill of 2020 containing changes under CGST Act, Customs and Income Tax Act. Write-up on Budget 2020 by Adv. Puneet Agrawal titled as “FM’s Recipe …
Key Highlights of Economic Survey 2019-20 Theme of the Survey: Wealth Creation: The Invisible Hand Supported by the Hand of Trust India’s aspiration to become a $5 trillion economy depends critically on: Strengthening the invisible hand of the market by promoting pro-business policies. Introducing the idea of trust as a public good, which gets enhanced …
Section 65 of the CGST/SGST Act empowers the tax authorities to conduct the audit under GST Law. GST Department has started to knock on the doors of the Assessees and have started to serve the notices to conduct GST Audit. Now, it is time to awake on time and rectify the mistakes/ errors and correct the stands …
From the Desk of the Editor.. प्रियमित्रों,सादरप्रणाम राष्ट्रीय युवा दिवस एवंनववर्षकीहार्दिकशुभकामनाएं Indian democracy is surely maturing. It has got the ability to discuss the real issues faced by the country and its citizenry. The role of media and the addition of social media to it, is helping people of our country especially the youth to form their opinion …
Online Tax portal, GSTSUTRA has recently published an article on the topic “Curtailing Limits of Purchase of Liquor and Cigarettes at Duty Free Shops- A Welcome Step”. Author Advocate Puneet Agrawal has expressed his views welcoming the proposal of the Commerce Ministry. The link for the article already published in GstSutra is given below http://gstsutra.com/experts/column?sid=614&page=1
The CBIC had earlier issued a Circular No. 37/11/2018-GST F.No.349/47/2017- GST Dated 15th March, 2018 in pursuant to representations received from the traders regarding the issue being faced by them in claiming refund of exports in cases where refund period has been spread across different months and different financial years. Therefore, considering the issues of …
In the matter of BTC Industries Ltd. v. Commissioner, VAT in W.P.(C) 11876/2018, the Hon’ble Delhi High Court has quashed the impugned notification issued by Commissioner VAT declaring C Forms as obsolete and invalid, vide its order dated 24.10.2019. The Hon’ble Court relied on its earlier decision in Maa Jagdamba Traders v. Commissioner VAT W.P.(C) …
Liability to pay tax under RCM on renting of motor vehicle by Body Corporates being recipient has been inserted w.e.f. 01.10.2019 in Serial no. 15 of N. No. 13.2017-Central Tax (R) dated 28.06.2017. The said entry has been amended by N. No. 29/2019-Central Tax (R) dated 31.12.2019 as : Sl.No. Category of Supply of Services …
The Ministry of Finance has issued the following notifications, orders and circulars dated 30.12.2019, 31.12.2019 and 01.01.2020 to amend or notify the amended provisions of the GST Law. I. Key Changes A. Reverse Charge Mechanism (RCM) on renting of motor vehicles. 1. Liability to pay tax under RCM on renting of motor vehicle by Body …
