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Updated Draft regarding Lapse of ITC Under GST Act

10 Highlights of Undated Draft Circular of August 2018 -354/290/2018-TRU regarding (Input Tax Credit) ITC to Lapse. The Tax Research Unit of CBIC has issued a draft circular to address the controversy arising due to lapse of credit in respect of fabrics vide Notification 20/2018....

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Support Services of Agriculture,forestry,fishing etc.

There is a rumor prevailing in the market that GST law relating to farmer has been changed, w.e.f 01-06-2018, Farmer would be covered under GST law, according to which they required to get GST registration and liable to pay GST @18% on support services of...

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How GST effect you on day to day life?

You need be a tax expert to know basics of GST. In fact you are duty bound as business owners, executives, accountants etc. to know the basics of GST because GST affect you on a day to day basis. Some highlights of those basic things....

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New ITR Form 1 to 7 for Assessment year 2018-19 notifies by CBDT

For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplified Form. For Assessment Year 2018-19,The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms). For...

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A brief extract of 26th Meeting of GST Council held at New Delhi

26th Meeting of GST Council headed by Finance Minister Mr. Arun Jaitley being held on 10th of March, 2018 at New Delhi. The GST council has decided following main points during the meeting. Reverse Charge Mechanism: In the 26th Meeting of GST, Council has also...

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What is the taxable value of Second hand goods?

There is a very huge market share of used car & second hand goods sales in India and gradually growing with e-commerce platform also like Carwale, Justdial, Olx, Zigwheels etc. Even books, cloths and other low value items also getting attention in this industry. Now,...

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Composition Levy Scheme and Small GST Taxpayers

An Important notification issued by Govt. notification no. 1/2018, it is related with Composition Levy Scheme. This notification came on January 1st, 2018, by virtue of this notification the tax liability for manufacturer under the composition levy scheme, reduced from 2% to 1%, i.e.,1/2% each...

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Bombay High Court on Goods and Service Tax Tran-1 blockage

Bombay High Court on Goods and Service Tax Tran-1 blockage Abicor and Binzel Technoweld Pvt Ltd v Union of India [Writ Petition (L) No 2230 of 2018] ✍ Bombay High Court has taken serious notice of the fact that GST Network (GSTN) is not working...

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Trade Discount related Guide in GST Regime

In Indian context giving trade discounts and price reductions during negotiations after supply of goods and services is very common in business. However, if such post supply discounts were not anticipated at the time of supply, it is not allowed to be deducted from value....

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Wrong Input Tax Credit claim in GSTR-3B

Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized these common...

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