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How to manage transfer of input tax credit when sole proprietor died ?

Doubts have been raised whether sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as (CGST Act) provides for transfer of input tax credit which remains un-utilized to the transferee in case of death of the sole...

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Blocking/Unblocking of ITC by GST Authorities on GSTN

Blocking/Unblocking of ITC The Government of Haryana has issued guidelines regarding circumstances in which input tax credit (ITC) can be blocked/ unblocked from the electronic credit ledger vide Circular Memo No. 3555/GST- 2, dated 30 October, 2018. GSTN has recently released an application program interface...

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Snippet of 27th GST Council Meeting

Some key updates of 27th GST Council meeting held on 4th May 2018 1. GSTN Ownership Changing: Change in the Shareholding Pattern of GSTN: Currently 24.5% held by Central and States Governements each, Balance 51% by Non-Govt Institutions. In New System Central and State Governements...

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Input Tax Credit on Failure to pay Value of supply

When tax payer failure to pay Value of supply to Vendor within a period of 6 month: The Second proviso to Section 16(2) read with Rule 37 of the GST Act, says that where a recipient fails to pay to the supplier of goods or...

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Composition scheme under the GST Law

The purpose of composition scheme is to ensure minimum compliance is put on small business entities. The various features of composition scheme as contained in section 10 and draft rules are as follows Eligibility: A registered person, whose aggregate turnover in the preceding financial year...

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Transitional provisions-Part-III under CGST Ac

Transitional provisions-Part-III

In my previous articles “Transitional provisions under Central Goods and Services Tax Bill (Act)-Part-I” And “Job-Work and Transition: CGST Act” Part-II I have tried to analyzed the transition provisions relating to -Transitional arrangements for input tax credit. -Section 140 Transitional provisions relating to job work-...

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