News Flash

News Flash: E Invoice

In the direction of making the E-Invoices compulsory for the trade as a whole, the Government has put the basic framework and format of the proposed E-Invoice in the public domain. The main objective of the entire exercise is of-course to curb the menace of fake invoices. We provide below the major highlights of E-Invoicing system: Objective of introduction of E-Invoices Standardisation and inter-operability of...

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News Flash: Treatment of Discounts

With the renewed focus on the retail trade and especially on the treatment of discounts etc., CBIC has issued a Circulars clarifying on the applicability of GST on the post supplies discounts vide Circular No. 92/11/2019-GST Dated 07.03.2019 clarifying on the applicability of GST and availability of input tax credit. Similarly, CBIC has issued a Circulars clarifying on the applicability of GST on the additional...

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Budget 2019: GST Related Proposals

Finance Minister has proposed various amendments to Central Goods and Services Tax Act, 2017. We provide below the changes proposed. Mandatory Provision of Prescribed Electronic Mode of Payment by Specified Class of Registered Persons In continuation of impetus to increase the digital payments, Budget 2019 has proposed mandatory provision of electronic mode of payment to recipient of goods and services. The Government will specify the...

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FAQs on Annual Return for 2017-18

After the multiple extension of dates for filing the annual return for 20017-18, the Government has issued the FAQs relating to annual return. One of the important features of the new annual return on the portal is auto filled data and option for declaring additional liability in annual return and payment thereof. We provide below the snap shots of the FAQs so issued. Particular Remarks...

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In continuation of the recommendations by GST Council in its last meeting in Dec 2018, the CBIC has issued a spate of Circulars, Notifications and Orders. In this direction we provide the relevant and important changes in series of flashes. This flash covers the change that affected most of the taxpayers and relates to availment of input credit and reporting of outward supplies pertaining to...

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GST Council Recommendations: 31st Meeting

Keeping the past trend in view, certainly GST has taken political colours and is often used as a populist measure especially in the election times. GST Council met in this background in its 31st meeting on 22nd Dec 2018 and took many significant decisions. The recommendations / decisions ranges from host of issues from reduction in GST rates to exemptions to refunds to policy matters...

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TDS/TCS Provisions and Audit report

As the last date of making adjustments in GST returns relating to FY 2017-18 approaches, the Government has issued some major notifications as below: 1.       TDS and TCS provisions made effective: After a long wait of 14 months, the Government has now made effective the TDS and TCS provisions w.e.f. 01st October 2018. Accordingly, the following persons will be required to deduct the TDS on...

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Relevant changes relating to supply of services Pursuant to GST Council recommendations

  Pursuant to GST Council recommendations, the CBIC has issued a spate of notifications providing for various changes relating to rate change and exemptions. In this newsflash, we provide the relevant changes relating to supply of services. GST Rate Change for Supplies by Restaurant etc.     Government has considerably reduced the GST rate on supplies of services by certain specific persons subject to certain...

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GST Byte: Payment Between Branches and Availability of Underlying Credit

Central Goods and Services Tax Act, 2017 (CGST Act) has treated the branches of a multilocational entity as distinct persons for the purposes of CGST Act. CGST Act has specifically provided that a person who has obtained more than one registration in a State or more than one State will be treated as distinct persons for GST purposes. Similarly, Section 8 of Integrated Goods and...

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News Flash: SEZ Related

Continuing with its proactive approach in providing clarification to the trade, CBIC has issued a Circular regarding transaction with Special Economic Zone Developers or units located in Special Economic Zones. Taxability of short term accommodation services to SEZ developer or unit  Particulars Remarks Whether the services like short term accommodation, conferencing, banquet etc. provided to SEZ developer or unit is intra state or interstate supply?...

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