Refund has always been considered as the most peculiarized feature of GST regime. The mechanism of sanctioning refund is an essential process as it facilitates trade through release of blocked funds. Refund of ITC is an integral part of GST. …
Applicability of GST on Sale of Land
In an application filed before AAR under GST, Gujarat by Shree Dipesh Anilkumar Naik [2020 (6) TMI 448] Applicant is the owner of the land, who develops the land with an infrastructure such as drainage line, water line, electricity line,…
GST on Liquidated Damages
Liquidated damages are means of compensation for the breach of a contract. In literal sense, ‘Liquidate’ implies the winding up of affairs of a business and on the other hand the word ‘Damages’ denotes a sum of money claimed or awarded…
GST on Tobacco Leaves Procured
Tobacco is obtained from various cultivated varieties and has multiple varieties based on size and shape. Tobacco may be cured either as whole plant (on the stalk) or as separate leaves. Before packing for shipment, the dried leaves are treated…
Joint Development Agreement (JDA) under GST
JDA is always considered as a grey area under GST, as many experts have different view on this transaction. But sale of land is very clear aspect, covered under schedule III of CGST Act,2017, which specify that selling of land…
GST on Supply of Water
Water is classified as an essential & supply of the same is exempt through notification no 2/2017- Central Tax Rate dated 28th June,2017. The relevant extract is as under: S. No. Heading Description of Goods Rate (%) Condition 99 2201…
Synopsis Of Proposed Changes In GST Act
Addressingto challenges faced by taxpayers, FINMIN has proposed some changes in GST provisions through Finance Bill,2020 which majorly relates to restrictions in respect of availment of input tax credit (referred to as ‘ITC’) and cancellation of voluntary registration. To make…
New GST Return Format
1.1 Applicability: Major outcome of the 31st Council meet was to introduce new return system under GST. New return system will contain simplified return forms, for ease of filing. An insight of the new tool was provided in May 2019…
Analysis of Central Goods and Services Tax (Fifth Amendment) Rules, 2019: Part-1
The Central Government exercising the powers conferred by section 164, has made an amendment to CGST Rules 2017 ,which is termed as CGST (Fifth Amendment) Rules, 2019. Rule 12 (1A): Grant of registration to persons required to deduct tax at…
GST E-invoice on Government Portal
GST was implemented with several unique provisions which intended to reduce the complexities of pre-GST era. One of such provision stated in rule 46 of CGST rules, 2017 which conferences about unique series of invoice under GST. As per law,a…