First of all why blog not youtube video? Video has limited impression on human mind and when human being read, it has more impact. It is important to note that even though CA Final IDT papers are coming easy for last 3 attempts, students are scoring poor marks in CA Final IDT. What is the […]
Continue ReadingTime limit for raising demand and penalty amount increases if there is charge of fraud or any wilful-misstatement or suppression of facts to evade tax. The expression “suppression” shall mean non-declaration of facts or information which a taxable person is required to declare in the return, statement, report or any other document furnished under this […]
Continue ReadingYes. Supplies made by DTA unit to SEZ Unit or developer are eligible for drawback in cases where the SEZ Unit or Developer issues a disclaimer to the DTA supplier and drawback is claimed by the DTA supplier. Drawback shall be processed and paid by the office of Principal Commissioner or Commissioner of Customs/Customs (Preventive) […]
Continue ReadingResident Welfare Society (RWA) collect monthly maintenance charges for various services i.e. security, maintenance, electricity, water supply etc. procured for residents of residential society. In GST, exemption is available under NN-12/2017-Central Tax (R), to the services provided by RWA to its own members by way of reimbursement of charges or share of contribution up to […]
Continue ReadingIf SEZ supplies goods to DTA unit, the DTA unit is required to file Bill of Entry and pay applicable customs duty, which also includes IGST. The question is, whether SEZ unit will also be liable to pay GST, in addition to customs duty (which includes IGST) paid by DTA unit? Once IGST is paid […]
Continue ReadingNo service tax on stamp duty and Security Transaction Tax (STT) – Stamp duty and Security Transaction Tax (STT) is liability of buyer and stock broker pays it acting as pure agent of the customer. {FAQ No. 77 issued by CBIC on banking sector on 27-12-2018} Transaction charges collected from clients and paid to stock […]
Continue ReadingIn Lavasa Corporation Ltd. v. Jitendra Jagdish Tulsiani [2018] (Bombay HC), agreement of lease was executed to take apartments on long term lease of 999 years. Most importantly 80% of the cost was paid and substantial amount of stamp duty and registration charges were paid. Lease rent was nominal Rs. 1 p.a. It was held […]
Continue ReadingAs per Section 24 (i), anyone making inter-state taxable supplies, is compulsorily required to register. The biggest brunt of this was felt by the exporter engaged in service sector i.e. freelancer working in software sector. Exports have been categorised as “zero-rated” and hence “0%” GST was applicable to it. However, since exports were essentially “inter-state […]
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