Blocked Credit- Section 17(5)

Blocked Credit – Supply of goods and services ineligible for ITC Though definition of input tax is broad, input tax credit shall not be available in respect of activities and transactions specified in section 17(5) of CGST Act [termed as ‘blocked credit’] The specific exclusions means that but for such exclusion by blocking credit, the … Read more Blocked Credit- Section 17(5)

GST Refund – All you need to know about the GST Refund.

1. Who can apply for the claim? Sub-section (1) of Section 54 of the CGST Act states that “any person” who has paid any tax and interest, if any, paid on such tax or any other amount can apply for the claim of such tax, interest (if any) or other amounts so paid. The term … Read more GST Refund – All you need to know about the GST Refund.

Assessment In GST

Meaning of “Assessment”   Assessment means determining the tax liability. “Assess” in a taxing statute means the computation of the income of assesse, the determination of tax payable by him, and the procedure for collecting or recovering the tax. The word ‘assessment’ can comprehend the whole procedure for ascertaining and imposing liability upon the taxpayer. “Assessment” … Read more Assessment In GST

What is the impact of GST on CSR Expenditure? Explained!

In India, CSR has established its base from the theory of ‘Trusteeship’ coined by The Father of Nation, Mahatma Gandhi, whereby business houses are looked upon as trustees of the resources they draw from society and thus are required to return them back. It looks over the holistic growth & development of India.CSR basically forms … Read more What is the impact of GST on CSR Expenditure? Explained!

How to treat GST component on Mobilization Advance? Read this.

1. Background: Normally, mobilization advance payment is made to a contractor for initial expenditure in respect of site mobilization, laborers, and other initial expenses. Mobilization advance is linked to the contract price in percentage terms, as decided mutually by the contracting parties. The amount of mobilization advance is adjusted against the invoices, raised by a … Read more How to treat GST component on Mobilization Advance? Read this.

Law of Limitation in India

The Law of Limitation in India comprises of the Limitation Act, 1963 and the a few other special laws. The combined effect of all these laws provides for the period after which a legal action cannot be brought to a judicial forum. This period is called the limitation period and any legal suit brought to … Read more Law of Limitation in India

New disclosures in ITR forms_F.Y. 2019-20 (A.Y. 2020-21)

The CBDT has notified the Income Tax Returns for the F.Y. 2019-2020 (A.Y. 2020-2021) on 29th May, 2020 which became effective from 30th May, 2020. Some of the new changes or disclosures asked in the new ITR forms are as follows: Joint House Ownership: Individual Taxpayers who are joint owners of house property cannot file … Read more New disclosures in ITR forms_F.Y. 2019-20 (A.Y. 2020-21)