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)
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.
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
GSTR-2B is going to be such an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their GSTR-1, 5 (Non-Resident Taxable Person) and 6 (Input Service Distributor). It is a static statement and will be made available for each month, on the … Read more GSTR-2B
Input Tax Credit (ITC) is the core concept of GST as GST is a destination-based tax. ITC avoids cascading effect of taxes and ensure that tax is collected in the state in which goods or services or both are consumed. Where any person claims that he is eligible for the input tax credit under this … Read more Input Tax Credit
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!
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.
a registered person, whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Cr. (75 lacs for Special category State except for the state of Assam, Himachal Pradesh and Jammu & Kashmir,) may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may … Read more What is the eligibility Criteria for Composition Levy in GST? Know here.