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We are all aware that COVID 19 pandemic has a great impact on the economy and non-compliance under any tax law due to cash flow has led to the payment of interest, late fee, and penalty. Generally, September is the compliance month for tax laws such as Income tax or GST law (previous financial year compliance).

Study of GST trend from inception, relaxation for rectification of errors, or omission only for FY 2017-18 transaction up to due date of furnishing GSTR 1 of March 2019. However,...

As the world is reeling under the impact of Covid-19, most donations made in India, would qualify as a Corporate Social Responsibility (CSR) activity. These donations may be in the form of cash or in kind such as PPE kits, sanitisers etc. This article aims at analysing the impact of GST on CSR activities/expenditure.

What is CSR?

CSR is a corporate entity’s way of giving back to the society from which it draws all its resources, personnel and business for the betterment of its...

The Reverse Charge Mechanism (RCM) derives it base from the era of Service Tax where it was introduced firstly in case of GTA’s and Clearing and forwarding agents in 1997. Since the provisions for levy of service tax were inconsistent for recovery of tax under RCM, its levy was questioned by The Apex Court in case of “Laghu Udyog Bharti V/s UOI (112) E.L.T. 365(SC)”.  To overrule the said judgment Section 68(2) was incorporated in The Finance Act, 1994. The government with the motive...

GST was implemented in India w.e.f 1^st July 2017 and it has been almost 3 years. Though GST has been implemented with an aim to reduce the compliance burden under different laws, the businesses are still struggling with various compliances under GST. With the sudden outbreak of Covid-19 the entire world is on a stand still including India which is impacting the businesses and professions. In this article an attempt has been made to discuss the impact of the pandemic on businesses and the...

Introduction

Nowadays corporate restructuring has become a need for change in the organizational structure, or business model of a company. It is done majorly to expand the business, revive a declining business, increase a company’s value or to gain a competitive advantage, attain the benefit of synergy etc. Post this Covid-19 pandemic as well, we may notice major corporate restructuring because of the covid-19 effect. One of the forms of corporate restructuring is the transfer of...

Introduction:

GST laws contain Transitional provisions inter alia Section 140 of CGST Act, 2017 (similar provision in State GST laws) enables the taxpayer to carry forward the unutilized input credit under the pre-GST regime and allow the credit of taxes paid on the stock as on 30.06.2017 as GST credit. For this, Rule 117 of CGST rules, 2017 as amended inter alia requires the taxpayers to file Form GST TRAN-1 electronically.

This was to ensure a smooth transition from old laws...

In this pandemic situation across the globe, the department is active in processing the refund applications to help the export community especially the MSME sector to combat the present situation. The next 3-6 months may be the golden period to get refunds expedited. However, at the ground level there are many issues which crop up while uploading the documents and also few clarifications which are restrictive compared to the GST law. In the articles let us discuss the issues and possible...

GST is a tax levied on supply of goods or services or both. The definition of ‘goods’ in the CGST Act, 2017 means every kind of movable property other than money and securities. So, from a small pencil to a huge bulldozer, everything is included in the category of goods. However, in case of food it cannot be considered as goods always. Why is it so?

Before directly getting to the conclusion, we would have to see the history regarding the taxability of food i.e. how food was taxed in...

The canteens are “CLOSED” as of now and the lunch box carried from home are the primary source of food for people who re-joined the office, still the queries related to the canteen remains “OPEN”. The persistence of complexity as to the GST treatment of subject transaction has prompted an attempt to add some clarity.

The facility of canteen is essential for many factories/ plants and that may be due to prevailing law or due to requirements of such industry or terms of employment....