E-invoicing and its applicability with illustration

  • Category: sector specific
  • Date: 20-11-2020
  • Writer: Harish P Devda

What is e-invoicing?

e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)

 

Notified persons: A registered person, other than an SEZ unit*, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger...

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GST on Intermediary, its Constitutional validity & proposed changes to term intermediary as exports

  • Category: sector specific
  • Date: 20-11-2020
  • Writer: Harish P Devda

Background

Under GST, tax is levied on the taxable supply of goods/services. Tax is applicable on the taxable services supplied in India.

In the GST regime, intermediary services by Indian suppliers to foreign principals are taxed to GST. In common parlance, any person who enables the supply of goods/services between two persons, is considered as intermediary.

There has been a lot of confusion regarding tax implications on the pre-sales and post-sales services vs intermediary...

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Permissible Ambit of a Delegated Legislation

  • Category: sector specific
  • Date: 25-08-2020
  • Writer: Adv Surabhi Parihar

I. Concept of delegated legislation

P. Ramanatha Aiyar’s, The Law Lexicon, defines delegation as an act of making or commissioning a delegate. Subordinate/delegated legislation is a process by which the executive is given powers by primary legislation to make laws in order to implement and administer the requirements of that primary legislation. Thus, the phrase “to implement and administer the requirements of that primary legislation” defines the boundaries or the scope for...

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Impact of COVID-19 and reliefs granted under GST

  • Category: sector specific
  • Date: 01-06-2020
  • Writer: Sunil V

GST was implemented in India w.e.f 1st 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...

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GST – Retrospective amendment - Transitional credit claims of past- Disentitled now?

  • Category: sector specific
  • Date: 21-05-2020
  • Writers: CA Madhukar N Hiregange, CA Venkata Prasad

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...

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GST refunds a need for pandemic situation - Issues and Solutions

  • Category: sector specific
  • Date: 20-05-2020
  • Writer: Adv.Venkatanaryana GM

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...

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Restaurant Sector facing serious GST issues

  • Category: sector specific
  • Date: 23-04-2020
  • Writer: CA Ashish Chaudhary

Background

Food supplied by a restaurant is whether supply of goods or supply of services? This question has been hovering since last few decades. The Constitutional Amendment by inserting Article 366 (29A) (f) partially included it within the definition of deemed sale of goods. With introduction of service tax law, the service portion was separately identified in the restaurant services through deeming fiction provided in the Valuation Rule. Thus, both VAT and Service Tax were levied on...

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Tax / GST treatment to be given in case of cancelled flats

  • Category: sector specific
  • Date: 15-04-2020
  • Writers: Asiya Begum, Shilpi Jain

GST compliance for real estate has always been a nightmare considering the frequent changes in the rates, tax structure, GST returns to be filed, so an and so forth. Assessee to be tax compliant has to look for ways and means to make the tax compliances easier. An attempt was made to simplify the GST compliance relating to real estate and to reduce the GST cost to the ultimate customer by way of introducing a new scheme of rate. But the new scheme also does not look simple. 

GST...

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Impact of GST on Real Esatate Sector

  • Category: sector specific
  • Date: 15-04-2020
  • Writers: CA Madhukar N Hiregange, CA Ravi Kumar Somani

One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land. The States apply VAT to the goods portion and the Centre taxes the services portion, with no explicit tax on the transaction value of land. The State also collects stamp duty and registration charges for the registration of property. Each...

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Date of liability w.r.t to JDA entered in pre-GST regime

  • Category: sector specific
  • Date: 15-04-2020
  • Writers: Monika Motta, Nagasena

Introduction:

  • Real estate is an important sector of the economy and Joint Development Agreements (hereinafter referred to as ‘JDA’) forms one of the fundamental parts of such sector. JDA is an agreement entered between the landowner and the developer wherein the landowner would provide the right to the developer to develop the land, in return for the construction services to be provided by the developer. Let us analyze a situation wherein such JDA was entered in the service tax...
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