Blogs

The concept of self-assessment in tax administration was introduced in India with an expectation to usher in a new era of trust-based partnership with the assessees leading to greater facilitation of compliant assessees.

“Circular Trading”, “Fake Bill issue”, “enhanced bill” unfortunately are methods of tax evasion not new in India. Under GST bogus invoices are raised without any actual supply of goods or services or both in several stages culminating finally in no supply or...

“Advance ruling” means a decision/ ruling given to the applicant by the constituted authority on the matters relating to GST provisions

GST being a new law, amended frequently, focusing on revenue leakages has led to a lot of confusion as to the applicability of various provisions of the Act for the transaction undertaken or to be undertaken by the taxpayer. In case the taxpayer takes a wrong decision and remits lesser tax, then he would have to pay the tax along with the interest...

It is usual practice for all the exporters of goods/services to receive money in foreign currency. Few exporters would have EEFC (Exchange Earners' Foreign Currency Account) where they can directly deposit the foreign currency in their account which would be maintained in foreign currency in an Indian Bank. Majority of the exporters would receive money in Indian currency after deduction of remittance charges, conversion charges, etc.

The author in this article tried to explain the...

1. The Central Government had issued Notification No. 8/2017-Integrated Tax (Rate), dated 28.06.2017, notifying the rate of IGST for the services described therein and also the conditions in certain cases.

2. Section 9(3) of the CGST Act, 2017 and 5(3) of the IGST Act, 2017 empowers the Central Government, on the recommendation of the GST Council, may notify the supplies which are liable for payment of GST under RCM by the recipient.

3. Notification No. 10/2017-Integrated Tax (Rate),...

Taxpayers are now used to the frequent changes in the GST law, which may be either by way of a change in the provisions of the Act or the rules or by way of a change in the rate of tax, etc. Further, it has been seen that these changes take place due to various reasons, a few of which are listed below:

1. To clarify the intention of the lawmakers (eg: retrospective amendment made to the transition provisions, attempting to restrict the transition of cess credits into GST),
2. To cater to...