ABC

  • Category: Others
  • Date: 09-07-2021
  • Writer: Ayesha Anam

GST- Rain check on Justice Delivery – July 2021

  • Category: sector specific
  • Date: 02-07-2021
  • Writer: CA Madhukar N Hiregange

GST was undoubtedly the biggest indirect tax reform in India on paper.  The vision was of transformation of the mindset, best international principles, simplified, easy to comply law with least amount of intervention. It should have given an additional push to the trad/ industry.

However, the hurried implementation, poor drafting, 1000s of changes by way of notifications/ circulars, untested technology, no change management of worth have whittled down its advantages significantly....

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ARTIFICIAL INTELLIGENCE

  • Category: Others
  • Date: 01-07-2021
  • Writer: Sushil Kumar Padhy

Levy of Interest under GST

  • Category: Levy and supply
  • Date: 18-06-2021
  • Writers: CA Rajesh Maddi, CA Spudarjunan S, Varsha Vasante Gowda

Introduction

Under taxation, levy plays a vital role which requires meticulous observation and analysis of a transaction in line with statue and whether it falls in taxability bracket. In the GST era, interest implication can be for delay in discharge of taxes, short discharge of taxes, wrong availment of credit, and so on. This article provides brief discussion on what is the exact terminology of interest, scope of levy, analysis of section 50 read with section73/74 and interpretation...

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COVID Relief Measures – Reduction in GST rate of specified items – Impact on Rate of Tax, ITC and MRP

  • Category: GST Updates
  • Date: 17-06-2021
  • Writers: CA Spudarjunan S, CA Venkata Prasad

Introduction

Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses that is killing people worldwide. The normal life in India was disrupted due to lockdown, restrictions on commutation etc. due to covid. It affected almost all the industries in India and the second wave of COVID-19 in India (during 2021) has an increased death rate comparing to the previous. Further, more than the infection from the disease, the financial burden...

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Input Tax Credit – Procedure to claim April 2021 onwards

  • Category: Input Tax Credit
  • Date: 26-05-2021
  • Writers: CA Akshay M Hiregange, CA Madhukar N Hiregange

Introduction

Recently, there have been multiple amendments and notifications under GST. This leads to difficulty in confirming whether an entity is in compliance with the GST law or not. Some of the recent changes are:

  • E-invoicing being introduced in a phased manner from October 2020.
  • Finance Act 2021, having major modifications but not yet notified
  • Pandemic lockdown related notifications
  • Rule 36(4) – 5?-hoc credit reduction and validity

Considering industry hardship...

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GST IMPLICATIONS ON “FREE OF COST” SUPPLY OF OXYGEN

  • Category: Levy and supply
  • Date: 25-05-2021
  • Writers: Bhavesh Mittal, Nikita Baradia

The Hon’ble Prime Minister said that “the government, the states, the industry and the transporters, and all the hospitals need to come together and work in unison. The better the synergy and coordination, the easier it will be able to deal with this challenge”.  The “challenge” he was referring to, was the challenge of meeting the massive demand of life saving oxygen gas, pursuant to surge in Covid cases. Further, he promised “full support” to the above warriors in combating...

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AUTHORIZED ECONOMIC OPERATOR (AEO)-A GAME CHANGER IN PROMOTING THE EASE OF DOING BUSINESS

  • Category: sector specific
  • Date: 24-05-2021
  • Writer: CA Anil Kumar Bezwada

Introduction

Most of times we as Tax payer concentrates only on tax payments, discharging our liabilities and regular tax compliances considering the way the bureaucrats are implementing the Tax laws with the threating measures. It is equally or more important for us to enjoy or the avail or utilize the benefits provided in the Tax Law. One of such massive benefit in the Customs law is Authorized Economic Operator Status. AEO Status holders enjoy with lot of fiscal, operational defined...

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Tax rate on parts & components of motor vehicle - A classification conundrum in the waiting

  • Category: sector specific
  • Date: 18-05-2021
  • Writers: CA Payal Bhutada, CA Ravi Kumar Somani

Introduction:

Motor vehicles are an inextricable part of modern life commutation. The industry has grown clouds & skies over last century and is today one of the largest sectors in the economic scheme of things. While it’s no less than a magic to experience a motor vehicle as a single unit, but in reality this manufacturing marvel is nothing but an amalgam of lakhs of parts, spares, components & accessories that are aesthetically engineered & interconnected in a manner to function in...

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Using 4 Quadrants Philosophy – Productivity & Time management

  • Category: Professional Value Pack
  • Date: 11-05-2021
  • Writer: CA Madhukar N Hiregange

Everything we do in our life can be categorized/ ranked/ prioritised as per its importance and urgency. “ Putting 1st things 1st. As we grow to be team leader/ managers or partners, we find that most of our time gets focused on the unimportant activities or on urgent activities. It is like a chakravuha - a downward spiral with no hope of coming out. Knowing what is important we are stuck in inaction. We nod our head and agree that we need to dedicate more and more time to long term...

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