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Non Reduction of Price of ‘Fly Ash Blocks’ Despite GST Rate Reduction was Profiteering: NAA

The National Anti-Profiteering Authority (NAA) held Litecon Industry to be guilty of not passing Goods and Service Tax (GST) benefits to consumers. Where applicant alleged profiteering by respondent in respect of ‘Fly Ash Blocks’ supplied by respondent stating that respondent did not pass on benefit of GST rate reduction from 12 per cent to 5

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9 Reasons to Use Mobile Apps for Filing GST by small businesses

GST and Taxation for MSMEs: GST accounting applications have helped in the transition of many small businesses in an easier and cost-effective manner to a new indirect tax system and also making them organised in terms of their bookkeeping. GST and Taxation for MSMEs Since the launch of July 2017, Goods & Service Tax (GST)

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No GST on Salary to Full-time Directors, Rules AAR

The controversy on whether remuneration paid to directors of a company is subject to Goods and Services Tax (GST) has been put to rest by a recent ruling, given by the Authority for Advance Rulings (AAR), Karnataka bench. Anil Kumar Agrawal, who had received salary as a director from a private company, had approached the

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Second Hand Gold Jewellery Purchased From Unregistered Person Can be Valued as per Margin Scheme :GST

IN RE : KAR-ADRG-15-2020 DTD 23.03.2020 Where applicant is in business of sale of used (second hand goods) gold jewellery, it is held that valuation of second hand gold jewellery which are purchased from individuals who are not registered under GST and there is no change in form and nature of such goods can be

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Detained Goods & Vehicle be Released by Competent Authority on Deposit of Requisite Amount by the Assessee

Where Competent Authority had detained goods of assessee under transport as well as vehicle and passed order for confiscation of goods and vehicle, said Authority was to be directed to release goods and vehicle on assessee depositing requisite amount and further said authority would consider issue of confiscation afresh in light of principles explained by

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Adjustment of Negative ITC,a new facility in Form GSTR-6 for ISD

The GSTN Portal has enabled a new facility in Form GSTR-6. The adjustment of negative Input Tax Credit (“ITC”), while distributing credit to its units by ISD, through Form GSTR- 6. The persons registered as ISD can distribute ITC among its Units by filing Form GSTR-6, every month.   Previously, ISD was not able to adjust

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Creation of Electronic Cash ledger and Liability Register for UIN holders

The GSTN has enabled a new facility for UIN holders for the creation of Electronic Cash Ledger and Liability Register for UIN holders. UIN holders can claim a refund under section 55 of the CGST Act, 2017. The facility of Cash Ledger and Liability Register was not provided to UIN holders earlier, as they were only

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GST Monthly Updates: April 2020

The topics covered in this video 1. GST notifications for April 2020 2. CMP-02 date extension 3. GST-3B for Feb-20, Mar-20 & Apr-20 date relaxation 4. GSTR-1 late filing fees waiver 5. CMP-08 date extension 6. GSTR-4 date extension 7. Completion of any proceedings date extension 8. E-way date extension 9. GSTR-3B for May-20 extension

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GST Notifications dated 05 May 2020

GST Notifications dated 05 May 2020 Five GST Notifications CT were issued by CBIC on 05th May 2020 which have been reviewed in this video 1. Notification No. 38/2020 Central Tax dt 05.05.2020 : Seeks to make fifth amendment (2020) to CGST Rules. 2. Notification No. 39/2020 Central Tax dt 05.05.2020: Seeks to make amendments

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