Ca Pradeep Jain As the GST law has been revised, it is pertinent to note down what all issues still remain un-tackled or untouched. Also certain provisions are there which are yet again drafted in such a way that they would attract litigation. Here we are discussing two such provisions: Seeing the valuation provisions as prescribed in section … Read more
The eighth meeting of the goods and services tax (GST) council held on Wednesday yet again ended on an uncertain note, effectively ruling out the possibility of implementation of GST from 1 April. In this two day meeting the outcome came out to be insignificant as the litigious issue of sharing of administrative powers was … Read more
Chapter XVI – Audit The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. Not much is proposed in the revised draft law. One change that has been proposed is that now … Read more
Transitional provisions for availing Cenvat credit in certain cases This provision has been added to as to provide for treatment of such cenvat which was reversed before the appointed day due to non-payment of consideration within a period of 3 months. This provision states that in such situation such credit can be reclaimed provided that … Read more
Taxability of supply of services in certain cases This is a newly added section to provide for taxation for such instances of service provision where the point of taxation was occurring before the appointed day. It states that in cases where the point of taxation lies before the appointed day then the tax will be … Read more
SECTION 182 CLAIM OF CENVAT CREDIT TO BE DISPOSED OF UNDER THE EARLIER LAW It is provided in sub-section (1) that every proceeding of appeal, revision, review or reference relating to a claim for CENVAT credit initiated whether before, on or after the appointed day, under the earlier law shall be disposed of in accordance … Read more
Pending refund claims to be disposed of under earlier law. This section provides for the treatment of such refund claims which have been filed before the appointed day in respect of any tax, amount of cenvat credit, duty, tax or interest paid before the appointed day. It provides that all such claims will be disposed … Read more
Section 175 – Inputs removed for job work and returned on or after the appointed day This section intends to enable the receipt of goods sent on job work before the appointed day but received back after the appointed day. Like the previous sections the time limit has been kept at 6 months from the … Read more
Sec 173 – Exempted goods returned to the place of business on or after the appointed day The section enables a taxable person to receive exempted goods (under the old law) which were removed/sold earlier and then received back within 6 months of the appointed date. This section has been kept similar to the previous … Read more
Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme The section 172 (146 in old draft) dictates the provision and conditions, on fulfillment of which a registered taxable person becomes eligible to avail the cenvat of the inputs held in stock … Read more