At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as the assessee … Read more
SECTION 10: PLACE OF SUPPLY OF SERVICES WHERE THE LOCATION OF THE SUPPLIER OR THE LOCATION OF THE RECIPIENT IS OUTSIDE INDIA In continuation to our earlier update, we shall discuss some other provisions of section 10. According to sub-section (8), the place of supply of certain services like banking, intermediary and short term hiring … Read more
The revised IGST Law has provided separate provisions for determination of place of supply in case of intra state trade/inter-state trade and that in case of import/export of goods. The provisions regarding determination of place of supply of goods other than supply of goods imported into or exported from India are the same as proposed … Read more
The new provision reads as follows: (1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed and within the time and manner specified in section 44, be entitled to take credit of input tax charged on any supply of goods or services to him which are used or intended … Read more
There has been a long history of litigation on the issue of classification of works contract activities that whether it is to be considered a service or to be treated as sale of goods. The reason behind it was that the constitution of India classifies the work contract activity as sale of goods and so … Read more
In the Service Tax era, CAs and other professionals (individuals and partnership firms including LLPs) were enjoying a benefit of paying Service Tax on receipt basis. That means Service tax liability need to be discharged on the basis of collection from customers/clients (actual receipt amount). The collected amount was to be considered as inclusive of … Read more
Section 32: Furnishing details of outward supplies The proviso reads as follows: (1) Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, electronically, in such form and manner as may be prescribed, … Read more
This section pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order of the First Appellate Authority or of … Read more
SECTION 99 Revisional Powers of Chief Commissioner or Commissioner:- A new concept of revisionary power of Chief Commissioner or Commissioner has been proposed in the GST Law as compared to the provisions prevalent in present indirect taxation. The Chief Commissioner or the Commissioner have been given power to examine the record of any proceeding and … Read more
SECTION 101 APPEALS TO APPELLATE TRIBUNAL:- The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay … Read more