Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations The changed section 168 (old section 144) reads as follows: A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, credit of … Read more
SECTION 167. AMOUNT OF CENVAT CREDIT CARRIED FORWARD IN A RETURN TO BE ALLOWED AS INPUT TAX CREDIT The following provisions have been incorporated under CGST Laws:- A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, the amount of … Read more
A new Chapter VIII has been introduced in the IGST Act wherein the concept of zero rated supply has been framed. The provisions contained in the section 16 are discussed as follows:- Zero rated supply means any of the following taxable supply of goods and/or services, namely- Export of goods and/or services; or Supply of … Read more
There is material departure in the valuation provisions of a taxable supply in the revised GST Law. A comparative analysis of the changes made with respect to present laws is made as follows:- The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price … Read more
The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows:- The time of supply of goods shall be earliest of the following:- The date of issue of invoice by the supplier or the last date on which he is required under section 28, … Read more
The amendments made in the provisions pertaining to job work and their comparision with respect to earlier GST law and in present scenario is summarised as follows:- Earlier GST law provided that Commissioner may be special order and subject to conditions, permit a registered taxable person to send taxable goods without payment of tax to … Read more
The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which … Read more
The revised GST Law introduces three new concepts of supply which are discussed in this update. COMPOSITE SUPPLY Section 2(27) defines this term as “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and … Read more
We discuss some other provisions pertaining to refund of tax in revised GST Law as follows:- A new sub-section 13 has been added in section 48 which states that refund of advance tax deposited by casual or non-resident taxable person shall not be allowed unless they have furnished all returns during their period of registration. … Read more
Earlier old GST Law, the limitation of two years for filing refund claim was not applicable for amount paid under protest. This provision has been deleted in the revised GST Law thereby meaning that there will be no mechanism for paying tax under protest. A new provision for refund of tax by specialised agency of … Read more