In a continuously changing business environment in a fast-developing country like India, there is a need to keep oneself abreast of the frequently changing and evolving regulatory mechanism. To assist our clients in keeping pace with these changes which are bound to be there in a developing economy, we keep analyzing the provisions/policies and express our views on the same as and when a need for the same arises.
SNR – GST Update GST/2020-21/11 Central Board of Indirect Taxes & Customs (CBIC) has issued two circulars on 10th June 2020 to issue clarifications regarding refund of accumulated ITC relating to imports, ISD invoices & inward supplies liable to RCM and GST applicability on Director’s remuneration. These circulars have provided much needed clarity on both...
SNR – GST Update GST/2020-21/10 Central Board of Indirect Taxes & Customs (CBIC) has issued certain notifications to ensure minimum hardships to trade and industry in the existing situation. Brief of the notifications are given below: S. No. Notification No. Brief of the notification 1. 44/2020-Central Tax dated 8th June 2020 Filing procedures of GSTR-3B...
SNR – GST Update GST/2020-21/09 Hon’ble Karnataka Authority for Advance Ruling (AAR) has given a ruling in the matter of “M/s Dolphine Die Cast (P) Ltd.” holding that no export or import can be made unless there is actual physical movement of goods outside or inside the territory of country. It has been held that...
SNR – GST Update GST/2020-21/08 Recently Karnataka Appellate Authority for Advance Ruling (AAAR) has upheld the ruling given by Karnataka AAR in the matter of “M/s Maarq Spaces Private Limited”. AAR has earlier held that consideration received by developer in terms of Joint Development Agreement (JDA) is neither a composite supply nor an exempt supply...
SNR _GST_Update GST/2020-21/07 CBIC amends GST Law retrospectively to disallow transitional credit claims The Central Board of Indirect Taxes and Customs (CBIC) has notified retrospective amendments to Section 140 of CGST Act, 2017. The Central Government has appointed 18th day of May’ 2020, as the date on which the provisions of Section 128 of Finance...
SNR – GST UPDATE GST _2020-21_06 Recently Karnataka AAR has given a ruling in the matter of “Mr. Anil Kumar Agrawal” holding that salary paid to executive director is not liable to GST as it is covered under schedule III of CGST Act, 2017, thus not to be considered for computing aggregate turnover for registration....
SNR – GST UPDATE GST_2020-21_05 Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under previous...
SNR – GST UPDATE GST_Update _2020-21_04 Amidst extended lockdown periods due to coronavirus outbreak, the Central Board of Indirect Taxes & Customs (CBIC) has extended various compliance deadlines to ensure minimum hardships to trade and industry in the lock down period. Below is the summary of various reliefs being extended to assessees: S. No. Notification...
SNR – GST UPDATE GST_2020-21_03 Recently Karnataka AAR (Authority of Advance Ruling) has given a ruling in the matter of “M/s T&D Electricals” holding that no Registration is required under the CGST Act,2017 for execution of a works contract in other state where there no fixed establishment in that state. Relevant facts of the case...
SNR – GST UPDATE GST_2020-21_02 Recently Hon’ble Jharkhand High Court has given a ruling in the matter of “Mahadeo Construction Co. Vs Union of India (Jharkhand High Court)” holding that interest liability under section 50 is although automatic, but it’s computation and demand can be raised only after initiation of Adjudication proceedings under Section 73...
