Works contract is an activity wherein supply of both service and goods takes place, for example, construction of building; erection, commissioning, installation of plant and machinery, etc. In common parlance, a works contract relates to both movable property‘ and immovable property‘. In the Service Tax regime, the service portion in …
Sunny Jain V. Union of india (Delhi High Court) : Input tax credit – Electronic credit ledger (ECL) – Blocking of ECL – ECL of petitioner had been blocked for alleged non-payment of consideration to its supplier- Petitioner contended that ECL could not be blocked for eighteen months as provision …
(1) Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode and subject to such conditions and restrictions as may …
In many cases, it can be found that the supplier has offered a discount to the buyer which is neither shown in the tax invoice nor is it agreed upon between them. This is common in trade practice and is usually dependent on the supplier and buyer relationship. In such …
MULTI-INSURANCE In case the business entity pays for an insurance policy which has elements of both general insurance and life / health insurance, it should be able to bifurcate clearly which are the elements which relate to general insurance and which relate to life insurance in order to avail input …
Definition : As per the Goods and Services Tax (GST) Act 2017, construction refers to the building, renovation, alteration, repair, or any other similar activity carried out on an immovable property. It includes civil engineering works such as roads, bridges, airports, railways, dams, pipelines, and others, as well as the …
Basics : Tax Deduction at Source (“TDS”) generally means a certain registered person making payment or crediting to the supplier’s account for supply of taxable goods or services or both is required to deduct GST at source if the contract value without taxes exceeds the threshold limit. It is a …
Did you Know, GST Officer can not cancel your GST Registration merely on Ground of Principal Place of Business ? Read the Case Study for Complete Details CASE NAME : F R TRADE LINKS V. STATE TAX OFFICER (KERALA HIGH COURT) About petitioner : Partnership Firm Issue : GST Registration …
Applicability : GST is applicable to construction activities in India, whether it is private construction, commercial construction, or construction of flats/society. In other words, any property under construction which is intended for sale is considered a supply of service and, therefore, liable for GST. The ready-for-sale properties do not attract …
The same is pertinent to the ability of specific assesses to resubmit their GSTR-3B forms. At the time of process filing same was noticed that certain assessees’ returns comprised of the differences between the data that was furnished actually in the ITC claim and tax liabilities payment along with the data that …
