During VAT era, it was difficult for the department to
stabilise and track the movement of goods from one place to another because of
the various rules followed by different state. Some states used to generate
e-forms, however, some states were still using manual system which [...]
Introduction of GSTR
2AGSTR 2A is a purchase-related tax return that is
automatically generated for each business by the GST portal.
When a seller files his GSTR-1, the information is captured
in GSTR 2A.
GSTR 2A will be auto-populated from the following returns of
As you already know, returns filed through Form GSTR-3B is
just an interim return and the regular returns in GSTR-1, GSTR-2 and GSTR-3 are
required to be filed by the businesses. Now we will discuss:
Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, reassess, or re-compute income, turnover etc, which has escaped assessment. Sec.147: Income escaping assessment.Sec.148: Issue of notice for Income Escaping[...]
MAT AND AMT
MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT.
Objective of levying MAT
At times it [...]
The basic principles of Place of Supply of services when the location of
supplier or the location of recipient is outside India, has been drawn largely from
the Place of Provision of Services Rules, 2012 (POPS) under erstwhile service
tax regime. It has also been mentione[...]
Determining the Place of Supply of goods or services is very important as it determines the nature of the tax to be paid. In case, when the location of the supplier and place of supply are in the same state, CGST and SGST will be levied, whereas if the place of supply is in a d[...]
What is Transfer of credit on sale, merger, amalgamation, lease under GST?
Provisions under Rule 41 of the Central Goods
and Services Tax (CGST) Rules, 2017 relating to “Transfer of
Input Tax Credit (ITC) on Sale, Merger, Amalgamation, Lea[...]
NRE deposits are emerging as an attractive investment option, according to a report in the Business Standard today. "With global interest rates continuing to remain low, non-resident Indians (NRIs) can use the non-resident (external) rupee account (NRE) as an [...]
After the implementation of GST in India, several exporters have had difficulties in claiming GST refunds. This has led to large amounts of working capital being locked up until refunds are correctly applied for and received. In this article, we answer some questions on getting G[...]