ALL ABOUT MAT AND AMT

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 may happen that a taxpayer, being a…

UNDERSTANDING PLACE OF SUPPLY-2

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 mentioned that in order to prevent double taxation or non-taxation of…

TRANSFER OF CREDIT ON SALE, MERGER, LEASE, OR TRANSFER OF A BUSINESS

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, Lease or Transfer of a Business”, as notified/ amended by CBEC upto 23 Jan. 2018, are as under: A registered person shall, in…

WHAT IS INCOME TAX CLEARANCE CERTIFICATE?

There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act. Earlier, many transactions required obtaining an Income-Tax Clearance Certificate. For instance, while filing a tender for government works, registration of immovable properties, renewal of import/export licenses, renewal of post licenses, and renewal of shipping licenses. With liberalization,…