Sachin Jindal

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GST on goods sent outside India under sale or approval basis
Blog
Sachin Jindal

GST on goods sent outside India under sale or approval basis

CBIC clarifies on taxability of goods sent/ taken out of India for exhibition or on consignment basis for export promotion Indian exporters engage in several business promotion activities outside India in order to expand their outreach globally and increase volumes. Certain activities may require physically showcasing the goods to the potential buyers in order to strike deals and finalise sale orders. In this connection, the goods would have to be taken outside India for demonstration to the potential buyers either directly in exhibitions, trade fairs, business congregations, industry meets etc. or indirectly through distributors/ agents on consignment basis. The goods

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Impact of GST on Post sales Discount
Blog
Sachin Jindal

Impact of GST on Post sales Discount

CBIC clarifies the if post sales discount has been given in pursuant to contract at or before sale, GST would not be applicable on such discount however if given discount require some action at dealer end, GST would be applicable on such discounts as separate supply. Applicability and impact of Goods and Services Tax (‘GST’) on sale promotion schemes has always been a complex and litigious issue. The Central Board of Indirect Taxes and Customs (‘CBIC’) had earlier issued Circular No. 92/11/2019-GST dated 7 March 2019 providing clarifications on sales promotion schemes under GST. Read more about GST impact on

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GST on additional/ penal interest under EMI schemes
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Sachin Jindal

GST on additional/ penal interest under EMI schemes

CBIC clarifies on the applicability of GST on additional/ penal interest under EMI schemes An Equated Monthly Instalment (‘EMI’) is a fixed amount paid by the borrower to the lender on a specified date every month. The EMI includes month principal and interest components, which aggregate to an equal amount of outflow every month.  Over a specified period, the loan is fully paid off along with interest. In cases the EMI payment schedule is not complied, there could be levy of additional interest/ penal interest to compensate for the delay.  Clarifications were sought if GST was also applicable on additional/

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GSTR-3B is not valid return
Blog
Sachin Jindal

Gujrat High court ruled that GSTR-3B is not valid return

Gujarat High Court rules that part of Press Release on last date for availing ITC for FY 2017-18 is illegal At the beginning of the GST-era, Form GSTR – 3B was introduced to taxpayers for ease of convenience in the initial phases and the filling of Forms GSTR – 2 and GSTR – 3 were deferred indefinitely.  Further, the GST law provides for the last date for availing ITC pertaining to previous financial year i.e., due date for filing return of September of the following financial year. The Central Government had issued a Press Release dated 18 October 2018 clarifying

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Turnkey project under GST - Composite supply vs Works Contract
Blog
Sachin Jindal

AAR rules on classification of Turnkey project under GST – Composite supply vs Works Contract

Classification of large infrastructure projects involving both goods and services portions is a complex task. There has been a debate on classification of turnkey projects as composite supplies as against works contracts.  The Hon’ble Authority for Advance Ruling, Maharashtra (‘AAR’) in the case of In Re: Ms/ Jalaram Feeds (GST-ARA-83/2018-19/B-03) vide order dated 8 January 2019 had an opportunity to examine such a factual situation.  On facts, the AAR ruled that the turnkey project should be classified as composite supply of naturally bundled goods and services and not as a works contract. 1. Facts of the case M/s. NR Energy

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GST Audit Plan 2019-20
Blog
Sachin Jindal

Know all about GST Audit Plan for 2019-20

The GST authorities have rolled out the GST audit plan and strategy for FY 2019-20 in respect of the GST audit to be conducted for FY 2017-18. The objective of rolling this strategy plan is to standardise the procedure among all GST Audit Commissionerate(s) pan-India and provide guidance to the audit teams on the entire workflow and related processes. The Directorate General of Audit, Indirect Taxes (‘DG Audit’) has rolled out an internal communication in this regard. The GST audit plan and strategy have been designed in a way to target high-risk Taxpayers and avoid causing any inconvenience to small

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GST number search by PAN
Blog
Sachin Jindal

How to check GST number on GST portal

GST portal provides facility for GST number search by PAN and GST number search by GSTIN on GSTIN portal so that person may not get deceived by using incorrect GST Number. However There is no feature for GST number search by Name on the GSTIN portal. GST portal also provided seperate procedure to GSTIN Search of Dealer opted for Composition Scheme Two method of search GSTIN are as follows. GST number search by PAN GST number search by GSTIN In some cases, supplier or recipient may unintentionally mention his GSTIN incorrect. So, corresponding party may check his GSTIN upfront. 1.

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Verification of IGST Refund
Exports of Goods and Services
Sachin Jindal

CBIC introduces additional safeguards for verification of IGST refunds on exports with payment of tax

In order to make India’s exports competitive in the global markets and in line with the principles of international trade and commerce of zero-rating exports, the GST and customs laws have provisions on place for grant of refunds in case of input taxes paid on exported goods.  On similar lines, the GST law also has an alternative route to benefit the exporters – ‘export of goods with payment of taxes’, wherein the taxes paid on sale would be refunded. In line with this initiative, the Central Board of Indirect Taxes and Customs (‘CBIC’) has brought in several exporter friendly and

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Transition Plan | New GST Return Implementation
Blog
Sachin Jindal

Transition Plan | New GST Return Implementation

Implementation of new GST Return formats was finalized in 31st GST Council meeting and earlier it was decided to implement the same from April, 2019 onward on trial basis and from July, 2019 onwards on compulsory basis. However, implementation could not be made in such manner. Ministry of Finance has shared a transitional plan for implementation of such new gst return formats in phased manner vide press release dated 11th June, 2019 which is as follows: Month Phases of New GST Return format implementation May, 2019 A prototype of offline tool of new return format has been shared which looks

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