Goods and Service Tax Archives | V J M & Associates LLP (Chartered Accountant)

Goods and Service Tax

Cenvat Credit via TRAN 1 can be claimed till 30 June 2020
Input Tax Credit
CA. Kapil Mittal

Cenvat Credit via TRAN 1 filing can be claimed till 30 June 2020

The Hon’ble Delhi High Court under the division bench of Honourable Justice Vipin Sanghi and Honourable Justice Sanjeev Narula has passed a landmark judgement allowing to file transition credit via TRAN-1 till 30th June 2020. It further directed the tax department to widely convey this judgement to file TRAN-1 across the public domain via publishing on their website so that whosoever could not claim the benefits can claim now.

Read More »
Reverse Charge under gst
Blog
CA. Sachin Jindal

A Close Insight into Reverse Charge Under GST (RCM)

Under Goods and Service Tax (“GST”), generally, a supplier of goods and services is liable to pay GST for the supplies, i.e., at the time of supply of goods or service supplier charges GST over sales consideration and collect the same from recipient and by due date deposit such GST amount to the account of government  On the contrary, in the case of Reverse Charge Mechanism (“RCM”) under GST, the recipient himself is liable to pay the tax for goods and services received by him instead of the supplier. Therefore, the recipient is liable for all compliance under GST. Here

Read More »
IGST Refund from Custom - Invoice mismatch Cases
GST Refund
CA. Kapil Mittal

IGST Refund from Custom | Invoice mismatch Cases

Ministry of Finance via circular no. 05/2018-Customs, has clarified certain error done by exporters while filling there returns under GST consequently non – release of there IGST refund from custom where exports has been made on payment of IGST. Such cases are marked as SB005 error code by custom. As per said circular, 40000 crores refunds of refunds has been sanction by CBEC.  Information is being made available to exporters on a real-time basis with regard to the errors status on ICEGATE website for registered users. Details of refund sanctioned is being sent through SMS on registered mobile phones. 1.

Read More »
Block Credit under GST
Blog
CA. Kapil Mittal

Cases where GST Inputs are Not Available | Ineligible Input Tax Credit | Block Credit

Specific and elaborated provisions related to Input tax credit are given under Chapter V (Section 16 to 21) of Central Goods and Service Tax Act, 2017 which contains various provisions. Section 17 of CGST Act, 2017 contains provisions related to Apportionment of credit and blocked credits or where inputs tax credit are not available for utilisation i.e. ineligible Input tax credit under GST. Considering the fact that Goods and Service Tax (“GST”) is a tax based on value addition only, Input Tax credit (“ITC”) is a fundamental concept for such purpose. By availing ITC of taxes paid on Inputs, input

Read More »
Clubbing of GST refund claims across two financial years is allowed
Blog
CA. Sachin Jindal

Clubbing of GST refund claims across two financial years is allowed

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers

Read More »
Provisional GST Refund
Blog
CA. Kapil Mittal

Provisional GST Refund | GST RFD-04

In case of GST Refund, whenever a situation arises where refund amount can’t be ascertained precisely, then, the proper officer shall sanction refund amount on provisional basis.  1. Provisional GST Refund Where the proper officer has reasons to believe that due to irregularities in refund application, whole or part of the refund claim may face rejection. Then in such a case, the proper officer shall disburse refund on the provisional basis to the extent of 90% of the refundable amount*. However, the final refund shall be granted in accordance with provisions of Rule 92 of CGST Rules. Order of provisional

Read More »
letter of undertaking
Blog
CA. Sachin Jindal

All about Letter of undertaking(LUT) under GST

1. What is Letter of undertaking (LUT) Letter of Undertaking or LUT is an undertaking filed by an exporter of goods or service which permits him to export goods or services without payment of IGST subject to the condition that he will complete the process of export of goods or services within the prescribed time limit..  According to the Notification No. 37/2017 – Central Tax, it’s mandatory to file LUT for exporting goods or services or both without paying the IGST.  In case, an exporter fails to submit LUT the person needs to pay IGST or has to provide an

Read More »



Want to talk to us

Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118

V J M & Associates LLP

Contact Us

X