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Place of supply for Transportation Service
Goods and Service Tax
CA. Sachin Jindal

Place of supply for Transportation Service

Goods and Service Tax is a combined tax levied by both Center and state governments wherein the center and state get their share of tax depending upon the quantum of goods and services consumed in their jurisdiction. However, a transaction may involve more than one state such as the supplier is located in one state and the recipient is located in another state. In that case, how can it be determined where goods and services are consumed and to which government tax should be given.

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Key takeaways from the 49th GST Council Meeting 
Council Meetings
CA. Sachin Jindal

Key takeaways from the 49th GST Council Meeting 

The GST Council meeting was held for the 49th Time on 18th February 2023 under the chairmanship of the Hon’ble Union Finance & Corporate Affairs Minister. Key points of discussion were Clearance of Compensation cess dues to States, revision of GST rates of a few items, GST appellate tribunal and its structure, Capacity-based taxation and special composition scheme for certain sectors, and additional trade facilitation measures. Key Takeaways from the 49th GST Council Meeting: 1. Measures for facilitation of trade a. Extension of time limit for application for revocation of cancellation of registration. Presently, as per Section 30 of the

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Union Budget-2023-24| Amendments in Indirect Tax- GST & Customs
Goods and Service Tax
CA. Vipin Tyagi

Union Budget-2023-24| Amendments in Indirect Tax- GST & Customs

The indirect tax imposed on goods or services forms a significant part of government revenue and it also has a direct impact on inflation as it increases or decreases the cost of products. Therefore, changes in indirect tax form a significant part of the Union budget, and the entire industry keeps a close watch on the same.

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Takeaways from 48th GST Council Meetings 
Council Meetings
CA. Sachin Jindal

Takeaways from 48th GST Council Meetings 

In the 48th GST Council meeting, the GST council suggested changes in GST rates of certain products, clarified GST rates applicable, decriminalization of certain offenses under GST, rationalization of GST provisions, etc.

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RBI Guidelines on Merchant Trade Transaction
Notification
CA. Kapil Mittal

RBI Guidelines on Merchant Trade Transaction

For the purpose of monitoring Merchant Trading Transactions, RBI has issued guidelines for Merchant Trade Transactions (“MTT”). These guidelines have been amended various times over the period of time based on changes in the market and transactions. The latest guidelines were issued vide circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No.20 dated 23rd January, 2020.

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CBIC can’t modify scope of Exemption Notification
Judgements
CA. Sachin Jindal

CBIC can’t modify scope of Exemption Notification

Hon’ble CESTAT stated that exemption notification is issued by Central Government in the exercise of power given under section 93 of the Finance Act, 1994. Exemption notification is approved after obtaining approval from both houses of parliament. However, no power is extended to CBIC to modify the scope of the exemption notification. Therefore, conditions attached by CBEC to exemption issued by the Central Government are illegal, unauthorized, and of no effect.

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