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Ways to File an Appeal under GST

by Sanjeev Archak Sanjeev Archak No Comments

Previously, we spoke about the various Anti-Profiteering rules under GST Law. Today we will be talking about the ways of filing an appeal under GST regime.

Laws, in general, impose two kinds of obligations. The first obligation is related to tax and the second obligation is related to the procedure. Any registered taxpayer’s compliance with these two types of obligation is put to check by the various officers of the law.

Sometimes this entire process might lead to certain situations of non-compliance which further leads to a dispute between the taxpayer and the concerned tax officer. To put these disputes in check, there are appeal mechanisms set in place.

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Types of Electronic Ledgers under GST

by Sanjeev Archak Sanjeev Archak No Comments

After the Goods and Services Tax is implemented, every individual taxpayer registering under GST will be able to access the GST common portal by using their individual login credentials. After a successful login, the taxpayers will be able to access the dashboard and all the various features being presented. Under the GST common portal, every taxpayer will also be able to access the three kinds of electronic ledgers under GST.

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Anti-Profiteering Rules under GST Law

by Sanjeev Archak Sanjeev Archak No Comments

The Anti-Profiteering rules under GST law have been released by the Government of India. For the purpose of the same, a notification has been issued for setting up of a National Anti-profiteering Authority. This Authority shall be empowered to levy a penalty if businesses do not pass on the benefit of price reduction to consumers under the goods and services tax regime.

The Authority shall consist of a Chairman and four technical members. A state level Screening Committee shall be constituted in each State by the State Government.

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Operational and Compliance Relaxations for Startups, Section 8 Companies & Government Companies

by Sanjeev Archak Sanjeev Archak No Comments

The Ministry of Corporate Affairs in its continuous effort to boost the startup ecosystem has made some operational and compliance relaxations for Startups, Section 8 Companies and Government Companies.

In its notification dated 13th June 2017, the MCA has made some amends to its initial notification under G.S.R. 464(E) dated the 5th June 2015 published in the Gazette of India, Extraordinary, Part-ll, Section 3, Subsection (i).

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Audit under GST Law – What Taxpayers Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

Section 65 of the GST empowers the GST authorities to conduct an audit of the tax payers. The audit under GST shall be conducted at such frequency and in such manner as provided under GST law.

The audit shall be conducted at the place of business of the registered person or in their office. Prior to conducting the audit, the taxpayer shall be informed by way of notice not less than fifteen working days prior to the conduct of the audit.

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Concept of Casual Taxable Person under GST

by Sanjeev Archak Sanjeev Archak No Comments

In previous posts, we have discussed who is liable to get registered under GST. In this post, we shall examine the concept of ‘Casual Taxable Person under GST’.

Who is a Casual Taxable Person under GST?

Casual taxable person means a person who occasionally undertakes transactions involving the supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

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Reduced Liability of Tax on complex, building, flat etc. under GST

by Sanjeev Archak Sanjeev Archak No Comments

The Finance Ministry has issued the following clarification regarding the reduced liability of tax complex, building, flat etc. under the Goods and Services Tax on 15th June 2017:

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law.

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Want to Register Under GST? Here are 6 Things To Know

by Sanjeev Archak Sanjeev Archak No Comments

Every person shall be liable to register under GST in the State or Union territory from where he makes a taxable supply of goods or services or both if his aggregate turnover in a financial year exceeds Rs 20 lakhs. This limit of Rs 20 lakhs is reduced to Rs 10 lakhs if the person is located in the North Eastern states of India.

‘Person’ here includes individuals, HUF, company, firm, LLP, an AOP/BOI, any corporation or Government company, a corporate body incorporated under laws of the foreign country, co-operative society, local authority, government, trust, artificial juridical person.

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Trade Advances Not To Be Deemed As Dividends

by Sanjeev Archak Sanjeev Archak No Comments

SECTION 2(22) OF THE INCOME-TAX ACT, 1961 – DEEMED DIVIDEND – CBDT’S CLARIFICATIONS ON SETTLED VIEW OF SECTION 2(22)(e) OF SAID ACT ON TRADE ADVANCES/COMMERCIAL TRANSACTIONS

CIRCULAR NO.19/2017 [F.NO.279/MISC./140/2015/ITJ], DATED 12-6-2017

Section 2(22) clause (e) of the Income-tax Act, 1961) (the Act) provides that “dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits holding not less than ten percent of the voting power, or to any concern in which such shareholder is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits.

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