Daily Archives: August 2, 2017

GST Law & Practice : A Section wise Commentary on GST : July 2017 Edition : Shweta Jain

By | August 2, 2017

GST Law & Practice -A Section-wise Commentary on GST July 2017 Edition A Section-wise Commentary on Goods and Service Tax Price Rs 1590 Click to buy online Edition : 2017 Edition Date of Publication : July 2017 ISBN No.:9789386635587 Binding : Paperback No. Of Pages : 1136 Weight (Kgs) : 1.21 View Contents of this book : GST Law & Practice… Read More »

Category: GST

Exporter can claim higher duty drawback on self declaration basis : CBEC Circular No 32/2017 Customs Dated 27th July 2017

By | August 2, 2017

Circular No 32/2017 Customs Dated 27th July 2017 Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release… Read More »

Increase in number of Income Tax payers after demonetisation 

By | August 2, 2017

Increase in number of Income Tax payers after demonetisation  The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.… Read More »

11 Lakh PAN card deactivated by Income Tax Department

By | August 2, 2017

Mandating Aadhaar linkage to PAN cards  Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective of one PAN to one assessee it is required to… Read More »

IGST on High Sea Sale of Imported Goods : CBEC Circular No 33/2017 Cus Dated 1st August 2017

By | August 2, 2017

Circular No 33/2017 Cus Dated 1st August 2017 Related Topic on GST Topic Click Link GST Acts  Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press Release GST Press Release… Read More »

No refund of GST ITC on Iron Ore export

By | August 2, 2017

  Question : As per Section 54 (3), it is clear that no refund of ITC will be available for export in the cases where product is subject to export duty. Iron Ore export is subjected to export duty. In the earlier regime, the exporters were allowed to take refund of service tax paid on exports. Will… Read More »

Category: GST

GST ITC Not available to Mining companies for construction of townships, hospitals and schools

By | August 2, 2017

  Question . Will the mining companies be eligible to take ITC for construction of townships, hospitals and schools? Answer: No. Mining companies will not be eligible for ITC on such activities even if used in course or furtherance of business. In this connection, the provisions contained in section 17(5) (c) of the CGST Act,… Read More »

Category: GST

GST ITC on holding Environmental Clearance & Forestry Clearance meetings

By | August 2, 2017

Question . Will ITC be available for holding Environmental Clearance (EC) and Forestry Clearance (FC) meetings and for obtaining ‘consent to operate’ the Mines? Answer: Yes, ITC on expenses incurred in the course or furtherance of business shall be available. Related GST FAQ GST on Mining Sector : FAQ GST on Handicraft Sector : FAQ 150… Read More »

GST ITC on rig operations by Exploration companies

By | August 2, 2017

Question . Exploration companies undertake exploration activities for preparing mining blocks for auction in different States in the country. They use rigs for exploration. CENVAT credit was available on rig operations under the existing law. Will the company be eligible to take ITC under GST? Answer: Rigs, capitalized in the books of accounts as capital goods are… Read More »

Category: GST

GST ITC credit on Consultancy provided by Professionals to mining companies

By | August 2, 2017

Question :  Will GST charged by tax consultants, advocates, Chartered Accountants, environmental consultants, canteen service providers and other service providers to mining companies be allowed as input credit? Answer: ITC on any input service/ inputs used in the course or furtherance of business would be available subject to restrictions and other conditions as per the provisions… Read More »

Category: GST

When will Govt refund unutilised GST input credit ?

By | August 2, 2017

Question . Would the net outstanding amount of unutilised input credit be refunded by the Government? Answer: In terms of the provision of Section 54(3) of the CGST Act, 2017 subject to conditions, refund of unutilized input tax credit would be available in respect of zero rated supply or where ITC has accumulated on account… Read More »

Category: GST

GST ITC available on hiring of immovable properties (Land, Office etc ) for mining operations

By | August 2, 2017

  Question : Is ITC available on hiring of immovable properties (land, office, warehouse, processing unit, stock yards) for facilitation of mining operations? Answer: Yes. GST paid on hiring of land, office, warehouse, processing unit, stock yards when these are used in the course or furtherance of business, would be allowed as ITC. Related GST… Read More »

Category: GST

How to adjust GST paid on advances under GST

By | August 2, 2017

Question : It will be difficult to link between “Advance Receipt Voucher” and invoices in case of sales billing on Cash Sale (Rail/Road)/e-Auction etc., especially in case of Rail Cash sale, where purchasers deposit money in advance to the tune of many crores for which lifting of coal has to be made from various loading point… Read More »

Category: GST

GST Applicability on Liquidated Damages / Penalty deduction from contractor’s bills a

By | August 2, 2017

Question : Whether deduction of Liquidity Damage (LD)/Penalty deduction from contractor’s bills and charging Penalty for non-lifting of coal till targeted minimum level to Annual Contractual Quantity (ACQ) will attract GST? Answer: Yes, it is a service being “tolerating an act” as per Schedule II of the CGST Act,2017 thus GST shall apply.   Related GST… Read More »

What is aggregate turnover under GST

By | August 2, 2017

  Question : What is aggregate turnover? Answer: As per section 2(6) of the CGST Act, 2017, “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and… Read More »

Category: GST