Daily Archives: August 9, 2017

GST Exempt Supply becoming Taxable Supply : Issues and Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 23. Exempt Supply becoming Taxable Supply Section 18(1) of CGST Act provides that a person who has applied for registration under this Act within 30 days from the date on which he becomes liable to registration and has been granted such registration… Read More »

Category: GST

Allow GST ITC on goods confiscated or detained : ICAI suggetions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   22. Denial of Credit on Goods Confiscated or detained Clause i of Section 17(5) of CGST Act provides that input tax credit shall not be available in respect of the any tax paid in terms of section 74, Section 129 or… Read More »

Category: GST

GST ITC on Work Contract Services : Issues and Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 21. Disallowance of Credit in respect of works contract services Clause c Section 17(5) of CGST Act provides that works contract services when supplied for construction of immovable property, other than plant and machinery, except where it is an input service for… Read More »

Category: GST

Allow GST ITC without any restriction : ICAI suggestion

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   20. Ensuring free flow of credit There is no requirement to create such a degree of suspicion about business and personal expenses. If the business needs justify the expense, then subject to the safeguard in section 17(1), credit should not be… Read More »

Category: GST

GST ITC if assessees making fully exempt supplies : Issues

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 19. Treatment of Credit for assessees making fully exempt supplies Section 17(2) of the CGST Act, 2017 provides that where the goods or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies under CGST… Read More »

Category: GST

Blocking of GST ITC on Certain Services : Issues and Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   18. Blocking of Input Tax Credit for certain set of Services Section 15(5)(b) of CGST Act, 2017 provides that no input tax credit is available on supply of goods or services or both: — i) food and beverages, outdoor catering, beauty… Read More »

Category: GST

GST Valuation to include Interest , Penalty , late fee : Issues

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 17. Inclusion of Interest, penalty etc. in Value of Supply Section 15(2)(d) of CGST Act provides that the value of supply shall include interest or late fee or penalty for delayed payment of any consideration for any supply. Issue In most of… Read More »

Category: GST

GST Valuation issues if amount paid by recipient for supplier

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 16. Manner of determination of amount liable to be paid by the supplier Section 15(2)(b) of the CGST Acts provides that the value of supply shall include any amount that the supplier is liable to pay in relation to such supply but… Read More »

Category: GST

GST levy Deferment till Time of Supply : Issue and Suggestions

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 15. Deferment of levy till Time of Supply Section 12(1) & Section 13(1) of CGST Act provide that liability to pay CGST/ SGST shall arise at the time of supply……. Issue The language employed appears to indicate that the levy is deferred… Read More »

Category: GST

Extend GST Composition Scheme to Service Sector : ICAI

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 14. Availability of Composition Scheme to various assessees Section 10 of the CGST Act, 2017 provides for Composition Scheme availability to registered persons whose aggregate turnover in the preceding financial year did not exceed Rs. 75 lakh. Issue The benefit of composition… Read More »

Category: GST

GST on GTA / GST on Goods Transport Agency : In-depth Analysis

GST on GTA /GST on Goods Transport Agency In depth Analysis of GST on GTA services as per GST act of India w.e.f 01.07.2017 GST Service classification heading for Goods Transport Services is 9965. The groups in this heading are Land transport services of goods (99651), water transport services of goods (99652) Air and space… Read More »

Telangana govt to approach courts if GST on public projects not removed

Expressing serious resentment over the levying of the Goods and Services Tax (GST) on ongoing government projects, Telangana Chief Minister K Chandrashekar Rao said his government would wage a legal battle against the ‘unilateral decisions’. The Chief Minister registered a serious protest against the decisions taken at the GST Council meeting on Saturday. The Council… Read More »

Category: GST

USA IRS 8 Tips to Protect Taxpayers from Identity Theft

Eight Tips to Protect Taxpayers from Identity Theft Identity Theft : FAQ Phishing-Malware  Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people… Read More »

Category: USA

USA IRS Issuing Notices to Taxpayers whose ITINs Expire

IRS Begins Issuing Notices to Taxpayers whose ITINs Expire by End of 2017 IRS YouTube Videos: Individual Taxpayer Identification Number – English | Spanish  IR-2017-128, Aug. 8, 2017 WASHINGTON – The Internal Revenue Service began mailing letters this month to more than 1 million taxpayers with expiring Individual Taxpayer ‎Identification Numbers and urges recipients to renew them as… Read More »