Daily Archives: August 15, 2017

Allow Carry forward of Transitional Credit under GST if Invoice if older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 49. Carry forward of credit – Sec 140 (3)(iv) Section 140(3)(iv) allows a specified registered person, to take, in his electronic credit ledger, credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods… Read More »

Category: GST

Allow Transitional Credit under GST if supplier of services not availed abatement : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 45. Eligibility of Transitional Credit subject to the condition that supplier of services is not eligible for any abatement Section 140(3) (v) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Clause 140 (3) shall, amongst… Read More »

Category: GST

Relax transitional ITC time limit under GST if Invoice older than 12 months : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 44. Invoice not to be older than 12 months for availing credit Clause (iv) of Section 140(3) of CGST Act, 2017 provides that transitional credit to a registered taxable person covered under Section 140(3) shall, amongst others, be subject to the condition… Read More »

Category: GST

GST refund if Rate on Input Services higher than tax liability : Issues and Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 38. Refund in case of accumulated Credit where input tax credit amount is higher than tax liability. Section 54(3)(ii) of CGST Act provides that no refund of unutilised input tax credit shall be allowed in cases other than where the credit has accumulated… Read More »

Category: GST

Relax time to furnish GST return by Electronic Commerce Operator on notice : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India   36. Extension of time limit to furnish information by the Electronic Commerce Operator Section 52(12) of the CGST Act provides that any authority not below the rank of Deputy Commissioner may serve a notice, either before or during the course of… Read More »

Category: GST

Missing Provision : Issue of certificate for GST collected by E commerce Operator : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 35. Electronic Commerce The provisions relating to tax collection at source and thereby depositing the same with Government, by electronic commerce operator are provided in the Section 52 of the CGST Act. However, provision regarding ‘issuance of certificate for payment of taxes… Read More »

Category: GST

Do not deny GST ITC if paid on RCM basis & not disclosed by Supplier : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 33. Matching, reversal and reclaim of input tax credit Section 42(1) of the CGST Act provides that the details of every inward supply furnished by a registered taxable person (hereinafter referred to in this section as the ‘recipient’) for a tax period… Read More »

Category: GST

Define Books of Accounts for GST : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 30. Definition of Books of Accounts for the purpose of GST Section 35 of the CGST Act provides that every registered taxable person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true… Read More »

Category: GST

Amend GST provision for Tax Liability of casual taxable person & non-resident taxable person

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 28. Special provisions relating to casual taxable person and non-resident taxable person Section 27(2) of the CGST Act provides that: A casual taxable person or a non-resident taxable person shall, at the time of submission of application for registration under sub-section (1)… Read More »

Category: GST

Aggregate Turnover in GST not to include income earned without business motive : ICAI Suggestions

By | August 15, 2017

Suggestions on GST Acts (July 2017) by Institute of Chartered Accountants of India 25. Registration for Assessees with Aggregate Turnover Over Rs. 20 Lakhs Section 22 on the CGST Act, 2017 provides that every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States,… Read More »

Category: GST

Section 75 Gujarat GST Act 2017 : General provisions relating to determination of tax

By | August 15, 2017

Section 75 Gujarat GST Act 2017 ( Section 75 Gujarat GST Act 2017 explains General provisions relating to determination of tax  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) General provisions relating to determination of tax 75. (1) Where the service of notice or issuance of order is stayed by an order of a court or Appellate Tribunal, the… Read More »

Section 74 Gujarat GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts

By | August 15, 2017

Section 74 Gujarat GST Act 2017 ( Section 74 Gujarat GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) Determination of tax not paid… Read More »

Section 73 Gujarat GST Act 2017 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts

By | August 15, 2017

Section 73 Gujarat GST Act 2017 ( Section 73 Gujarat GST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts  and is covered in CHAPTER XV DEMANDS AND RECOVERY  ) Determination of tax… Read More »

Section 72 Gujarat GST Act 2017 : Officers to assist proper officers

By | August 15, 2017

Section 72 Gujarat GST Act 2017 ( Section 72 Gujarat GST Act 2017 explains Officers to assist proper officers  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Officers to assist proper officers 72. (1) All officers of Police, Railways, Customs, and those officers engaged in the collection of land revenue, including village officers, officers of central tax… Read More »

Section 71 Gujarat GST Act 2017 : Access to business premises

By | August 15, 2017

Section 71 Gujarat GST Act 2017 ( Section 71 Gujarat GST Act 2017 explains Access to business premises  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Access to business premises 71. (1) Any officer under this Act authorised by the proper officer not below the rank of Joint Commissioner, shall have access to any place of business… Read More »

Section 70 Gujarat GST Act 2017 : Powers to summon persons to give evidence and produce documents

By | August 15, 2017

Section 70 Gujarat GST Act 2017 ( Section 70 Gujarat GST Act 2017 explains Powers to summon persons to give evidence and produce documents  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Powers to summon persons to give evidence and produce documents 70. (1) The proper officer under this Act shall have power to summon any person… Read More »

Section 69 Gujarat GST Act 2017 : Power to arrest

By | August 15, 2017

Section 69 Gujarat GST Act 2017 ( Section 69 Gujarat GST Act 2017 explains Power to arrest  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Power to arrest 69. (1) Where the Commissioner has reasons to believe that a person has committed any offence specified in clause (a) or clause (b) or clause (c) or clause (d)… Read More »

Section 68 Gujarat GST Act 2017 : Inspection of goods in movement

By | August 15, 2017

Section 68 Gujarat GST Act 2017 ( Section 68 Gujarat GST Act 2017 explains Inspection of goods in movement  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Inspection of goods in movement 68. (1) The Government may require the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may… Read More »

Section 67 Gujarat GST Act 2017 : Power of inspection, search and seizure

By | August 15, 2017

Section 67 Gujarat GST Act 2017 ( Section 67 Gujarat GST Act 2017 explains Power of inspection, search and seizure  and is covered in CHAPTER XIV INSPECTION, SEARCH, SEIZURE AND ARREST   ) Power of inspection, search and seizure 67. (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to believe that— (a) a taxable person has… Read More »

Section 66 Gujarat GST Act 2017 : Special audit

By | August 15, 2017

Section 66 Gujarat GST Act 2017 ( Section 66 Gujarat GST Act 2017 explains Special audit and is covered in CHAPTER XIII AUDIT  ) Special audit 66. (1) If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case… Read More »

Section 65 Gujarat GST Act 2017 : Audit by tax authorities

By | August 15, 2017

Section 65 Gujarat GST Act 2017 ( Section 65 Gujarat GST Act 2017 explains Audit by tax authorities and is covered in CHAPTER XIII AUDIT  ) Audit by tax authorities 65. (1) The Commissioner or any officer authorised by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such… Read More »

Section 64 Gujarat GST Act 2017 : Summary assessment in certain special cases

By | August 15, 2017

Section 64 Gujarat GST Act 2017 ( Section 64 Gujarat GST Act 2017 explains Summary assessment in certain special cases and is covered in CHAPTER XII ASSESSMENT  ) Summary assessment in certain special cases 64. (1) The proper officer may, on any evidence showing a tax liability of a person coming to his notice, with the previous permission of Additional Commissioner… Read More »

Section 63 Gujarat GST Act 2017 : Assessment of unregistered persons

By | August 15, 2017

Section 63 Gujarat GST Act 2017 ( Section 63 Gujarat GST Act 2017 explains Assessment of unregistered persons and is covered in CHAPTER XII ASSESSMENT  ) Assessment of unregistered persons 63. Notwithstanding anything to the contrary contained in section 73 or section 74, where a taxable person fails to obtain registration even though liable to do so or whose registration has… Read More »

Section 62 Gujarat GST Act 2017 : Assessment of non-filers of returns

By | August 15, 2017

Section 62 Gujarat GST Act 2017 ( Section 62 Gujarat GST Act 2017 explains Assessment of non-filers of returns and is covered in CHAPTER XII ASSESSMENT  )  Assessment of non-filers of returns 62. (1) Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section 39 or section 45,… Read More »

Section 61 Gujarat GST Act 2017 : Scrutiny of returns

By | August 15, 2017

Section 61 Gujarat GST Act 2017 ( Section 61 Gujarat GST Act 2017 explains Scrutiny of returns and is covered in CHAPTER XII ASSESSMENT  ) Scrutiny of returns 61. (1) The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and inform him of the discrepancies noticed, if any,… Read More »

Section 60 Gujarat GST Act 2017 : Provisional assessment

By | August 15, 2017

Section 60 Gujarat GST Act 2017 ( Section 60 Gujarat GST Act 2017 explains Provisional assessment and is covered in CHAPTER XII ASSESSMENT  ) Provisional assessment 60. (1) Subject to the provisions of sub-section (2), where the taxable person is unable to determine the value of goods or services or both or determine the rate of tax applicable thereto, he may… Read More »

Section 59 Gujarat GST Act 2017 : Self-assessment

By | August 15, 2017

Section 59 Gujarat GST Act 2017 ( Section 59 Gujarat GST Act 2017 explains Self-assessment and is covered in CHAPTER XII ASSESSMENT  ) Self-assessment 59. Every registered person shall self-assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39. Gujarat GST Act 2017 Gujarat GST Rules 2017 Gujarat GST  Notifications Gujarat… Read More »

Section 58 Gujarat GST Act 2017 : Utilisation of Fund

By | August 15, 2017

Section 58 Gujarat GST Act 2017 ( Section 58 Gujarat GST Act 2017 explains Utilisation of Fund and is covered in CHAPTER XI REFUNDS  ) Utilisation of Fund 58. (1) All sums credited to the Fund shall be utilised by the Government for the welfare of the consumers in such manner as may be prescribed. (2) The Government or the authority specified… Read More »

Section 57 Gujarat GST Act 2017 : Consumer Welfare Fund

By | August 15, 2017

Section 57 Gujarat GST Act 2017 ( Section 57 Gujarat GST Act 2017 explains Consumer Welfare Fund and is covered in CHAPTER XI REFUNDS  ) Consumer Welfare Fund 57. The Government shall constitute a Fund, to be called the Consumer Welfare Fund and there shall be credited to the Fund,— (a) the amount referred to in sub-section (5) of section 54;… Read More »

Section 56 Gujarat GST Act 2017 : Interest on delayed refunds

By | August 15, 2017

Section 56 Gujarat GST Act 2017 ( Section 56 Gujarat GST Act 2017 explains Interest on delayed refunds and is covered in CHAPTER XI REFUNDS  )  Interest on delayed refunds 56. If any tax ordered to be refunded under sub-section (5) of section 54 to any applicant is not refunded within sixty days from the date of receipt of application under… Read More »

Section 55 Gujarat GST Act 2017 : Refund in certain cases

By | August 15, 2017

Section 55 Gujarat GST Act 2017 ( Section 55 Gujarat GST Act 2017 explains Refund in certain cases and is covered in CHAPTER XI REFUNDS  ) Refund in certain cases 55. The Government may, on the recommendations of the Council, by notification, specify any specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the… Read More »