Daily Archives: August 15, 2017

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