Reversal of ITC in case of goods lost by fire However, section 17(5) prescribes a list of goods or services on which ITC is not admissible or Reversal of ITC .The opening part of section 17(5) of CGST Act, 2017. The scope of the definition of inputs, capital goods, and input services is very wide […]
Gift Taxability Under Section 56 2(VII) GIFT In India for an individual and HUF Gift is a very common in Income tax term but to avoid the tax evader Government has made some provision related to this concept but subject to the below provision you can make tax planning accordingly.
GST data may be used to track income-tax evaders The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
GST on sale or discard of Capital Assets Sale / Discard of Capital Assets Under Goods & Service Tax. Under GST every supply is liable to Tax as per Sec 9 of CGST Act, 2017. Section 7 of CGST act, 2017 defines scope of supply, which says (1) For the purpose of this Act, expression […]
Refund on Account of Export of Goods 1. Am I eligible to receive the refund of IGST paid on export of goods if I have filed GSTR-3B? Yes, you are eligible for Refund of Integrated Tax on account of Export of goods (with payment of tax) if you meet the following conditions: • Filed GSTR-1, […]