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 […]
Tag Archives: GST
Goods and Services Tax i.e.GST is just the replacement of Indirect taxes like Sales tax,Service tax and Excise duty.which indirectly effect the customers
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 […]
How GST Affects the Indian Economy For the uninitiated, GST is an acronym for Goods and Services Tax. It is a tax reform introduced in July 2017. It is an indirect tax that applies to the entirety of India, replacing several cascading taxes imposed by India’s central and state governments. Introduced as The Constitution (One […]
GST On Employee Reimbursements Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by an employee to the employer in a […]