GST

CBIC Circular No.211/5/2024-GST dated 26th June 2024 offers Lifeline to ITC availed on delayed payment of Reverse Charge Liability

by JIgnesh Kansara|30 June 202402 July 2024|GST

Introduction: Availement of Input Tax Credit (ITC) has always been a contentious issue. Taxpayers would like to avail most of the ITC whereas the department more often than not would like to challenge the availment of ITC. This tug of...

Input Service Distributor and Cross Charge

by JIgnesh Kansara|27 April 202127 April 2021|GST, GST Articles, GST Update

Input Service Distributor (ISD) Input Service Distribution and Cross charge owes its existence to the concept of “Distinct Person”. It is pertinent to note that concept of ISD is relevant only for entities having multistate operations and commonly used input...

Anti-Profiteering Provision

by JIgnesh Kansara|27 April 202127 April 2021|GST, GST Update

Rationale for Anti Profiteering Provisions Invariably all the countries implementing GST have faced a sudden rise in inflation and the profiteering practices followed by the business community were alleged as one of the reasons for the rise in inflation. Learning from...

Interest is perplexing!!!

by JIgnesh Kansara|14 December 202027 April 2021|GST, GST Articles, GST Update

As per letter of Special Secretary and Member, CBIC dated 10th February, 2020 Interest amounting to ₹45,996 crores remains unpaid to the government on account of delayed payment of tax and urged field formation to expedite recovery of such Interest.

No more Double Whammy of IGST on CIF Importers

by JIgnesh Kansara|14 December 202027 April 2021|GST, GST Articles, GST Update

Introduction Levy of Service Tax on ocean freight service has been one of the most disputed issues for Trade and Industry. Unfortunately, the levy of Integrated Goods and Service Tax (IGST) on ocean freight service is equally contentious. In this...

Guidelines on Detention and Confiscation of Goods and Conveyance

by JIgnesh Kansara|14 December 202027 April 2021|GST, GST Articles, GST Update

Introduction: In order to ensure that the suppliers do not evade payment of GST(“Tax”), Section 68 of the CGST/ respective state GST Act (“Act”) empowers the Government to prescribe documents to be carried along with the goods in transit. Rule...

GST Non-Filers and Best Judgment Assessment

by JIgnesh Kansara|14 December 202027 April 2021|GST, GST Articles, GST Update

Introduction: GST law mandates monthly filing of GSTR-3B (hereinafter 1“Return”) on or before 20th day of succeeding month. As per Section 46 of2 CGST Act read with Rule 68 of3 CGST Rules, Proper officer shall issue in electronic form a...

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