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i) The Real Estate Sector is one of the most important sectors in the Indian economy. Due to rapid urbanization, economic growth and rising income levels in the country, the real estate sector has attracted significant investment over the past few years. The contribution of the real estate sector to India’s gross domestic product (GDP) has been substantial. While housing contributes approximately 5%–6% of the country’s GDP, the retail, hospitality and commercial subsectors have also…
In the backdrop of several promotional schemes being offered by companies to increase sales volume and to attract new customers for their products, a lot of ambiguities are arising with respect to the chargeability of GST and claiming of Input Tax Credit in relation to such business practices. To ensure uniformity in the implementation of the law across the field formations certain clarifications are issued by CBIC vide Circular No. 92/11/2019- GST Dated 7th March,…
Q.1) What will be the treatment of Job work material sent in the earlier regime / excise regime and not returned back within 6 months from appointed date? (A). For this issue which is common with most manufacturers who use outsourced jobworkers for getting done certain process like finishing, polishing, repairing, etc., Section 141 (1) of the CGST Act needs to be referred. The text of the section is as below with relevant part highlighted.…
Anti-profiteering as specified in section 171 of CGST Act, 2017 states that any reduction in rate of tax on supply of goods or services or benefit of input tax credit shall be passed on to the recipient by way of reduction in prices. This provision would obligate the businesses to pass on the cost benefit arising out of benefits provided by the Government. The Government Authorities have initiated proceedings under the Anti- Profiteering provisions of…
Clarification regarding Applicability of GST on supply of cranes, rigs, tools & Spares and other machinery when moved from one state to another by a person on his account for their use for supply of service As per Circular No. 21/21/2017-GST dated 22.11.2017, it was clarified that no IGST would be applicable on such interstate movements of rigs, tools & spares and all goods on wheels. Doubts have been raised regarding applicability of GST on…
1.Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr. 2.A Composite dealer(in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding – Higher of 10% of turnover in the preceding financial year, or Rs. 5 lakh. 3.The threshold limit of Turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and…