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Time of Supply in Goods and Service Tax Law

July 14, 2021December 3, 2021 TaxIndiaUpdates In0 comments5925 views

The Supply is key ingredient in GST law therefore it much relevant to know the ‘Time of Supply’ so that incident of tax liability can be determined on a particular time. The Chapter-IV of the CGST Act, 2017 (section 12 to 15) deal with time … Continue Reading →

Income Tax

E-filing of Income Tax Returns for AY 2021-22 started at www.incometax.gov.in/iec/foportal

July 9, 2021December 23, 2021 TaxIndiaUpdates In1 comments13875 views

E-filing of Income Tax Returns for AY 2021-22 ITR filing due date The CBDT vide Circular no. 17/2021, dated 09-09-2021, has extended due dates for filing returns (ITRs) for Assessment Year 2021-22 (Financial Year 2020-21). The revised due dates for filing of ITRs for various types … Continue Reading →

Goods and Service Tax

Online Information Data Base Access and Retrieval (OIDAR) Services in GST

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments3571 views

WHAT IS OIDAR? Online Information Database Access and Retrieval services (hereinafter referred to as OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. downloading … Continue Reading →

Goods and Service Tax

TDS Mechanism under GST

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments3416 views

TDS Mechanism under GST; Under the GST regime, section 51 of the CGST Act, 2017 prescribes the authority and procedure for ‘Tax Deduction at Source’. The Government may order the following persons (the deductor) to deduct tax at source: (a) A department or … Continue Reading →

Goods and Service Tax

Deemed Exports in GST

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments2710 views

Introduction “Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees … Continue Reading →

Goods and Service Tax

Pure Agent Concept in GST Law

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments2513 views

Introduction The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or … Continue Reading →

Goods and Service Tax

Composite Supply and Mixed Supply

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments2864 views

Introduction The taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is … Continue Reading →

Goods and Service Tax

GST on Co-operative Housing Societies

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments4227 views

INTRODUCTION Co-operative Housing Societies are entities registered under the co-operative laws of the respective States. According to Section 2(16) of the Maharashtra Co- operative Society Act, 1960, “housing society” means a society, the object of which is to provide its members with open plots for … Continue Reading →

Goods and Service Tax

Imports in GST Regime

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments2957 views

Imports in GST Regime Introduction Under the GST regime, Article 269A constitutionally mandates that supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both … Continue Reading →

Goods and Service Tax

Zero Rated Supply in GST

July 8, 2021December 8, 2021 TaxIndiaUpdates In0 comments3811 views

Zero Rated Supply in GST Introduction What is the need for Zero Rating? As per section 2(47) of the CGST Act, 2017, a supply is said to be exempt, when it attracts nil rate of duty or is specifically exempted by a notification or kept … Continue Reading →