Connect with us +91 966 777 9615
Sale and lease back (hereinafter referred to as “SLB”) transaction may be defined as a financial transaction where one person sells an asset and take it back on a long term lease which means one continues to use the asset but does not own it. After buying an asset, the buyer enters a long-term sale
Learn More
With the initiation of goods and service tax from July 1, 2017, the indirect tax laws governing works contract have changed significantly. Taxability of works contract under GST law According to section 2(119) of the central goods and service tax act, 2017 (CGST act), the “works contract” is defined as a contract for Building, construction,
Learn More
An input tax credit means claiming the credit of the GST paid on the purchase of goods and services utilized to further business. The mechanism of an input tax credit is the backbone of GST and is one of the most prime basis for the introduction of GST. It is a pretty common practice that
Learn More
Blocked credit under section 17(5) of CGST Act 2017 relates to supply of goods/ service involved, insurance of motor vehicle including motorcycle, cost of motor vehicle, servicing of motor vehicle, life insurance/ health insurance of worker and office staff, food and beverages, works contract service and goods and service for construction of an immovable property,
Learn More
Goods and Service Tax (“GST”) was introduced in India i.e. July 1, 2017. Before GST, there were many different indirect taxes levied and collected by Central and State Governments. Centre collected service tax imposed on the provision of services while States mainly collected Value Added Tax levied on the sale of goods. Every state has
Learn More
