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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
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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,
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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
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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,
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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
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With the introduction of Goods and Service Tax (GST) in India from July 1, 2017, the word ‘services’ has been defined under Section 2(102) of Central Goods and Service Tax Act, 2017 (CGST Act) to mean anything other than goods, money and securities. However, the activity with regard to the use of money or its
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GSTR-3B vs GSTR-2A is an essential exercise that businesses must not miss out. It helps businesses affirm the full Input tax credit (ITC) and reverses any excess ITC claimed. In turn, the reconciliation before filing GSTR-3B will help avoid any capable demand notices from the tax authorities. With GSTR-2B, matching ITC to be affirmed in
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The government introduced the Goods and Service Tax Act (GST) in India on July 1 2017, to implement a unified tax structure that yields increased transparency and accountability. Availing input tax credit (ITC) is one of the essential processes under GST. A taxpayer is entitled to claim the input tax credit of the inward supplies
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As per schedule 1 of the CGST Act, different GST registrations having the same PAN, which are termed as a distinct person and any supply made between these specific persons shall be treated as “supply” under the provisions of GST even if it is made with without any consideration. In cross charge mechanism, expenses incurred
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A proprietorship firm means a firm owned by one natural person only who is the sole owner of such business. All capital investment, risks & rewards, profits & losses, assets & liabilities obtains to such person only. Whereas, in a partnership firm, there are at least two persons, who may or may not be ordinary
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