Goods & Services Tax

This note briefly sets out the impact of proposed changes on the options available to suppliers making zero rated supplies. The Finance Bill seeks to amend section 16 of IGST Act, 2017 to restrict the option of suppliers making zero rated supplies ‘with payment of IGST’ without LUT. EXTRACT OF…

This note briefly sets out the impact of amendment to section 16 of IGST Act, 2017 which sets out the meaning of ‘zero rated supply’ under GST. 1) SECTION 16 OF IGST ACT, 2017 – PRE-FINANCE BILL, 2021 1.1 EXTRACT OF SECTION 16 OF IGST ACT, 2017 “16. (1) “zero…

This note briefly sets out the impact of interest payment on delayed filing of GSTR-3B on account of changes made to section 50 of CGST Act, 2017 (as amended) FINANCE ACT, 2019 NOTIFICATION 63/2020-Central Tax Notification 63/2020-Central Tax dated August 25, 2020 reads as below: “G.S.R. 527(E).—In exercise of the…

Goods and Service Tax Act, 2017 was implemented in July 2017. The idea of introducing Annual return was to correct any mistakes occurred in the periodical returns filed. Section 44 of the CGST Act, 2017 provides for furnishing Annual return in Form GSTR-9 while sub-section 5 of section 35 of…

Goods and Service Tax Act, 2017 was implemented in July 2017. One of the primary reasons for introduction of GST was to allow seamless flow of credit. Sec 16 of the CGST Act, 2017 provided for the eligibility and conditions for availing the input tax credit.  The legislative provisions regarding…

This note briefly sets out the impact of interest payment on delayed filing of GSTR-3B on account of changes made to section 50 of CGST Act, 2017 (as amended) FINANCE ACT, 2019 NOTIFICATION 63/2020-Central Tax Notification 63/2020-Central Tax dated August 25, 2020 reads as below: “G.S.R. 527(E).—In exercise of the…

This note briefly sets out the impact of Notification 63/2020-Central Tax dated August 25, 2020. TEXT OF THE NOTIFICATION “G.S.R. 527(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day…

CASE SYNOPSIS FACTS OF THE CASE Brief background VKC Footsteps India Pvt. Ltd(hereinafter ‘VKC’) is engaged in the business of manufacture and supply of footwear which attracts GST at the rate of 5%. VKC procures inputs and input services for use in the course of business and avails ITC of…