A person may be engaged in supply of exempt and taxable supplies. In such a scenario, he will not be eligible to claim full input tax credit on inputs and input services. The draft ITC rules provide a detailed procedure to compute the input tax credit […]
The reverse charge provisions have been there in the current service tax law for over a decade. Still these provisions are always difficult for entrepreneurs to comprehend, appreciate or follow. Sensing this attitude, the focus of the tax department officials nowadays is also is to identify transactions on which service tax was payable under reverse […]
GST is a value added tax which provides for adjusting GST paid on purchases and expenses, against GST payable on output supplies. The impending GST implementation is widely considered to have a liberalized credit mechanism which decently ensures free flow of credit across the value chain. However, where a supplier is engaged in making exempt […]
Every country around the world endeavors to promote tourism, as tourism helps in promoting the small businesses and brings in foreign exchange. Every year approximately 8 million foreign tourists visit India and spend over 1.5 lakh crores. Places in Tamil Nadu closely followed by Maharashtra are the top attractions for these tourists visiting India. But […]
India’s services sector contributed about 61% to India’s Gross Domestic Product in the year 2015-16 and is currently the second fastest growing services economy in the world. Information technology, in which the country is a global leader, accounted for $ 108 billion worth of service exports in the last financial year, exporting primarily to the […]
The concept of Input Service Distributor (ISD) is not unknown for us as this concept has been there in the current CENVAT credit rules for quite some time. As the service industry and their taxability has progressed in the last few years, an ISD has become an important part of the entity’s service tax compliance. […]
Mr. A is a resident of Delhi and is engaged in sale of garments and holds a GST registration in Delhi. He comes to know that an exhibition is being organized by his friends in Chandigarh. He decides to hire a stall to sell his garments in Chandigarh. How will he comply with GST in […]
Yet another positive step taken by the government by releasing model Goods and Services Tax (GST) law on June 14, 2016 which takes us one step closer to the introduction of GST in India. GST is expected to be the biggest indirect tax reform in India and is aimed at removing the shortcomings of the […]