Blog

2019

Suo Moto Cancellation of Registration

Meaning of the term “Suo Moto”:

The term “Suo Moto” is a Latin legal term which literally means “on its own motion”. It implies that an action was taken by a group or persons on their own. Hence, when a government entity or a court takes up a matter suo moto, it is taking up the matter “on its own motion” meaning of its own accord or on its own initiative.

Archive


2019

Applicability and Rate of GST in case of Sale of Used Cars

With the implementation of the GST Law, there has been lot of confusion regarding applicability of GST on supply of used car. In this article we would focus on points like levy of GST on sale of second hand car, conditions to be satisfied for levy of GST on sale of second hand Car and will also discuss other important matters in this regard.

2019

A Guide to E invoice Generation under GST

  • The GST Council approved the standard of e-invoice in its 37th meeting held on 20th September 2019.
  • E-invoicing is proposed to be implemented from 1st January 2020.
  • It will be implemented in a phased manner by GSTN.
  • Similar to the new GST return filing system, the electronic invoicing system will first be available on a trial basis or voluntary compliance

2019

Negative List of Input Tax Credit under GST

The article focuses on following areas:

Non-availability of Input Tax Credit on certain inward supplies under GST.
Exception to rules / provisions of non-availability of Input Tax Credit under GST.

Refer to the below table for further details:

Membership of a Club, Health and Fitness Center.​

Travel benefits extended to employees on vacation such as leave or home travel concession.​

2019

Restriction on Availability of Unmatched ITC

In a recent notification no. 49/2019-CT dated 9th October 2019, CBIC has inserted sub-rule (4) in section 36 of the Central Goods and Services Tax Rules, 2017. Through this amendment, a restriction has been imposed on the taxpayers for availing Input Tax Credit (ITC). As per the notification the taxpayer will be able to take credit of the unmatched ITC only up to 20% of the ITC reflected in GSTR-2A.

2019

Tax Payers Liability in case of Voluntary Cancellation of Registration under GST

Sometimes a registered dealer may wish to cancel GST Registration on voluntary basis. In such scenario, some common confusion prevails among tax payers. For example..

  • Are we liable to file GST returns after applying for cancellation of GST registration on voluntary basis?
  • Whether there is a need to file GSTR after applying for voluntary cancellation of registration?
  • If there are any penalty for not filing GST Return in between the period of application and cancellation order?

Hence, in this article we will discuss certain points that may clear confusion in this regard.

Financial Management