Topic Name -Where is the power to levy GST derived from   Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both, Parliament and State Legislatures to make laws with respect to GST i. e. central tax (CGST) and state tax (SGST) or union territory […]

Topic Name -What is Anti-Profiteering measure As per section 171 of the CGST/SGST Act, any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. An authority may be constituted by the […]

Topic Name -Is there any provision in GST for tax treatment of goods returned by the recipient Section 34 deals with such situations. Where the goods supplied are returned by the recipient, the registered person (supplier of goods) may issue to the recipient a credit note containing the prescribed particulars. The details of the credit […]

Topic Name -Different companies have different types of accounting software packages and no specific format are mandated for keeping records. How will department be able to read into these complex software? As per Section 153 of the CGST/SGST Act, having regard to the nature and complexity of a case and in the interest of revenue, […]

Topic Name – . What is the concept of Information Return under GST Information return is based on the idea of verifying the compliance levels of registered persons through information procured from independent third party sources. As per section 150 of the CGST/SGST Act, many authorities who are responsible for maintaining records of registration or […]

Topic Name – Whether transaction in securities be taxable in GST Securities have been specifically excluded from the definition of goods as well as services. Thus, the transaction in securities shall not be liable to GST. Meaning of securities The definition of securities given under Section 2(h) of the Securities Contracts (Regulation) Act 1956. The […]

Topic Name – Whether actionable claims liable to GST As per section 2(52) of the CGST/SGST Act actionable claims are to be considered as goods. Schedule III read with Section 7 of the CGST/SGST Act lists the activities or transactions which shall be treated neither as supply of goods nor supply of services. The Schedule […]

Topic Name – . What is the purpose of Compliance rating mechanism As per Section 149 of the CGST/SGST Act, every registered person shall be assigned a compliance rating based on the record of compliance in respect of specified parameters. Such ratings shall also be placed in the public domain. A prospective client will be […]

Topic Name – How are the disputes going to be resolved under the GST regime The Constitution (one hundred and first amendment) Act, 2016 provides that the Goods and Services Tax Council shall establish a mechanism to adjudicate any dispute- (a) between the Government of India and one or more States; or (b) between the […]

Topic Name – What is GSTN and its role in the GST regime GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall provide a shared IT infrastructure and services to Central and State Governments, […]