GYAN SAGAR

In the 27th GST Council meeting, the GST Council first announced the new GST return filing process. In the 28th GST Council meeting, the new GST returns and return filing process have been approved. Within a week, a draft of the new GST return forms has been placed in the public domain, to seek feedback from businesses, CAs and other industry members.  As per the latest update, the GST Council is likely to implement the new return filing process from January, ’19. It is important for businesses to know the changes proposed in the GST return filing process. In this blog, let us understand the key highlights of the new GST return filing process.      style="display:block; text-align:center;"      data-ad-layout="in-article"      data-ad-format="fluid"      data-ad-client="ca-pub-1232723880707710"      data-ad-slot="2527029910"> a. Simplified monthly return for persons having turnover of more than Rs. 5 Crores Regular t

GST Credit on Motor Vehicle -  Specific cases are mentioned under GST where no input tax credit shall be available to the applicant.  Section 17(5) reads as follows  (5) Not withstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18,  input tax credit shall not be available in respect of the following, namely:-  (a) motor vehicles and other conveyances except when they are used -  (i) for making the following taxable supplies, namely:-  (A) further supply of such vehicles or conveyances; or  (B) transportation of passengers; or  (C) imparting training on driving, flying, navigating such vehicles or conveyances;  (ii) for the transportation of goods;  ITC will be available when the vehicle is used for the following. a) Supply of other vehicles or conveyances If you are in the business of supplying cars then ITC will be available. For example, a car dealer purchases a car for Rs.50 lakh plus 14 lakh GST (ignoring

The Hon'ble Authority for Advance Ruling, Karnataka while deciding the application filed by M/s Columbia Asia Hospitals Private Limited [Advance Ruling No. KAR ADRG 15/2018 dated July 27, 2018], has ruled that the activities performed by the employees at the corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states as well i.e. distinct persons as per Section 25(4) of the CGST Act, 2017 ('the CGST Act') shall be treated as supply as per Entry 2 of Schedule I of the CGST Act.  Though the ruling of AAR is case-specific meant to determine taxation impact on particular transaction of the applicant, but this ruling of Hon'ble Karnataka AAR will go long way in adding fire and unsettling the GST implementation of various Industries operating through various offices in different States.  This GST Charcha decrypts the relevant provisions of the GST law givi

Why financial planning is important for a peaceful living  1. Hard day for Pensioners and fixed income earners.  The present interest rates are too low as compared to sixties and seventies. It is very difficult to save a sizable amount for old age without risk as interest rates on small savings are cut drastically. Inflation is too high. Compare the prices about four-five decades ago. Earlier it was true that it is difficult to make first Million of Rupees. Then one could relax as one was getting the adequate returns on investments of a million of Rupees for one’s livelihood. But, this theory is no more valid. As interest rates on investments are reduced to almost nothing. The millionaires are in fact, poor people! To be called rich one must have few Crores of Rupees or at least a Billion of Rupees! Even at old age (senior citizens) must be physically and mentally fit to earn a livelihood!  2. Savings are still important:  The inflation is eating all our savings. But that