ADVOCATE VISHAL JOSHI

  Maintenance of Accounts and Records under GST Regime By Adv.vishal   Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of tax for fake invoicing. During detailed investigation the taxpayer at time fail to furnish proper documents or records which is required to be maintained as per GST provisions and hence they engage in protracted litigation resulting in further agony and imposition of penalty. GST Law prescribes detailed procedure for maintenance of books of accounts and records for goods or services or both. In the note below we have covered all such provisions for the ease of taxpayers. “Document” as defined under CGST Act, 2017 to  include written or printed record of any sort and electronic ...

  GST on Sale/transfer/disposal of Capital Goods – A new pandora box under GST! Bya Adv. Vishal Joshi This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed or disposed by way of gift and sale of capital goods under Goods and Services Tax Act, 2017. Page Contents ♦ Meaning of Capital Goods ♦ Meaning of Supply in context to “Transfer/Disposal of Capital Goods” ♦ GST applicability on sale of Capital Goods ♦ Sec 18 (6) of CGST Act- in case of a supply of capital goods ♦ Rule 44 (6) vs Rule 40 (2) of  CGST RULES, 2017 and ♦ GST implications in respect of Capital Goods that are lost, stolen, destroyed or disposed of by way of Gift. Before analysing GST implications in respect of capital goods, one must understand the term “Capital Goods”. Meaning of Capital Goods The definition of capital goods is defined under Section 2(19) of the  CGST Act, 2017  which is reproduced below: Capital Goods means: Goods Th...