Special Learning on GST

Ø  No Change in Annual Return Possible

Ø  No GST on gift to employees value less than 50,000

Ø  No Input credit on any tax demand paid u/s 73 , 74, 129 & 130

Ø  Only  E Notices being served and reply require to make within 15 days. 

Ø  In case of related party transactions, where the price made to next party is known, the valuation between related party is 90% value of known price

Ø  Reimbursement of expenses subject to GST

Ø  Disallow portion of input credit in case same being used for exempt items, nil rated, liquor & petroleum, securities& interest, land & sale of building

Ø  For banks , 50% of the input being disallowed.

Ø  No input on construction or extension of immovable property.

Ø  No input credit on goods lost, destroyed, gift, free sample, write off

Ø  For Donation -  reduce the cost by 5% per quarter of capital goods.