Friday, 26 May 2017

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. 

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