Indirect Taxes Amit Jain
CA Final IDT Revision Lecture Chapter 1 Part 1 👉 Conceptual clairty with interlinking 👉See the video and memorize the provisions https://youtu.be/4KOHnKMEjSk
Students mostly confused whether excise duty or VAT will be included in aggregate turnover or not. It is going to be included.
How to determine whether agent or principal, simple whether agent is taking risk and rewards. I explained in revision lectures all such common doubts.
How to determine whether agent or principal, simple whether agent is taking risk and rewards. I explained in revision lectures all such common doubts.
Forwarded from Muskan
Sir wow classes & books. No conceptual gap after watching ur classes. Provisions well explained.
Yesterday watched revision lecture. Nonetheless to say, best revision classes. Waiting for more revision videos. đź‘Śđź‘Śđź‘Ś
Yesterday watched revision lecture. Nonetheless to say, best revision classes. Waiting for more revision videos. đź‘Śđź‘Śđź‘Ś
Revision Lecture 2 ...
Definition Business, Consideration, Goods, Services, Money, Securities including what is numismatic value
https://youtu.be/-pTpmzUVYB0
Definition Business, Consideration, Goods, Services, Money, Securities including what is numismatic value
https://youtu.be/-pTpmzUVYB0
YouTube
CA Final GST Revision May 23 Chap 1 Part II Definition of Business, Consideration, Goods, Services
Definitions of
Business
Consideration
Composite Supply
Mixed Supply
Goods
Services
Money
Securities
Conceptual clarity along with memorization.
Download CA Final IDT fully amended book from below Telegram Channel:-
https://telegram.me/caamitjainidt
Business
Consideration
Composite Supply
Mixed Supply
Goods
Services
Money
Securities
Conceptual clarity along with memorization.
Download CA Final IDT fully amended book from below Telegram Channel:-
https://telegram.me/caamitjainidt
Revision Lecture 3... (This is revision cum fast track which are going to complete in 27 hours)
https://youtu.be/tp3W2QXZYms
https://youtu.be/tp3W2QXZYms
YouTube
CA Final Revision May 23 Chap 1 Part III OIDAR, Export of Goods, Export of Services, Intermediary
Definitions of
Location of Recipient of Services
Location of Supplier of Services
Works Contract
Recipient
Intermediary
Non Taxable Online Recipient
Continuous Journey
Download CA Final IDT fully amended book from below Telegram Channel:-
https://tel…
Location of Recipient of Services
Location of Supplier of Services
Works Contract
Recipient
Intermediary
Non Taxable Online Recipient
Continuous Journey
Download CA Final IDT fully amended book from below Telegram Channel:-
https://tel…
Forwarded from rahil
Amit Jain sir Best in the Market for GST. We all have a myth that GST is compratively easy subject but it has many complexities which can only be understood through an Expert like Amit Sir.
Chapter 2 Supply under GST
Whether money gifted to employee more than 50 K subject to GST...
What is TDR and FSI and whether these are subject to GST
MP getting 50 lakhs rupees from news channel subject to GST??
See revision videos to get answer
https://youtu.be/RvQQoFq5Ag8
Whether money gifted to employee more than 50 K subject to GST...
What is TDR and FSI and whether these are subject to GST
MP getting 50 lakhs rupees from news channel subject to GST??
See revision videos to get answer
https://youtu.be/RvQQoFq5Ag8
YouTube
CA Final Revision Chap 2 Supply under GST, Composite & Mixed Supply, Agent Principal, Schedule III
Entire Chapter 2 revision.
Whether money gifted INR by 10 Lakhs by employer to employee subject to GST?
When building is subject to GST?
Schedule I Agent Principle
Download CA Final IDT fully amended book from below Telegram Channel:-
https://telegr…
Whether money gifted INR by 10 Lakhs by employer to employee subject to GST?
When building is subject to GST?
Schedule I Agent Principle
Download CA Final IDT fully amended book from below Telegram Channel:-
https://telegr…
Forwarded from Kush
Yupe wonderful regular classes, revision classes. Sir ensure each provision explained with practical example. Loved it
Maximum amendments for May 2023 are in Chapter 4 Exemptions from GST
👉Department of Post services taxable or exempt after amendments
👉Hostel services taxable or exempt after omission of Sr. No. 14
👉Residential Flat to Infosys Ltd. for guest house taxable or exempt...
👉When RCM When FCM...
👉Govt. services exempt and who is going to pay rcm and when
To get answer see this revision cum amendments lecture
https://youtu.be/zE3eXadv_lo
👉Department of Post services taxable or exempt after amendments
👉Hostel services taxable or exempt after omission of Sr. No. 14
👉Residential Flat to Infosys Ltd. for guest house taxable or exempt...
👉When RCM When FCM...
👉Govt. services exempt and who is going to pay rcm and when
To get answer see this revision cum amendments lecture
https://youtu.be/zE3eXadv_lo
YouTube
CA Final IDT Amendment Lecture May 2023 Chap 4 Exemption from GST Part I Panchayat Municipal Corp
Maximum Amendments May 2023 are in Chapter 4 Exemptions from GST.
When is Reverse charge, when is forward charge applicable? What is flow?
Government services exempt with inter linking of reverse charge
Whether Department of Post (Postal services) exempt…
When is Reverse charge, when is forward charge applicable? What is flow?
Government services exempt with inter linking of reverse charge
Whether Department of Post (Postal services) exempt…
Forwarded from P Saravanan
You are the best faculty member for teaching indirect taxes for the CMA final. In your live classes, I am impressed with your teaching methods for indirect taxes, with their conceptual clarity and ease of understanding each provision with examples.
Time to rename Advance Ruling Authority to Adverse Ruling Authority...
Forwarded from CA Amit Jain
Chapter 4 Part II Exemptions from GST
Many amendments are there for May 2023
https://youtu.be/aBW5oWfm_Qo
Many amendments are there for May 2023
https://youtu.be/aBW5oWfm_Qo
YouTube
CA Final GST Revision Chap 4 Exemption from GST Part II Legal Services GST
Forwarded from CA Amit Jain
YouTube
CA Final Revision Chap 6 Time of Supply
Change in GST Tax Rate...
Either you clear with AIR (Top 10) and ga ga about your achievements...
Or wait for 10 attempts and become CA. Become motivational speaker with YouTube channel..
So upper and lower ladder achieve...
Rest of CAs......
Or wait for 10 attempts and become CA. Become motivational speaker with YouTube channel..
So upper and lower ladder achieve...
Rest of CAs......
When the vehicle suffered a breakdown and e-Way Bill is expired it is the Duty of Assessee to extend the validity of e-way Bill. State Department is empowered in Sec.129 to levy 200% penalty if e-way bill is not extended. - Calcutta High Court in Ashok and Sons (HUF) v Joint Com.
Detention and seizure—Under s. 129—Validity of e-way bill—In the instant case the petitioner’s consignment was found lying within the territory of the state for more than three days—E-Way bill had expired.
The Driver of the vehicle stated that the vehicle suffered a breakdown—However, in support of his contention he failed to produce proper document—
Petitioner had the opportunity to extend the validity of the E-Way bill when the goods vehicle was allegedly had mechanical defect.
However, petitioner did not take any step for extension of E-Way bill
When the E-Way bill has not been extended it would be presumed that the consignment was sent to the West Bengal
Therefore, s. 129 empowers the statutory authority to detain the vehicle and seize the goods—
Goods shall be released only on payment of penalty equal to 200% of the tax payable on such goods
Accordingly, the revenue is lawfully permitted to impose penalty under s. 129 as well as the SGST as the goods were found to be detained in the territory of the State
Title: ASHOK AND SONS (HUF) VS. JOINT COMMISSIONER
Court: Calcutta High Court
Citation: Writ Petn. No. 190 of 2023
Dated: 06-FEb-2023
Detention and seizure—Under s. 129—Validity of e-way bill—In the instant case the petitioner’s consignment was found lying within the territory of the state for more than three days—E-Way bill had expired.
The Driver of the vehicle stated that the vehicle suffered a breakdown—However, in support of his contention he failed to produce proper document—
Petitioner had the opportunity to extend the validity of the E-Way bill when the goods vehicle was allegedly had mechanical defect.
However, petitioner did not take any step for extension of E-Way bill
When the E-Way bill has not been extended it would be presumed that the consignment was sent to the West Bengal
Therefore, s. 129 empowers the statutory authority to detain the vehicle and seize the goods—
Goods shall be released only on payment of penalty equal to 200% of the tax payable on such goods
Accordingly, the revenue is lawfully permitted to impose penalty under s. 129 as well as the SGST as the goods were found to be detained in the territory of the State
Title: ASHOK AND SONS (HUF) VS. JOINT COMMISSIONER
Court: Calcutta High Court
Citation: Writ Petn. No. 190 of 2023
Dated: 06-FEb-2023
Professional services rendered by EY Limited to overseas EY Entities is not as an 'intermediary' - Services are of 'export'; refund of ITC admissible: Delhi HC
*Important things from GST Aspect to remember this March 2023 ending*
1) Billing Series: New billing series for FY 23-24 w.e.f. 1st April 2023 should be started.
2) E-Invoicing: Businesses with an annual aggregate turnover of more than Rs.10 crore, as calculated in any preceding financial year from 2017-18 up to 2022-23, must begin generating e-invoices from 1st April 2023.
3) Letter of Undertaking (LUT): All the exporters or who supplies goods or services to SEZ without payment of GST should apply for LUT in form GST RFD 11 for FY 2023-24.
4) Composition Scheme: Small taxpayer having turnover less than 1.5 crore should calculate tax liability under composition scheme and normal option, and accordingly may opt for the option which is beneficial to them considering all the conditions.
5) Quarterly Return Monthly Payment (QRMP) Scheme: Taxpayers having Turnover below Rs 5 Crores shall have an option to select the frequency of GST return i.e., QRMP Scheme filing for FY 2023-24 till 30th April 2023.
6) Reconciliation of turnover between GSTR1 and GSTR 3B and books: Prepare and reconcile the turnover as reported in GSTR 1/GSTR 3B with books of accounts for FY 2022-23.
7) Reconciliation of Outward liability between GSTR 1 and GSTR 3B and books: Compile and reconcile the amount of taxes paid in GSTR 1 and GSTR 3B filed during the FY 2022-23 with books of accounts and pay the tax if there is any shortfall vide filing DRC 03 to avoid the litigation and penalty.
8) Reconciliation of ITC between books and GSTR 3B and GSTR 2B: Prepare the yearly reconciliation of ITC accounted in books and ITC availed in GSTR 3B during the FY 2022-23 and reconcile the same with GSTR 2B. If transactions are not populated in GSTR 2B, the taxpayer should follow up with suppliers to furnish/report transactions in their GSTR 1 with payment of taxes in GSTR 3B. Further if ITC has been availed and the transactions not reflected in GSTR 2B then ITC should be reversed.
9) Reversal of ineligible ITC: Identify the ineligible ITC u/r 42,43, etc. (Blocked credit/ ITC on exempt supplies) already availed in GSTR 3B of the FY 2022-23 and reverse/pay the same along with interest thereon to avoid the litigation and demand of interest & penalty in future. Further, note that no interest leviable on reversal of wrongly availed credit but not utilized.
10) Reversal of ITC if Payment not done to suppliers within 180 days: Prepare and Review that any payment to suppliers is not pending beyond 180 days from the date of issuance of supplier's invoice to avoid reversal of ITC u/s 16(2).
11) Payment of RCM: Taxpayer should check and rework RCM liability as per books of accounts with RCM paid in GSTR 3B. Further, RCM as per GSTR 2B should be checked.
1) Billing Series: New billing series for FY 23-24 w.e.f. 1st April 2023 should be started.
2) E-Invoicing: Businesses with an annual aggregate turnover of more than Rs.10 crore, as calculated in any preceding financial year from 2017-18 up to 2022-23, must begin generating e-invoices from 1st April 2023.
3) Letter of Undertaking (LUT): All the exporters or who supplies goods or services to SEZ without payment of GST should apply for LUT in form GST RFD 11 for FY 2023-24.
4) Composition Scheme: Small taxpayer having turnover less than 1.5 crore should calculate tax liability under composition scheme and normal option, and accordingly may opt for the option which is beneficial to them considering all the conditions.
5) Quarterly Return Monthly Payment (QRMP) Scheme: Taxpayers having Turnover below Rs 5 Crores shall have an option to select the frequency of GST return i.e., QRMP Scheme filing for FY 2023-24 till 30th April 2023.
6) Reconciliation of turnover between GSTR1 and GSTR 3B and books: Prepare and reconcile the turnover as reported in GSTR 1/GSTR 3B with books of accounts for FY 2022-23.
7) Reconciliation of Outward liability between GSTR 1 and GSTR 3B and books: Compile and reconcile the amount of taxes paid in GSTR 1 and GSTR 3B filed during the FY 2022-23 with books of accounts and pay the tax if there is any shortfall vide filing DRC 03 to avoid the litigation and penalty.
8) Reconciliation of ITC between books and GSTR 3B and GSTR 2B: Prepare the yearly reconciliation of ITC accounted in books and ITC availed in GSTR 3B during the FY 2022-23 and reconcile the same with GSTR 2B. If transactions are not populated in GSTR 2B, the taxpayer should follow up with suppliers to furnish/report transactions in their GSTR 1 with payment of taxes in GSTR 3B. Further if ITC has been availed and the transactions not reflected in GSTR 2B then ITC should be reversed.
9) Reversal of ineligible ITC: Identify the ineligible ITC u/r 42,43, etc. (Blocked credit/ ITC on exempt supplies) already availed in GSTR 3B of the FY 2022-23 and reverse/pay the same along with interest thereon to avoid the litigation and demand of interest & penalty in future. Further, note that no interest leviable on reversal of wrongly availed credit but not utilized.
10) Reversal of ITC if Payment not done to suppliers within 180 days: Prepare and Review that any payment to suppliers is not pending beyond 180 days from the date of issuance of supplier's invoice to avoid reversal of ITC u/s 16(2).
11) Payment of RCM: Taxpayer should check and rework RCM liability as per books of accounts with RCM paid in GSTR 3B. Further, RCM as per GSTR 2B should be checked.
today again issue is coming to upload lecture on youtube. we have registered complain for the same.
*Key Highlights of Foreign Trade Policy 2023*
*Disclaimer:* The comments based on the talk by DGFT on presentation of FTP. The policy document should be studied to validated the key points.
1. It is Foreign Trade Policy 2023 (and not 2023-28). There is no end date for the policy.
2. The FTP would be dynamic and would be changed on need based
3. No Incentive (MEIS/SEIS) but only remission (like RoDTEP) would continue (which is WTO compliant)
4. Advance Authorization/DFIA/EPCG would continue
5. 1 day approval for approval (AA, EPCG), revalidation and extension of export obligations. (instead of 3 days to 1 months time).
6. Lower fees for MSME for application for some scheme.
7. Lower Threshold limits for Star Exports house
8. INR Trading to continue
9. Focus on Merchant Trading (buying from third country and selling to third country without touching the boarders). (However, RBI FEMA regulations should be relaxed. This needs to be seen).
10. 4 additional towns of excellence (apart from earlier 39 towns of excellence)
11. Sectors like Textile/Dairy/Green sectors is focused.
12. Special Advance authorization for certain sectors.
13. Self-ratification for 2 star export house for input output norms.
14. Boost to E-commerce. Courier exports limits increase from Rs. 5 lakhs to Rs. 10 lakhs.
15. There should be E-commerce Export hub and training for small E-commerce exporters. Tech support for E-commerce to linking with Banks for financing
16. District Export Promotions committee to facilitate exports headed by DC of the district coordinated by the Regional Office of DGFT.
17. Amnesty scheme for default of Advance authorization/EPCG. Interest limited to 100% of Basic Customs Duty and No interest on Additional Customs Duty and SAD.
*Disclaimer:* The comments based on the talk by DGFT on presentation of FTP. The policy document should be studied to validated the key points.
1. It is Foreign Trade Policy 2023 (and not 2023-28). There is no end date for the policy.
2. The FTP would be dynamic and would be changed on need based
3. No Incentive (MEIS/SEIS) but only remission (like RoDTEP) would continue (which is WTO compliant)
4. Advance Authorization/DFIA/EPCG would continue
5. 1 day approval for approval (AA, EPCG), revalidation and extension of export obligations. (instead of 3 days to 1 months time).
6. Lower fees for MSME for application for some scheme.
7. Lower Threshold limits for Star Exports house
8. INR Trading to continue
9. Focus on Merchant Trading (buying from third country and selling to third country without touching the boarders). (However, RBI FEMA regulations should be relaxed. This needs to be seen).
10. 4 additional towns of excellence (apart from earlier 39 towns of excellence)
11. Sectors like Textile/Dairy/Green sectors is focused.
12. Special Advance authorization for certain sectors.
13. Self-ratification for 2 star export house for input output norms.
14. Boost to E-commerce. Courier exports limits increase from Rs. 5 lakhs to Rs. 10 lakhs.
15. There should be E-commerce Export hub and training for small E-commerce exporters. Tech support for E-commerce to linking with Banks for financing
16. District Export Promotions committee to facilitate exports headed by DC of the district coordinated by the Regional Office of DGFT.
17. Amnesty scheme for default of Advance authorization/EPCG. Interest limited to 100% of Basic Customs Duty and No interest on Additional Customs Duty and SAD.