The purpose of this article is to discuss the availability of input tax credit (‘ITC’) to traders with respect to unsold stock as on the appointed date. The article covers the scenario where credit on the unsold stock was restricted under the current tax regime (e.g.... Read More
The Goods and Services Tax Bills (‘’the GST Bills”) passed by both the houses of Parliament recently contain many changes vis-à-vis draft Model law released in November 2016 (“Model GST Law”). One of such key amendments is the change in the definition of ‘works... Read More
With more signs of the balancing of political equation, most of us are hopeful that the Constitution (122nd Amendment) Bill, 2014 (“Constitution Amendment Bill”) for empowering the Centre and State Governments to introduce Goods and Services Tax (“GST”) will be... Read More
Recently, the Cenvat credit scheme underwent a major change by virtue of an amendment in Rule 6(3) of the Cenvat Credit Rules, 2004 (‘the Credit Rules’). Rule 6(3) of the Credit Rulesgovernsthe reversal of Cenvat credit required in case of taxpayers providing both... Read More
Every Friday, small chamber of Sub-Divisional Magistrate (SDM), Head Quarter located in a time-worn Government office building in Northern part of Delhi gets packed by corporate executives and professionals. On this particular day of the week, only such matters as... Read More
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